Ask Reggi Your Question Now
Can you summarize IC 28-1-11?
DEPARTMENT OF FINANCIAL INSTITUTIONS > Powers of Banks and Trust Companies
Short Summary
The legal document, part of the Indiana Code, grants banks and trust companies in Indiana various rights, privileges, and powers. It allows them to act as fiscal or transfer agents, buy and sell transportation, solicit and write insurance, and act as attorneys in fact or agents for any lawful purpose. The document also grants banks and trust companies the power to act as executors or trustees, guardians, and administrators of estates. They can also act as commissioners for the sale of real estate and accept appointments as guardians, trustees, executors, or administrators. Banks and trust companies are authorized to receive deposits, act as depositories of money paid into court, and provide safekeeping services. They can also invest in securities, purchase and hold real estate, and exercise fiduciary powers. The document further outlines the powers related to community and economic development investments and other public welfare investments. It allows banks and trust companies to demand reasonable compensation for services performed and provides guidelines for investments, loans, and the transfer of property. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Banks and trust companies organized under the Indiana Code and any bank of discount and deposit, loan and trust and safe deposit company, or trust company organized under any statute enacted prior to February 24, 1933.
What does it govern?
The legal document outlines the powers granted to banks and trust companies in the state of Indiana.
What are exemptions?
The document does not specify any exemptions.
What are the Penalties?
The document does not specify any penalties for non-compliance or violations.
Jurisdiction
Indiana