524.1002 - ACTIONS REQUIRED, PERMITTED OR PROHIBITED IN A FIDUCIARY CAPACITY.
524.1002 ACTIONS REQUIRED, PERMITTED OR PROHIBITED IN A FIDUCIARY CAPACITY. The following rules shall be applicable to a state bank acting in the capacity of fiduciary: 1. A state bank shall segregate from its assets all property held as fiduciary, other than items in the course of collection, and shall keep separate records of all such property for each account for which such property is held. 2. Funds of a fiduciary account may be deposited in the state bank which is acting as fiduciary, either as demand deposits, savings deposits or time deposits having a single or multiple maturity. 3. A state bank may provide any oath or affidavit required of the state bank as fiduciary through an officer acting on behalf of the state bank. 4. A state bank shall not make a loan or extension of credit of any funds held as fiduciary, directly or indirectly, to or for the benefit of a director, officer or employee of the state bank or of an affiliate, a partnership or other unincorporated association of which such director, officer or employee is a partner or member, or a corporation in which such officer, director or employee has a controlling interest, except a loan specifically authorized by the terms upon which the state bank was designated as fiduciary. 5. Unless otherwise authorized by the instrument creating the relationship, court order, or the laws of this state, a state bank, as fiduciary, shall not, directly or indirectly, sell any asset to the state bank for its own account, or to an officer, director, or employee, nor purchase from the state bank, or an officer, director, or employee, any asset or any security issued by the state bank except, in the case of a state bank, any of the following: a. Investments in which a state bank may invest without limitation pursuant to section 524.901, subsection 3. b. Assets purchased by the state bank pursuant to an agreement whereby the state bank is bound to sell, and the state bank as fiduciary is bound to buy, at a date not more than one year from the date of acquisition by the state bank, such assets at a price agreed upon at the time of acquisition by the state bank. c. Any asset sold to the state bank for its own account or purchased in a fiduciary capacity from the state bank with the prior approval of the superintendent.
Section History: Early Form [S13, § 1889-f; C24, 27, 31, 35, 39, § 9290; C46, 50, 54, 58, 62, 66, § 532.7; C71, 73, 75, 77, 79, 81, § 524.1002]
Section History: Recent Form 98 Acts, ch 1036, §2 Referred to in § 524.1601