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2011 SESSION

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HB 2366 Out-of-state trust institutions; any national bank to serve as trustee without office in State.

Introduced by: Timothy D. Hugo | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Out-of-state trust institutions.  Authorizes any national banking association that is supervised and regulated by the federal Comptroller of the Currency and is authorized by the Comptroller of the Currency to act as trustee, as executor, as administrator, or in another fiduciary capacity in the Commonwealth, to engage in the trust business in the Commonwealth. The measure codifies an opinion of the Attorney General that a statutory provision that bars out-of-state trust institutions without an office in the Commonwealth from engaging in trust business is preempted by § 92a of the National Bank Act to the extent it applies to national banks that are supervised and regulated by the Comptroller of the Currency.


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