(a) No company shall act as a fiduciary in this state except: (1) A state trust company;(2) A state bank;(3) A savings association organized under the laws of this state and authorized to act as a fiduciary pursuant to Section 81-12-1 et seq. or Section 81-14-1 et seq.;(4) A national bank having its principal office in this state and authorized by the Comptroller of the Currency to act as a fiduciary pursuant to 12 USCS 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) An out-of-state bank with a branch in this state established or maintained pursuant to Section 81-23-1 et seq. or a trust office licensed by the commissioner pursuant to this chapter;(7) An out-of-state trust company with a trust office licensed by the commissioner pursuant to this chapter; or(8) A foreign bank with a trust office licensed by the commissioner pursuant to this chapter.(b) No company shall engage in an unauthorized trust activity. Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Legal Code