Section 30B.08.080. Powers of a state trust company.

(1) Upon the issuance of a certificate of authority to a state trust company as prescribed in this chapter, the persons named in the articles of incorporation and their successors shall thereupon become a corporation or limited liability company and may engage in trust business and other business, including without limitation:

(a) Subject to RCW 30B.08.070, exercising the powers of a Washington business corporation under Title 23B RCW or a Washington limited liability company under chapter 25.15 RCW reasonably necessary or helpful to enable exercise of its specific powers under this title;

(b) Receiving for safekeeping personal property of every description;

(c) Acting as assignee, bailee, conservator, custodian, recordkeeper, escrow agent, registrar, receiver, or transfer agent;

(d) Acting as financial advisor, investment advisor or manager, agent, or attorney-in-fact in any agreed upon capacity;

(e) Accepting or executing trusts, including:

(i) Acting as trustee under a written agreement;

(ii) Receiving money or other property in its capacity as trustee for investment in real or personal property;

(iii) Acting as trustee and performing the fiduciary duties committed or transferred to it by a valid and applicable court order;

(iv) Acting as trustee of the estate of a deceased person;

(v) Acting as trustee for a minor or incapacitated person;

(vi) Acting as a trustee of collective investment funds or common trust funds; or

(vii) Acting as a trustee of statutory or similar trusts;

(f) Administering in any other fiduciary capacity real or tangible personal property;

(g) Acting as an executor, administrator, guardian, or conservator;

(h) Acting as an assignee, receiver, agent, or custodian;

(i) Acting pursuant to valid and applicable court order as executor or administrator of the estate of a deceased person or as a guardian or conservator for a minor or incapacitated person;

(j) Acting in any capacity in which one exercises investment discretion on behalf of another;

(k) Exercising any incidental power or ancillary that is reasonably necessary to enable it to fully exercise, according to commonly accepted fiduciary customs and usages, the trust powers authorized by this title;

(l) Acting as a manager of a limited liability company, limited liability partnership, or similar entity;

(m) Acting as the registrar of stocks and bonds;

(n) Acting as an escrow agent, escrow holder, or managing agent;

(o) Acting as a corporate bond and transfer paying agent;

(p) Acting as a sponsoring or other member of any clearing corporation with respect to securities or other property; or

(q) Acting in any other capacity or for any other activity as determined or approved by the director.

(2) The director may prescribe rules for the safe and sound exercise of the powers enumerated in subsection (1) of this section.

(3) A state bank, to the extent authorized under Title 30A or 32 RCW, as applicable, or a state savings association, to the extent authorized under Title 33 RCW, may exercise all of the powers and authorities of a state trust company under this title, including in relation to corporate governance matters.

[ 2014 c 37 § 329.]

2014 c 37 § 329.