N.Y. Banking Law Section 102-A
Limited liability trust companies

1.

Trust companies which (a) do not receive deposits from the general public and (b) have been exempted by the superintendent of financial services from the requirements of § 32 (Insurance of deposits and share accounts)section thirty-two of this chapter, may be formed and operated as limited liability trust companies. Such limited liability trust companies shall be formed in accordance with, shall operate in compliance with, and shall meet all of the requirements of the limited liability company law and this chapter, except that to the extent any provision of the limited liability company law shall be inconsistent with the provisions of this chapter, the provisions of this chapter shall govern; provided, however, that limited liability trust companies shall not have perpetual existence.

2.

Notwithstanding any other provision of this chapter, a limited liability trust company shall dissolve and its affairs shall be wound up upon the occurrence of any event specified in Limited Liability Company Law § 701 (Dissolution)section seven hundred one of the limited liability company law. Upon such a dissolution, the provisions of this chapter shall govern the winding up of the affairs of the limited liability trust company and the distribution of its assets. Further, upon such a dissolution, if the members of a limited liability trust company wish to continue the existence of the company and meet the requirements of Limited Liability Company Law § 701 (Dissolution)section seven hundred one of the limited liability company law, they shall apply for and may receive the approval of the superintendent for new articles of organization and a new authorization certificate.

3.

Trust companies which have been formed and are operating pursuant to this article and article fifteen of this chapter on the effective date of this section, and which meet the requirements of subdivision one of this section, may, with the approval of the superintendent of financial services, convert into limited liability trust companies, provided that they meet all of the other requirements of this chapter as if they were newly formed companies.

4.

The superintendent is hereby authorized and empowered to make such general rules and regulations as may be necessary and proper to effectuate the provisions of this chapter relating to the formation and operation of limited liability trust companies.

Source: Section 102-A — Limited liability trust companies, https://www.­nysenate.­gov/legislation/laws/BNK/102-A (updated Sep. 22, 2014; accessed Apr. 20, 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
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Accessed:
Apr. 20, 2024

Last modified:
Sep. 22, 2014

§ 102-A’s source at nysenate​.gov

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