Section 709.150 - General powers of trust companiesA trust company may:
(1) Act as a fiscal or transfer agent of the United States or of any state, county, municipality, political subdivision or corporation, and in that capacity:(a) Receive and disburse money;(b) Transfer, register and countersign certificates of stock, bonds or other evidence of indebtedness;(c) Authenticate and certify bonds and certificates of indebtedness; and(d) Act as attorney-in-fact or agent of a person for any lawful purpose.(2) Lease, hold, purchase and convey any real property necessary or convenient in transacting trust business.(3) Receive deposits of moneys, securities and other personal property in trust from any person and loan trust funds that are secured by real or personal property.(4) Act as trustee under any mortgage or bonds and accept and execute any lawful municipal or corporate trusts.(5) Be appointed by a court and act as a fiduciary.(6) Accept and execute any lawful trust.(7) Rent receptacles for safe deposits of personal property and receive personal property upon deposit for safekeeping.(8) Purchase, invest in and sell bills of exchange, bonds and mortgages, and other evidences of indebtedness.(9) Discount and negotiate promissory notes, drafts, bills of exchange and other evidences of debt in managing trust properties, accept for payment at a future date drafts drawn upon the trust company and issue letters of credit authorizing holders to draw drafts upon the trust company or the trust company's correspondents at sight or on time, not exceeding one year.(10) Exercise all other powers given to trust companies under the Bank Act.Amended by 2015 Ch. 244,§ 76, eff. 6/4/2015, op. 1/1/2016.Amended by 1961 c.344 §106; 1973 c.797 §194; 1973 c.823 §141; 1974 c.36 §24; 1997 c.631 §210