CHAPTER 16. Trust Companies [1550. - 1613.]
Chapter 16 added by Stats. 2011, Ch. 243, Sec. 3.
§§ 1550–1613 · 41 sections
ARTICLE 1. General Provisions §§ 1550–1557 · 8 sections
- § 1550 No corporation shall engage in the trust business unless: (a) Its articles comply with the requirements of subdivision (b), (d), or (e) of Section 1100; and…
- § 1551 Any commercial bank or industrial bank, with the prior authorization of the commissioner, may engage in the trust business, if its articles comply with the…
- § 1552 No California state bank may engage in trust business at a place unless the place is its head office, an authorized branch office, or an authorized place of…
- § 1553 The following persons are exempt from Section 1550: (a) Any natural person serving as trustee of one or more trusts where at least one trustor is a family…
- § 1554 In this section, “subject national banking association” means a national banking association that (a) maintains its main office or a branch office in this…
- § 1555 No foreign corporation, other than a national banking association or a foreign (other state) state bank that is authorized to conduct a trust business in this…
- § 1556 Pursuant to the authority contained in Section 1 of Article XV of the California Constitution, the restrictions upon rates of interest contained in Section 1…
- § 1557 The Legislature finds and declares that it is important to inform taxpayers that they may make voluntary contributions to certain funds or programs, as…
ARTICLE 2. Fiduciary Activities §§ 1560–1562 · 3 sections
- § 1560 It is the intent of the Legislature that the provisions of this article, insofar as they are contained in the regulations regarding fiduciary activities of…
- § 1561 For purposes of Section 1562, the following terms have the following meanings: (a) “Bank” means any of the following: (1) A commercial bank, industrial bank,…
- § 1562 (a) Sections 9.4 to 9.6, inclusive, Sections 9.8 to 9.15, inclusive, and Sections 9.18 to 9.101, inclusive, of the Fiduciary Regulations in all of their…
ARTICLE 3. Deposits with State Treasurer §§ 1570–1578 · 9 sections
- § 1570 Every trust company shall deposit with the State Treasurer money or securities of the character described in Section 1572 as security for its court and private…
- § 1571 Whenever any trust company receives trust funds or property, other than real property, from court trusts accepted by it to the amount of one million dollars…
- § 1572 Security deposited with the Treasurer by trust companies pursuant to Section 1570 or 1571 shall consist of the following: (a) Bonds or other interest-bearing…
- § 1573 Such money or securities shall be approved by the commissioner and be deposited with the Treasurer upon the written order of the commissioner. Upon receiving…
- § 1574 Securities deposited pursuant to this article may be exchanged from time to time, with the approval of the commissioner, for other like securities of equal…
- § 1575 Should any security deposited pursuant to this article so depreciate in value as to reduce the deposit below the amount required by this article, additional…
- § 1576 When any revaluation of securities is made by the commissioner pursuant to Section 1575, other than at the time such securities are presented for deposit,…
- § 1577 The money and securities deposited pursuant to this article shall be subject to sale and the same or the proceeds thereof shall be subject to disposal by the…
- § 1578 The commissioner may, pursuant to Section 329, levy a civil penalty against any trust company that fails to comply with this article.
ARTICLE 4. Investments §§ 1580–1586 · 7 sections
- § 1580 A trust company may invest its contributed capital only in the securities and properties in which a commercial bank is permitted to invest its funds pursuant…
- § 1581 Trust funds received by any trust company in connection with its trust business, if invested, shall be invested as provided in Part 4 (commencing with Section…
- § 1582 (a) As used in this section: (1) “Fund” means any investment company registered under the Investment Company Act of 1940 (15 U.S.C. Sec. 80a-1 et seq.), as…
- § 1583 Any trust company or bank authorized to engage in the trust business holding trust funds awaiting investment or distribution may deposit or leave on deposit…
- § 1584 Any trust company acting in any capacity under a court or private trust or when acting in such capacity with one or more persons as cofiduciary or…
- § 1585 (a) For purposes of this section, two or more trust companies shall be deemed to be affiliated if they are members of the same affiliated group, within the…
- § 1586 With regard to any participation certificates heretofore issued by any trust company, secured by a trust deed or mortgage, the full legal title in the deed or…
ARTICLE 5. Miscellaneous §§ 1600–1613 · 14 sections
- § 1600 A trust company has the following powers: (a) It may act, or may be appointed by any court to act, in like manner as an individual, as executor, administrator,…
- § 1601 For the purposes of this chapter, all trusts and other business permitted to be accepted or executed by a trust company are hereby classified and defined as…
- § 1602 A trust company, its officers and employees, shall not disclose any information to any person concerning the existence, condition, management, and…
- § 1603 The commissioner shall examine the court trust business of a trust company at least once every 24 months and shall examine the private trust business at such…
- § 1604 In making the reports to the commissioner required by this division, every trust company shall report, in addition to the other facts called for, separately,…
- § 1605 Any court having jurisdiction of any executor, administrator, guardian, conservator, assignee, receiver, depositary, or trustee, upon the application of any…
- § 1606 Securities held by a trust company by direction of any court order issued pursuant to Section 1605 may be deposited in a securities depository, as defined in…
- § 1607 Whenever an executor, administrator, guardian or conservator of estates, assignee, receiver, depositary, or trustee is required to qualify by taking and…
- § 1608 Whenever any corporation desires to withdraw from and discontinue doing a trust business, it shall furnish to the commissioner satisfactory evidence of its…
- § 1609 The validity or legality of any act or proceeding done or taken by any trust company, relating to or in connection with the administration of its court and…
- § 1610 Nothing in this chapter shall make it unlawful for any person or corporation to engage in the business of receiving and holding money in escrow or of acting as…
- § 1611 A bank or trust company shall not mingle trust funds received by it with other assets of the corporation or association and such funds shall not be used in the…
- § 1612 Notwithstanding any other provision of law, any bank and any trust company holding securities in a fiduciary capacity or while engaged in a trust business, or…
- § 1613 Notwithstanding any other provision of law, any bank and any trust company holding securities in a fiduciary capacity or while engaged in a trust business, or…