8-226 Trust terms; use restricted; penalty. - Nebraska Statutes

8-226. Trust terms; use restricted; penalty.(1) No individual, firm, corporation, or association doing business directly or indirectly in the State of Nebraska shall use the words trust, trust company, trust association, or trust fund as any part of its title except:(a) A trust company as defined in section 8-230;(b) A trust company chartered and supervised under the laws of the United States or any other state;(c) A bank or savings association chartered and supervised under the laws of the United States or any other state, if such bank or savings association has been further chartered to conduct a trust company business;(d) A limited partnership to the extent authorized by subdivision (5) of section 67-234;(e) An entity required by any other law to use such words; or(f) Except as provided in subsection (2) of this section.(2) Notwithstanding the provisions of subsection (1) of this section:(a) An organization described in section 501(c)(3) of the Internal Revenue Code and exempt from taxation under section 501(a) of the code may use the words trust or trust fund;(b) A trust created by a testamentary or fiduciary document may use the word trust; and(c) An account in a financial institution established by or on behalf of trusts referenced in subdivision (b) of this subsection may use the words trust or trust fund.(3) A violation of this section is a Class V misdemeanor. SourceLaws 1911, c. 31, § 13, p. 195; R.S.1913, § 752; Laws 1919, c. 190, tit. V, art. XVIII, § 20, p. 723; C.S.1922, § 8082; C.S.1929, § 8-221; R.S.1943, § 8-226; Laws 1977, LB 40, § 55; Laws 1993, LB 81, § 42; Laws 1996, LB 1268, § 1; Laws 1997, LB 44, § 1.