Ask Reggi Your Question Now
Can you summarize 45 NEAC Chapter 32?
Banking Rules > SCHEDULE FOR RETENTION OF RECORDS: BANKS EXERCISING TRUST
Short Summary
This legal document governs the disposal and retention of records for banks exercising trust powers and stand-alone trust companies. It authorizes these entities to dispose of old records in accordance with a schedule for destruction of trust records. However, certain records such as ledger sheets and records showing unpaid balances in favor of any trustor, grantor, beneficiary, or other parties interested in fiduciary accounts administered by the bank or trust company must be retained. Additionally, corporate records that relate to the authorization and existence of trust powers cannot be destroyed. The document specifies that records established through a computer and information received in the form of a computer print-out should be maintained in a manner that allows reconstruction of all entries. Microfilm and microfiche are acceptable means of maintaining records. The retention schedule provided in the document indicates the minimum retention period prescribed by the Department, and longer retention periods may be prescribed by other agencies or preferred by individual entities. It is important to note that this schedule is not an exhaustive list of records that the bank or trust company may be responsible for retaining.
Whom does it apply to?
Banks exercising trust powers and stand-alone trust companies
What does it govern?
Disposal and retention of records for banks exercising trust powers and stand-alone trust companies
What are exemptions?
Certain records such as ledger sheets and records showing unpaid balances in favor of any trustor, grantor, beneficiary, or other parties interested in fiduciary accounts administered by the bank or trust company must be retained. Additionally, corporate records that relate to the authorization and existence of trust powers cannot be destroyed.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Nebraska