Washington § 30B.24.005 - Prudential fiduciary standards.

Full text of Washington Revised Code of Washington § 30B.24.005 — Prudential fiduciary standards., with citation guidance and answers to common questions.

§ 30B.24.005. Prudential fiduciary standards.

(1) Except to the extent federal preemption of state law is applicable in relation to trusts governed under the federal employment retirement income security act, a state trust company shall comply with all applicable provisions of this title and with applicable provisions of Title 11 RCW including, without limitation, chapters 11.97, 11.98, *11.98A, 11.100, 11.102, 11.104B, 11.106, 11.107, and 11.108 RCW, and with chapter 11.110 RCW, in the case of a charitable trust.
(2) The director has broad administrative authority to establish by rule or interpretation principles-based standards for examination, supervision, and enforcement of a state trust company by the department in relation to compliance with this title, including subsection (1) of this section.
(3) A state bank, in relation to its trust department and its exercise of trust powers, shall comply with:
(a) Title 30A RCW, if a state commercial bank, and Title 32 RCW, if a state savings bank;
(b) The applicable provisions of Title 11 RCW including, without limitation, chapters 11.97, 11.98, *11.98A, 11.100, 11.102, 11.104B, 11.106, 11.107, and 11.108 RCW, and with chapter 11.110 RCW, in the case of a charitable trust;
(c) If the state bank is federally insured, any applicable rules and guidance of the federal deposit insurance corporation or other applicable federal law or regulation related to such state bank's exercise of trust powers; and
(d) If the state bank is a member of the federal reserve system, any rules and guidance of the board of governors of the federal reserve system related to such state bank's exercise of trust powers.
[ 2021 c 140 s 2804; 2019 c 389 s 41; 2014 c 37 s 363.]

Notes

*Reviser's note: Chapter 11.98A RCW was repealed in its entirety by 2020 c 303 s 19.
Effective date—2021 c 140 ss 2101-2806: See RCW 11.104B.905.

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Frequently Asked Questions About Washington § 30B.24.005

What does Revised Code of Washington § 30B.24.005 cover?

Section 30B.24.005 ("Prudential fiduciary standards.") is part of the Revised Code of Washington, the codified statutory law of Washington. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Washington § 30B.24.005?

A common citation format is "Revised Code of Washington § 30B.24.005" (Washington). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Washington law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Washington official source linked on this page or consult a licensed Washington attorney.

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