51A-5-6. National banks' authority to engage in trust business--Examination of trust business--Acceptance of federal examination.
It is lawful for any national bank to engage in trust business in this state to the extent authorized by the laws of the United States, without incorporating or organizing under the laws of this state, but a national bank shall otherwise comply with and be subject to all laws of this state which are applicable to state banks engaged in trust business including such examinations as may be deemed necessary, except that the authority of the commission and the director shall apply to their trust business only. The director may accept in lieu of an examination conducted under the director's direction, any report of examination conducted by the appropriate federal regulatory agency.
Source: SL 1915, ch 105; RC 1919, §8985; SL 1929, ch 76; SDC 1939, §6.0503; SDCL, §51-7-3; SL 1969, ch 11, §5.4; SL 1970, ch 265, §37; SL 1988, ch 377, §113; SDCL, §51-19-5; SL 2004, ch 289, §10.
Structure South Dakota Codified Laws
Chapter 05 - Trust Business Of Banks
Section 51A-5-1.1 - Powers of banks engaging in trust business.
Section 51A-5-1.2 - "Trust business" defined.
Section 51A-5-2 - Bank as trustee or custodian for retirement benefit plans.
Section 51A-5-3 - Fiduciary authority of bank authorized by charter to exercise trust powers.
Section 51A-5-11 - Investment powers of trust company.
Section 51A-5-12 - Voting of bank shares by cotrustee.
Section 51A-5-13 - Segregation of assets held by bank as fiduciary.
Section 51A-5-14 - Deposit of federally guaranteed securities with federal reserve bank.
Section 51A-5-15 - Records of depositor to show ownership of securities--Transfers by book entries.
Section 51A-5-16 - Custodian to certify deposited securities to fiduciary--Duty of fiduciary.
Section 51A-5-17 - Application of provisions to fiduciaries and custodians whenever appointed.
Section 51A-5-19 - Oath or bond not required of bank to qualify as fiduciary.
Section 51A-5-20 - Nominees used by bank acting as fiduciary or cofiduciary.
Section 51A-5-21 - Deposit in clearing corporation of securities held as fiduciary or custodian.
Section 51A-5-27 - Reports of committees designated to supervise fiduciary accounts.