TITLE XXXV
BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS

Chapter 391
UNIFORM COMMON TRUST FUND ACT

Section 391:1

    391:1 Establishment of Common Trust Funds. – Any bank or trust company qualified to act as fiduciary in this state may establish common trust funds for the purpose of furnishing investments to itself as fiduciary, or to itself and others, as co-fiduciaries; and may, as such fiduciary or co-fiduciary, invest funds which it lawfully holds for investment in interests in such common trust funds, if such investment is not prohibited by the instrument, judgment, decree, or order creating such fiduciary relationship, and if, in the case of co-fiduciaries, the bank or trust company procures the consent of its co-fiduciaries to such investment. Any person acting as a co-fiduciary with any such bank or trust company is hereby authorized to consent to the investment in such interests.

Source. 1953, 109:1, par. 1, eff. Apr. 17, 1953.

Section 391:1-a

    391:1-a Establishment and Use of Common Trust by Bank Holding Company Affiliates. – Any such bank or trust company which is an affiliate of a bank holding company, as the term "affiliate" is defined by the federal Bank Holding Company Act of 1956, as amended, or of a savings and loan holding company as defined by the federal Savings and Loan Holding Company Act, as amended, may establish common trust funds for the purpose of furnishing investments to itself as fiduciary, to other affiliates of the same holding company qualified to act as fiduciary in this state or in any other state, or to itself and others as co-fiduciaries, or to such other affiliates and others as co-fiduciaries. Subject to the limitations upon the investment of funds held in a fiduciary capacity in common trust funds contained in RSA 391:1, any such bank or trust company establishing such common trust funds and other affiliates of the same holding company qualified to act as fiduciary in this state or in any other state may, as such fiduciary or co-fiduciary, invest funds which it lawfully holds for investment in such common trust funds. Any such bank or trust company may also invest funds which it holds in a fiduciary capacity in any collective investment fund or common trust fund established by such other affiliates of the same holding company under the laws of any state; provided, however, that any such investment is not prohibited by the instrument, judgment, decree, or order creating the fiduciary relationship. Any bank or trust company establishing, maintaining, or so utilizing any common trust fund established under this chapter shall comply with and be subject to all of the provisions of this chapter as though such bank or trust company and the other affiliates participating in such common trust fund were one and the same corporate entity. Any person acting as a co-fiduciary with any such bank or trust company is hereby authorized to consent to the investment in interest in a common trust fund or funds created hereunder.

Source. 1977, 228:1. 1998, 139:18. 1999, 16:3. 2003, 125:1, eff. Aug. 11, 2003.

Section 391:2

    391:2 Court Accountings. – Unless ordered by a court of competent jurisdiction the bank or trust company operating such common trust funds is not required to render a court accounting with regard to such funds; but it may, by application to the probate court in the county in which the bank or trust company operating the common trust fund is located, secure approval of such an accounting on such conditions as the court may establish. When an accounting of a common trust fund is presented to a court for approval, the court shall assign a time and place for hearing and order notice thereof by: (1) publication once a week for 3 weeks, the first publication to be not less than 20 days prior to the date of hearing, of a notice in a newspaper having a circulation in the county in which the bank or trust company thereof operating the common trust fund is located, and (2) mailing not less than 14 days prior to the date of the hearing a copy of the notice to all beneficiaries of the trusts participating in the common trust fund whose names are known to the bank or trust company from the records kept by it in the regular course of business in the administration of said trusts, directed to them at the addresses shown by such records, and (3) such further notice if any as the court may order.

Source. 1953, 109:1, par. 2, eff. Apr. 17, 1953.

Section 391:3


[RSA 391:3 repealed by 2021, 91:99, VIII, effective January 1, 2025.]
    391:3 Taxability. – A common trust fund shall not constitute a taxable entity within the meaning of RSA 77. Each estate having a participating interest in a common trust fund shall include in its return its proportionate share of any taxable income of the classes described in RSA 77:4, received by such common trust fund, whether or not such income is distributed by the common trust fund.

Source. 1953, 109:1, par. 3, eff. Apr. 17, 1953.

Section 391:4

    391:4 Uniformity of Interpretation. – This chapter shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact it.

Source. 1953, 109:1, par. 4, eff. Apr. 17, 1953.

Section 391:5

    391:5 Short Title. – This chapter may be cited as the Uniform Common Trust Fund Act.

Source. 1953, 109:1, par. 5, eff. Apr. 17, 1953.

Section 391:6

    391:6 Severability. – If any provision of this chapter or the application thereof to any person or circumstances is held invalid, such invalidity shall not affect the other provisions or applications of the chapter which can be given effect without the invalid provision or application, and to this end the provisions of this chapter are declared to be severable.

Source. 1953, 109:1, par. 6, eff. Apr. 17, 1953.

Section 391:7

    391:7 Repeal. – All acts or parts of acts which are inconsistent with the provisions of this chapter are hereby repealed.

Source. 1953, 109:2, eff. Apr. 17, 1953.

Section 391:8

    391:8 Applicability. – This chapter shall take effect April 17, 1953, and shall apply to fiduciary relationships then in existence or thereafter established.

Source. 1953, 109:3, eff. Apr. 17, 1953.