1997 Minnesota Statutes

     48.476 Representative trust office. 

    Subdivision 1.    Definitions.  For purposes of this 
 section, the terms in this subdivision have the meanings given. 

    (a) "Representative trust office" means an office at which 
 a trust company or bank with trust powers has been authorized by 
 the commissioner to engage in a trust business other than acting 
 as a fiduciary. 

    (b) "Acting as a fiduciary" means to: 

    (1) accept or execute trusts, including to: 

    (i) act as trustee under a written agreement; 

    (ii) receive money or other property in its capacity as a 
 trustee for investment in real or personal property; 

    (iii) act as trustee and perform the fiduciary duties 
 committed or transferred to it by order of a court of competent 
 jurisdiction; 

    (iv) act as trustee of the estate of a deceased person; or 

    (v) act as trustee for a minor or incapacitated person; 

    (2) administer in any other fiduciary capacity real or 
 personal property; or 

    (3) act according to order of a court of competent 
 jurisdiction as executor or administrator of the estate of a 
 deceased person or as a guardian or conservator for a minor or 
 incapacitated person. 

    Subd. 2.    Authority for representative trust offices; 
 prior written notice.  (a) A state trust institution may 
 establish or acquire and maintain representative trust offices 
 anywhere in this state.  A state trust institution desiring to 
 establish or acquire and maintain such an office shall file a 
 written notice with the commissioner setting forth the name of 
 the state trust institution and the location of the proposed 
 additional office and furnish a copy of the resolution adopted 
 by the board authorizing the additional office. 

    (b) The state trust institution may begin business at the 
 additional office on the 31st day after the date the 
 commissioner receives the notice, unless the commissioner 
 specifies an earlier or later date. 

    (c) The 30-day period of review may be extended by the 
 commissioner on a determination that the written notice raises 
 issues that require additional information or additional time 
 for analysis.  If the period of review is extended, the state 
 trust institution may establish the additional office only on 
 prior written approval by the commissioner. 

    (d) The commissioner may deny approval of the additional 
 office if the commissioner finds that the state trust 
 institution lacks sufficient financial resources to undertake 
 the proposed expansion without adversely affecting its safety or 
 soundness or that the proposed office would be contrary to the 
 public interest. 

    Subd. 3.    Authority for out-of-state trust offices; 
 prior written notice.  (a) A state trust institution may 
 establish and maintain a representative trust office or acquire 
 and maintain an office in a state other than this state.  A 
 state trust institution desiring to establish or acquire and 
 maintain an office in another state under this section shall 
 file a notice on a form prescribed by the commissioner, which 
 shall set forth the name of the state trust institution, the 
 location of the proposed office, and whether the laws of the 
 jurisdiction where the office will be located permit the office 
 to be maintained by the state trust institution; and furnish a 
 copy of the resolution adopted by the board authorizing the 
 out-of-state office. 

    (b) The state trust institution may begin business at the 
 additional office on the 31st day after the date the 
 commissioner receives the notice, unless the commissioner 
 specifies an earlier or later date. 

    (c) The 30-day period of review may be extended by the 
 commissioner on a determination that the written notice raises 
 issues that require additional information or additional time 
 for analysis.  If the period of review is extended, the state 
 trust institution may establish the additional office only on 
 prior written approval by the commissioner. 

    (d) The commissioner may deny approval of the additional 
 office if the commissioner finds that the state trust 
 institution lacks sufficient financial resources to undertake 
 the proposed expansion without adversely affecting its safety or 
 soundness or that the proposed office would be contrary to the 
 public interest.  In acting on the notice, the commissioner 
 shall consider the views of the appropriate bank supervisory 
 agencies. 

    HIST: 1997 c 157 s 26