2006 Minnesota Statutes

303.25 FOREIGN TRUST ASSOCIATIONS, POWERS.
    Subdivision 1. Appointments. Any foreign trust association may accept appointment and
act as executor of the will or administrator of the estate of any decedent who was a resident
of this state at the time of death, as trustee of any trust created by a resident of this state by
will or otherwise, and as guardian of any resident of this state or conservator of the resident's
estate, if banking or trust associations or corporations organized under the laws of this state or
national banking associations maintaining their principal offices in this state are permitted to
act as executors, administrators, trustees, guardians, or conservators in the state in which the
foreign trust association maintains its principal office. Any foreign trust association may accept
appointment and act as executor of the will or administrator of the estate of a decedent, who was
a resident of the state in which the foreign trust association maintains its principal office at the
time of death, in ancillary probate proceedings in this state, as trustee of any trust created by the
decedent by will or otherwise of property situated in this state, and as guardian or conservator in
ancillary proceedings in this state with respect to the property of a resident of the other state if
banking or trust associations or corporations organized under the laws of this state and national
banking associations maintaining their principal offices in this state are permitted to act as
executors, administrators, trustees, guardians, or conservators in the state in which the foreign
trust association maintains its principal office.
    Subd. 2. Designation of attorney for service of process. Before accepting appointment or
acting as executor, administrator, trustee, guardian, or conservator, a foreign trust association shall
appoint the secretary of state, a successor or successors in office, its true and lawful attorney upon
whom may be served all legal process in any action or proceeding against it, or in which it may be
a party, in relation to or involving any acts or defaults by it as executor, administrator, trustee,
guardian, or conservator. This appointment is irrevocable. Service upon the attorney is as valid
and binding as if due personal service had been made upon the foreign trust association.
    Subd. 3. Bond must be filed. Before accepting appointment or acting as executor,
administrator, trustee, guardian, or conservator, every foreign trust association shall file a bond
with a court of competent jurisdiction in an amount as the court directs, with sufficient sureties,
conditioned upon the faithful discharge of its duties as executor, administrator, trustee, guardian,
or conservator, or, in lieu of the bond, shall deposit securities with the commissioner of finance in
the same manner and in the same amount as would be required under section 48A.03, subdivision
2 , of a trust company organized under the laws of this state. This deposit shall be maintained until
the foreign trust association shall cease to act as an executor, administrator, trustee, guardian, or
conservator under this section. However, except as otherwise ordered by a court of competent
jurisdiction, the requirements of this subdivision do not apply to a trustee with respect to a trust
created otherwise than by will if the trust instrument requests or directs that a bond need not
be required of the trustee.
    Subd. 4. Rights and duties. Any foreign trust association acting as executor, administrator,
trustee, guardian, or conservator has the rights, authority, and duties that a natural person resident
in this state duly acting as executor, administrator, trustee, guardian, or conservator has under
the laws of this state.
    Subd. 5. Solicitation of business. A foreign trust may solicit business within this state if
banking or trust associations or corporations organized under the laws of this state or national
banking associations maintaining their principal offices in this state may solicit business in the
state in which the foreign trust association maintains its principal office. For purposes of this
subdivision, solicitation of business includes the activities authorized for state or national banking
associations exercising fiduciary powers maintaining their principal offices in this state considered
a representative trust office established under section 48A.14. A foreign trust association must
follow the procedures in section 48A.18 to establish a trust office and the procedures in section
48A.19 to establish a representative trust office.
    Subd. 6. Service of process. Service of process under this section may be made by delivering
a copy to the secretary of state personally or by filing the same in the secretary of state's office,
accompanied by one additional copy for each person so served, and by the mailing by the
secretary of state of a copy by certified mail, not later than the business day following the day of
the service, to each person so served at the address of each person as shown by the records in
the Office of the Secretary of State.
History: 1953 c 368 s 2; 1957 c 21 s 1; 1978 c 674 s 60; 1981 c 162 s 4; 1986 c 444; 1997 c
157 s 59; 1998 c 331 s 38; 1999 c 151 s 42; 2003 c 112 art 2 s 50; 2005 c 10 art 4 s 19