N.Y. Banking Law Section 100
Fiduciary powers


Every trust company shall have, subject to the restrictions and limitations contained in this chapter, the following powers:

1.

To act as the fiscal or transfer agent of the United States, any state, municipality, body politic or corporation; and in such capacity to receive and disburse money, to transfer, register and countersign certificates of stock, bonds or other evidences of indebtedness or other securities, and to act as attorney in fact or agent of any person or corporation, foreign or domestic, for any lawful purpose.

2.

To act as trustee under any mortgage or bonds issued by any municipality, body politic or corporation, foreign or domestic, and accept and execute any other municipal or corporate trust not prohibited by the laws of this state.

3.

To be appointed and to act under the order or appointment of any court of competent jurisdiction:

(a)

As guardian, receiver, trustee, committee or conservator of the estate of any minor, person with a mental disability, or conservatee or in any other fiduciary capacity;

(b)

As receiver, trustee, or committee of the property or estate of any person in insolvency or bankruptcy proceedings.

4.

To be appointed and to accept the appointment of executor or of trustee under the last will and testament or administrator with or without the will annexed of the estate of any deceased person.

5.

To take, accept and execute any and all such trusts, duties and powers of whatever nature or description as may be conferred upon or entrusted or committed to it by any person or persons, or any body politic, corporation, domestic or foreign, or other authority by grant, assignment, transfer, devise, bequest or otherwise, or which may be entrusted or committed or transferred to it or vested in it by order of any court of competent jurisdiction, or any surrogate, and to receive, take, manage, hold and dispose of according to the terms of such trust, duty or power, any property or estate, real or personal, which may be the subject of any such trust, duty or power. Provided that no trust company shall have any right or power to make any contract, or to accept or execute any trust whatever, which it would not be lawful for any individual to make, accept or execute.

Source: Section 100 — Fiduciary powers, https://www.­nysenate.­gov/legislation/laws/BNK/100 (updated Aug. 6, 2021; accessed Mar. 23, 2024).

94
Change from bank to trust company
96
General powers
96–A
Servicing of mortgages by banks
96–B
Payroll payment by banks or trust companies
96–C
Power to act as trustee under self-employed retirement trust or individual retirement trust
96–D
Banking development districts
97
Power to purchase securities and stocks
98
Power to take and hold real estate
98–A
Club accounts
100
Fiduciary powers
100–A
Fiduciary capacities
100–B
Investments as fiduciary
100–C
Common trust funds
100–D
Foreign common trust funds
101
Additional powers of certain trust companies
102
Powers of specially chartered trust companies
102–A
Limited liability trust companies
103
Restrictions on loans, purchases of securities and total liabilities to bank or trust company of any one person
104
Entries in books
105
Branch offices
105–A
Electronic facilities
105–B
Trust offices
106
Deposits by banks and trust companies with other banking corporations and private bankers
107
Reserves against deposits
107–A
Security for public deposits
108
Rates of interest
108–A
Acceptance of United States currency
109
Closing of books
110
Surplus fund
111
Profits
112
Dividends
113
Change of location
114
Assessment of stockholders to make good impairment of capital stock
121
Reports to directors
122
Examinations of banks and trust companies by directors
123
Reports of directors’ examinations
124
Communications from department of financial services to be submitted to directors and noted in minutes
125
Reports to superintendent
128
Preservation of books and records
129
Requirement of notice on withdrawal of certain time deposits
129–A
Requirement of written notification
130
Restrictions on officers, directors and employees
131
Prohibitions against encroachments upon certain powers of banks and trust companies
132
Use of sign, or words, indicating bank or trust company by unauthorized persons prohibited
133
Use of banking institution name
134
Repayment of deposits standing in the names of minors, trustees or joint depositors
136
Change of national banking association into state bank by conversion or merger
136–A
Purchase of assets of national banking association by bank or trust company
136–B
Approval of superintendent
136–C
Effect of merger or conversion of national banking association into state bank
137
Change of state bank into national banking association by conversion, merger or consolidation
138
Foreign branches
139
Saving clause
140–A
Stock option plans

Accessed:
Mar. 23, 2024

Last modified:
Aug. 6, 2021

§ 100’s source at nysenate​.gov

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