Regulatory Alerts1998-02-26
Fiduciary Capacity in Pennsylvania for Michigan and Ohio National Banks
The Pennsylvania Department of Banking confirms that reciprocity exists for fiduciary powers between Pennsylvania and both Michigan and Ohio, allowing national banks from those states to act as fiduciaries in Pennsylvania. Banks must submit specific documentation, including a Certificate of Authority and an appointment for service of process, and provide a copy of the trust document upon each appointment. This approval is not blanket authorization, requiring separate consent for each instance of fiduciary appointment and remaining contingent on the continued validity of submitted documents and relevant state laws.
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