Chapter 30B.24 RCW

STATE TRUST COMPANIESPRUDENTIAL FIDUCIARY STANDARDS

Sections

30B.24.005Prudential fiduciary standards.
30B.24.010Fee determination.
30B.24.020Disclosure of conflicts of interest.


30B.24.005
Prudential fiduciary standards.

(1) Except to the extent federal preemption of state law is applicable in relation to trusts governed under the federal employment retirement income security act, a state trust company acting as a trustee or other fiduciary shall comply with all applicable provisions of this title and with chapters 11.97, 11.98, 11.100, 11.102, 11.104A, 11.106, and 11.108 RCW, and with chapter 11.110 RCW, in the case of a charitable trust.
(2) The director has broad administrative authority to establish by rule or interpretation principles-based standards for examination, supervision, and enforcement of a state trust company by the department in relation to compliance with this title, including subsection (1) of this section.



30B.24.010
Fee determination.

(1) The compensation arrangement between a client and a trustee or any other fiduciary pursuant to this title shall be at arm's length and any compensation pursuant to such arrangement shall be a reasonable amount with respect to the services rendered.
(2) This section does not apply to arrangements not involving trust or client assets.



30B.24.020
Disclosure of conflicts of interest.

In addition to the provisions set out in RCW 11.98.078, if a conflict of interest may reasonably be expected to have a material adverse impact on the trustee's judgment in its provision of services to such client, the trustee must provide a reasonable disclosure of such conflict to such client.