(a) A company shall not act as a fiduciary in this state except: (1) A state trust company;(2) A state bank;(3) An association organized under the laws of this state and authorized to act as a fiduciary under § 23-37-101 et seq.;(4) A national bank having its principal office in this state and authorized by the United States Comptroller of the Currency to act as a fiduciary under 12 U.S.C. § 92a;(5) A federally chartered savings association having its principal office in this state and authorized by its federal chartering authority to act as a fiduciary;(6) A subsidiary trust company authorized to act as a fiduciary under § 23-47-801 et seq.;(7) An out-of-state bank with a branch in this state established or maintained under the Arkansas Interstate Banking and Branching Act, § 23-48-901 et seq., or a trust office licensed by the Bank Commissioner under this chapter;(8) An out-of-state trust company with a trust office licensed by the commissioner under this chapter; or(9) A foundation.(b) A company shall not engage in an unauthorized trust activity.Amended by Act 2019, No. 836,§ 4, eff. 7/24/2019.Acts 1997, No. 940, § 65.
Arkansas Legal Code