No state bank shall act as fiduciary unless it is authorized by its articles of incorporation and has a permit from the commissioner [director of the financial institutions division of the regulation and licensing department]. The commissioner [director] shall not grant the permit unless he finds:
A. the bank has not less than five hundred thousand dollars ($500,000) capital and surplus;
B. the bank is in a sound financial condition and operated in a prudent and businesslike manner; and
C. qualified personnel are available to handle trust matters.
History: 1953 Comp., § 48-22-17, enacted by Laws 1963, ch. 305, § 17; 1975, ch. 330, § 12.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Cross references. — For director of financial institutions, see 9-16-4 NMSA 1978
Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 303 to 307.
Interest or profits: liability for interest or profits on funds of estate deposited in bank or trust company which is itself executor, administrator, trustee or guardian, or in which executor, etc., is interested, 88 A.L.R. 205.
Dealings between bank or trust company and itself acting as executor, administrator or trustee, 112 A.L.R. 780.
Duty and obligation assumed by trust company or other person to which will is delivered for safekeeping, 141 A.L.R. 1277.
9 C.J.S. Banks and Banking §§ 230, 231.
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