<html> <head> <title>Rule 20:07:08:02 State-chartered banks may act as trustee or custodian pursuant to SDCL 51A-5-2.</title> <META NAME="Keywords" Content="Administrative Rules 20:07:08:02"> <META NAME="Description" Content="Administrative Rules 20:07:08:02 State-chartered banks may act as trustee or custodian pursuant to SDCL 51A-5-2."> <meta name=Generator content="Microsoft Office HTML Filter 2.0"> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Originator content="Microsoft Word 10"> <style> <!-- --> </style> </head> <body lang=EN-US> <div> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>20:07:08:02.&nbsp;&nbsp;State-chartered banks may act as trustee or custodian pursuant to SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=51A-5-2">51A-5-2.</A></b> A state-chartered bank not presently authorized by its articles of incorporation and the commission to exercise trust powers may, without obtaining the prior approval of the commission, act as trustee or custodian pursuant to SDCL 51A-5-2.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 2 SDR 26, effective October 13, 1975; 8 SDR 31, effective September 30, 1981; 12 SDR 151, 12 SDR 155, effective July 1, 1986.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=51A-2-13">51A-2-13</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=51A-5-2">51A-5-2.</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=51A-5-2">51A-5-2.</A></p> </div> </body> </html>