N.Y. Banking Law § 100: Fiduciary powers

§ 100. Fiduciary powers. Every trust company shall have, subject to

the restrictions and limitations contained in this chapter, the

following powers:

1. To act as the fiscal or transfer agent of the United States, any

state, municipality, body politic or corporation; and in such capacity

to receive and disburse money, to transfer, register and countersign

certificates of stock, bonds or other evidences of indebtedness or other

securities, and to act as attorney in fact or agent of any person or

corporation, foreign or domestic, for any lawful purpose.

2. To act as trustee under any mortgage or bonds issued by any

municipality, body politic or corporation, foreign or domestic, and

accept and execute any other municipal or corporate trust not prohibited

by the laws of this state.

3. To be appointed and to act under the order or appointment of any

court of competent jurisdiction:

(a) As guardian, receiver, trustee, committee or conservator of the

estate of any minor, person with a mental disability, or conservatee or

in any other fiduciary capacity;

(b) As receiver, trustee, or committee of the property or estate of

any person in insolvency or bankruptcy proceedings.

4. To be appointed and to accept the appointment of executor or of

trustee under the last will and testament or administrator with or

without the will annexed of the estate of any deceased person.

5. To take, accept and execute any and all such trusts, duties and

powers of whatever nature or description as may be conferred upon or

entrusted or committed to it by any person or persons, or any body

politic, corporation, domestic or foreign, or other authority by grant,

assignment, transfer, devise, bequest or otherwise, or which may be

entrusted or committed or transferred to it or vested in it by order of

any court of competent jurisdiction, or any surrogate, and to receive,

take, manage, hold and dispose of according to the terms of such trust,

duty or power, any property or estate, real or personal, which may be

the subject of any such trust, duty or power.

Provided that no trust company shall have any right or power to make

any contract, or to accept or execute any trust whatever, which it would

not be lawful for any individual to make, accept or execute.