30B.64.005  <<  30B.64.010 >>   30B.64.020

Private trusts and private trust companies exemptException for change of control.

(1) A private trust or private trust company is exempt from the requirement of a certificate of authority or regulation under this title.
(2) Notwithstanding subsection (1) of this section, a transfer or change of control of a private trust or private trust company to a person or persons other than family members constitutes unauthorized trust activity unless the resulting private trust company is a trust institution authorized to do business in this state.
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