Louisiana Revised Statutes 6:623 – Fiduciary responsibility
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Terms Used In Louisiana Revised Statutes 6:623
- Fiduciary: A trustee, executor, or administrator.
- Trust company: means a corporation or a limited liability trust company organized under this Chapter, including a trust company organized under the laws of this state before June 27, 2003, or an entity chartered to act as a fiduciary that is neither a depository institution nor a foreign bank. See Louisiana Revised Statutes 6:572
The board of a trust company is responsible for the proper exercise of fiduciary powers by the trust company and each matter pertinent to the exercise of fiduciary powers, including determination of policies, investment, and disposition of property held in a fiduciary capacity, and the direction and review of the actions of each officer, employee, and committee used by the trust company in the exercise of its fiduciary powers.
Acts 2003, No. 573, §1, eff. June 27, 2003.