§ 53-366. Applicability of other laws to authorized trust institutions; status of State trust company.
Part 4. Applicable Law;Enforcement Actions.
Subpart A. Supervision andExamination.
§ 53‑366. Applicabilityof other laws to authorized trust institutions; status of State trust company.
(a) Except as otherwiseprovided in this Article, the following provisions of this Chapter shall applyto authorized trust institutions:
(1) G.S. 53‑14;
(2) G.S. 53‑16;
(3) G.S. 53‑17;
(4) G.S. 53‑68;
(5) G.S. 53‑77.3;
(6) G.S. 53‑85;
(7) Article 8 of thisChapter, except where it clearly appears from the context that a particularprovision is not applicable to trust business or trust marketing, and exceptthat the provisions of this Article shall apply in lieu of:
a. G.S. 53‑95;
b. G.S. 53‑104;
c. G.S. 53‑105;
d. G.S. 53‑106;and
e. G.S. 53‑107.1(a),(b) and (d).
(8) Article 9 of thisChapter, except where it clearly appears from the context that a particularprovision is not applicable to trust business or trust marketing, and exceptthat the provisions of this Article shall apply in lieu of G.S. 53‑119.
(9) Article 10 of thisChapter, except where it clearly appears from the context that a particularprovision is not applicable to trust business or trust marketing, and exceptthat the provisions of this Article shall apply in lieu of G.S. 53‑135,and except that G.S. 53‑131 and G.S. 53‑132 shall not apply toauthorized trust institutions.
(10) Article 14 of thisChapter.
(b) Rules adopted bythe Commissioner to implement those provisions of this Chapter made applicableto authorized trust institutions by subsection (a) of this section also shallapply to authorized trust institutions unless the rules are inconsistent withthis Article or it clearly appears from the context that a particular provisionis inapplicable to trust business or trust marketing.
(c) Activities of authorizedtrust institutions for clients shall not be considered the sale or issuance ofchecks under G.S. 53‑194.
(d) Until theCommissioner has issued new rules governing State trust companies, State trustcompanies shall be governed by rules issued by the Commissioner for banksacting in a fiduciary capacity, except to the extent the rules are inconsistentwith this Article or it clearly appears from the context that a particularprovision is inapplicable to the business of a State trust company.
(e) Notwithstanding anyother provision of this Chapter, a State trust company:
(1) Is a "bankingentity" for purposes of G.S. 53‑127;
(2) Is a"bank" for purposes of laws made applicable to authorized trustinstitutions in this section and for purposes of G.S. 53‑277.
(3) Is a trust companyorganized and doing business under the laws of the State of North Carolina, asubstantial part of the business of which is exercising fiduciary powerssimilar to those permitted national banks under authority of the Comptroller ofthe Currency, and which is subject by law to supervision and examination by theCommissioner as a banking institution; and
(4) Is a financialinstitution similar to a bank.
(f) In the case of aState trust company controlled by a company that has declared itself to be a"financial holding company" under 12 U.S.C. § 1843(l)(1)(C)(i),deposits held for an account shall be deemed to be "trust funds"within the meaning of 12 U.S.C. § 1813(p) unless all fiduciary duties withrespect to the account are explicitly disclaimed. This subsection does notprescribe the nature or extend the scope of any fiduciary duties; the natureand extent of any fiduciary duties with respect to deposits held for accountsshall be as provided by the instruments and laws applicable to those accounts.
(g) Subject to anylimitations contained in this Article, an authorized trust institution is a"trust company", a "corporate trustee", a "corporatefiduciary", and a "corporation acting in a fiduciary capacity",as such and similar terms are used in the General Statutes, except where itclearly appears from the context in which those terms are used that a differentmeaning is intended. (2001‑263, s. 1.)