Louisiana Revised Statutes 9:1783 – A. Only the following persons or entities may serve as a trustee of a trust established pursuant to this Code:
Terms Used In Louisiana Revised Statutes 9:1783
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Trustee: A person or institution holding and administering property in trust.
A. Only the following persons or entities may serve as a trustee of a trust established pursuant to this Code:
(1) A natural person enjoying full capacity to contract who is a citizen or resident alien of the United States, who may be the settlor, the beneficiary, or both.
(2) A federally insured depository institution organized under the laws of Louisiana, another state, or of the United States.
(3) A financial institution or trust company organized under the laws of Louisiana or the United States, authorized to exercise trust or fiduciary powers under the laws of Louisiana or of the United States, or trust company organized under the laws of another state and operating in Louisiana pursuant to La. Rev. Stat. 6:626(A)(1) and (2).
B. A nonprofit corporation or trust for educational, charitable, or religious purposes that is designated as income or principal beneficiary may serve as trustee of a trust for mixed private and charitable purposes.
Acts 1985, No. 534, §1; Acts 1995, No. 215, §1; Acts 1997, No. 1400, §1, eff. July 15, 1997; Acts 2001, No. 684, §1; Acts 2004, No. 521, §1; Acts 2015, No. 219, §1; Acts 2019, No. 334, §2, eff. June 11, 2019; Acts 2020, No. 18, §1.