{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-1001","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-1001","heading":"Powers of trust companies","body":"All corporate trust companies now existing or hereafter created\n\nshall have the power to:\n\n1. Receive deposits of trust moneys; to receive upon deposit\n\nfor safekeeping personal property of every description; to guarantee\n\nspecial deposits; and to own or control safety vaults and rent the\n\nboxes therein;\n\n2. Accept and execute all such trusts and perform such duties\n\nof every description as may be committed to them by any person or\n\npersons whatsoever, or any corporation, and act as assignee,\n\nreceiver, trustee and depository, and to accept and execute all such\n\ntrusts and perform such duties of every description as may be\n\ncommitted or transferred to them by order, judgment or decree of any\n\nof the courts of record of this state or of any state or of the\n\nUnited States;\n\n3. Take, accept and hold by the order, judgment or decree of\n\nany court of this state, or of any state or territory of the United\n\nStates, or by gift, grant, assignment, transfer, devise or bequest\n\nof any person or corporation, any real or personal property in\n\ntrust, and to execute and perform any and all such legal and lawful\n\ntrusts in regard to the same upon the terms, conditions, limitations\n\nand restrictions which may be declared, imposed, established or\n\nagreed upon in and by such order, judgment, decree, gift, grant,\n\nassignment, transfer, devise or bequest, and to execute as principal\n\nor surety, and to guarantee against loss any principal or surety\n\nupon any bond or bonds required by law to be given in any proceeding\n\nin law or equity in any of the courts of this state or of any state\n\nor of the United States;\n\n4. Act as agent or attorney-in-fact for any person or\n\ncorporation in the management and control of real or personal\n\nproperty and the sale or conveyance of the same, and for the\n\ninvestment of money, and to act for and represent corporations or\n\npersons under power and letters of attorney, and as agents for\n\npersons and corporations for the purpose of issuing, registering,\n\ntransferring or countersigning the certificates of stock, bonds or\n\nother evidences of debt of any corporation, association,\n\nmunicipality, state or public authority, on such terms as may be\n\nagreed upon;\n\n5. Accept from and execute trusts for any married persons in\n\nrespect to their separate property, whether real or personal, and\n\nact as agent for them in the management of such property, and\n\ngenerally to have and exercise such powers as are usually had and\n\nexercised by trust companies;\n\n6. Act as executor under last will or at the instance of any\n\nperson entitled to any administration or guardianship of any estate,\n\nas administrator of the estate of any deceased person, or as\n\nguardian or curator of any minor, or any incapacitated or partially\n\nincapacitated person, as such terms are defined by Section 1-111 of\n\nTitle 30 of the Oklahoma Statutes, or trustee for any convict in the\n\npenitentiary under the appointment of any court of record having\n\njurisdiction of the person or estate of such deceased person, minor,\n\nor incapacitated or partially incapacitated person;\n\n7. Guarantee the fidelity and diligent performance of their\n\nduty of persons or corporations holding places of public or private\n\ntrust, to guarantee or become surety on any bond given by any person\n\nor corporation and to reinsure or guarantee any person or\n\ncorporation against loss or damage by reason of any risk assumed by\n\ninsuring the fidelity or diligent performance of duty of any such\n\nperson or corporation, or by guaranteeing or becoming surety on any\n\nbond; and to guarantee the principal or interest, or both, of any\n\nsecurities of any kind;\n\n8. Loan money upon real estate and collateral security, and\n\nexecute and issue its notes payable at a future date, and to pledge\n\nits mortgages on real estate and other securities as security\nty or diligent performance of duty of any such\n\nperson or corporation, or by guaranteeing or becoming surety on any\n\nbond; and to guarantee the principal or interest, or both, of any\n\nsecurities of any kind;\n\n8. Loan money upon real estate and collateral security, and\n\nexecute and issue its notes payable at a future date, and to pledge\n\nits mortgages on real estate and other securities as security\n\ntherefor, which notes may be issued to an amount not exceeding, in\n\nthe aggregate, ten times the amount paid up on the capital stock of\n\nthe company issuing the same, and shall in no case exceed the amount\n\nof the first mortgages pledged to secure their payment;\n\n9. Buy and sell the bonds and warrants of this state, and all\n\nother kinds of government, state or municipal bonds; and to buy and\n\nsell all kinds of negotiable and nonnegotiable paper, stocks and\n\nother investment securities;\n\n10. Act as fiscal agent of the United States, or any state,\n\nmunicipality, body politic or corporation, and in such capacity to\n\nreceive and disburse money, credits, securities and effects;\n\n11. Act as trustee under trusts created by will or by\n\ndeclaration of trust;\n\n12. Act as guardian for any number of persons;\n\n13. Transfer, register and countersign certificates of stock,\n\nbonds, or other evidence of indebtedness, and to act as agent of any\n\ncorporation, foreign or domestic, for any purpose now or hereafter\n\nrequired by statute or otherwise;\n\n14. Act as trustee under any mortgage or bond issued by any\n\nmunicipality, body politic or corporation, and to accept and execute\n\nany other municipal or corporate trust not inconsistent with the\n\nlaws of this state;\n\n15. Take, accept and execute any and all such legal trusts,\n\nduties and powers in regard to the holding, management and\n\ndisposition of any estate, real or personal, and the rents and\n\nprofits thereof, or the sale thereof, as may be granted or confided\n\nto it by any court of record, or by any person, corporation,\n\nmunicipal or other authority, and it shall be accountable to all\n\nparties in interest for the faithful discharge of every such trust,\n\nduty or power which it may so accept;\n\n16. Be appointed and accept the appointment of assignee or\n\ntrustee under any assignment for the benefit of creditors of any\n\ndebtor made pursuant to any statute or otherwise;\n\n17. Collect coupons on or interest upon all manner of\n\nsecurities when authorized by the parties depositing the same;\n\n18. Receive and manage any sinking fund of any corporation upon\n\nsuch terms as may be agreed upon between the corporations and those\n\ndealing with it;\n\n19. Generally execute trusts of every description and escrow\n\nagreements and to act and serve in any and all fiduciary capacities\n\nnot inconsistent with the laws of this state or of the United\n\nStates;\n\n20. Prepare, make and certify abstracts of title to real and\n\npersonal property and to procure and furnish information in relation\n\nthereto, where not otherwise inconsistent with the laws of this\n\nstate; to guarantee or insure the title to real and personal\n\nproperty to persons interested in such property or in mortgages\n\nthereon, against loss, by reason of defective title or other\n\nencumbrances of or upon such property, and to make determination of\n\ntitle in connection with the issuance of such guaranties or\n\ninsurance;\n\n21. Discount and negotiate promissory notes, drafts, bills of\n\nexchange and other evidence of debt, buy and sell coin and bullion,\n\nto accept for payment at a future date drafts drawn upon it by its\n\ncustomers, and to issue letters of credit, authorizing the holders\n\nthereof to draw drafts upon it or upon its correspondents at sight\n\nor on time not exceeding one (1) year; provided, that no trust\n\ncompany shall incur liabilities under this paragraph to an amount\n\nequal at any time in the aggregate to more than its paid-up and\n\nunimpaired capital stock and surplus fund, except with the approval\ncustomers, and to issue letters of credit, authorizing the holders\n\nthereof to draw drafts upon it or upon its correspondents at sight\n\nor on time not exceeding one (1) year; provided, that no trust\n\ncompany shall incur liabilities under this paragraph to an amount\n\nequal at any time in the aggregate to more than its paid-up and\n\nunimpaired capital stock and surplus fund, except with the approval\n\nof the Commissioner under such general regulations as to amount of\n\nacceptances as the Commissioner may prescribe; and\n\n22. Issue debentures, notes, or other evidences of debt in the\n\nmanner in which business corporations are authorized to do so and\n\nfor any legal application of proceeds, but only to the extent of an\n\namount equal to ten times its capital and surplus.","path":["OK Code","Title 6"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os6.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"e24586884902d88d68aa0aa38d0cb08178afe604abb38aa61fb30a7b01b459ab","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-69-69-902","next":"us-ok/okla.-stat.-tit.-6-6-1001.1"},"notice":"GroundRules: Original legal text. Not legal advice."}