9-B §1316. Trust activities - Maine Statutes

Title 9-B: FINANCIAL INSTITUTIONS

Part 13: FOREIGN BANKS HEADING: PL 1997, C. 182, PT. B, §3 (NEW)

Chapter 131: FOREIGN BRANCHES, AGENCIES AND REPRESENTATIVE OFFICES HEADING: PL 1997, C. 182, PT. B, §3 (NEW)

§1316. Trust activities

1. Authority. A foreign bank that has established a Maine branch or Maine agency in accordance with section 1312 may engage in trust activities at that Maine branch or Maine agency upon 30 days' prior notification to the superintendent.

[ 1997, c. 182, Pt. B, §3 (NEW) .]

2. Territorial application. All trust activities entered into between a foreign bank that has established a Maine branch or Maine agency and persons residing or domiciled in this State or that involve property located in this State are governed by the laws of this State.

[ 1997, c. 182, Pt. B, §3 (NEW) .]

SECTION HISTORY

1997, c. 182, §B3 (NEW).