§ 53-423. Trust institution as agent. - North Carolina Statutes

§ 53‑423.  Trustinstitution as agent.

A trust institution mayappoint another trust institution that is its affiliate as its agent for theperformance of acts, obligations, and responsibilities with respect to anyaccount. In that event, the trust institution shall remain fully responsibleand liable with respect to all actions of the affiliated trust institution asif those actions were performed by the trust institution. Except as explicitlyprovided in documents or laws governing an account, appointment of an affiliateagent is not:

(1)        An impermissibledelegation of responsibility or duty by the appointing trust institution.

(2)        A transfer orrelinquishment of account powers by the appointing institution.

(3)        A resignation ordisqualification from the account by the appointing trust institution. (2005‑274, s. 2.)