New Hampshire Revised Statutes 304-C:22-a – Trust Powers
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(a) A limited liability company shall have trust powers to the extent that it:
(1) Does not transact business with the general public; or
(2) Is a bank as defined in N.H. Rev. Stat. § 383-A:2-201(a)(3) and is authorized to engage in trust business in this state under RSA 383-A, RSA 383-B, RSA 383-C, or RSA 383-D.
(b) Trust powers include the power to act as a trustee or other fiduciary, a trust advisor as defined in N.H. Rev. Stat. § 564-B:1-103(27), or a trust protector as defined in N.H. Rev. Stat. § 564-B:1-103(28).
(c) For purposes of subsection (a)(1), a limited liability company does not transact business with the general public to the extent that the limited liability company:
(1) Qualifies as a family office under 15 U.S.C. § 80b-2(a)(11)(G); or
(2) Offers and provides its services only to persons who would qualify as family clients as defined in N.H. Rev. Stat. § 383-D:2-201(b)(5) if the limited liability company was chartered as a family trust company under RSA 383-D.
(d) For purposes of subsection (c)(2), a limited liability company may use any reasonable method for:
(1) Identifying a designated relative as defined in N.H. Rev. Stat. § 383-D:2-201(b)(2); and
(2) Selecting a method for determining family members as described in N.H. Rev. Stat. § 383-D:4-402(b)(2) or (c).
(e) A limited liability company described in subsection (a)(1) shall be exempt from RSA Title 35 and shall not be subject to the jurisdiction of the New Hampshire bank commissioner.
(f) To the extent that a limited liability company other than a limited liability company described in subsection (a)(2) transacts business with the general public, the following shall apply:
(1) Any action by the limited liability company shall not be void or voidable solely by reason of the limited liability company transacting business with the general public.
(2) Each of the limited liability company’s managers or, if the limited liability company is managed by its members, each of the members shall be personally, jointly, and severally liable for all liabilities created by the corporation transacting business with the general public, including any breach of a fiduciary duty to a member of the general public.
(3) A manager’s or member’s liability under subsection (f)(2) is in addition to any civil or criminal penalties imposed by applicable law.
(g) This section does not restrict the rights and remedies of any person affected by a limited liability company’s exercise of trust powers, including the right to commence a judicial proceeding seeking:
(1) A remedy for a breach of trust under N.H. Rev. Stat. § 564-B:10-1001;
(2) Damages for a breach of trust under N.H. Rev. Stat. § 564-B:10-1002; or
(3) Damages under N.H. Rev. Stat. § 564-B:10-1003.
(1) Does not transact business with the general public; or
Terms Used In New Hampshire Revised Statutes 304-C:22-a
- 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.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Fiduciary: A trustee, executor, or administrator.
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
- Trustee: A person or institution holding and administering property in trust.
(2) Is a bank as defined in N.H. Rev. Stat. § 383-A:2-201(a)(3) and is authorized to engage in trust business in this state under RSA 383-A, RSA 383-B, RSA 383-C, or RSA 383-D.
(b) Trust powers include the power to act as a trustee or other fiduciary, a trust advisor as defined in N.H. Rev. Stat. § 564-B:1-103(27), or a trust protector as defined in N.H. Rev. Stat. § 564-B:1-103(28).
(c) For purposes of subsection (a)(1), a limited liability company does not transact business with the general public to the extent that the limited liability company:
(1) Qualifies as a family office under 15 U.S.C. § 80b-2(a)(11)(G); or
(2) Offers and provides its services only to persons who would qualify as family clients as defined in N.H. Rev. Stat. § 383-D:2-201(b)(5) if the limited liability company was chartered as a family trust company under RSA 383-D.
(d) For purposes of subsection (c)(2), a limited liability company may use any reasonable method for:
(1) Identifying a designated relative as defined in N.H. Rev. Stat. § 383-D:2-201(b)(2); and
(2) Selecting a method for determining family members as described in N.H. Rev. Stat. § 383-D:4-402(b)(2) or (c).
(e) A limited liability company described in subsection (a)(1) shall be exempt from RSA Title 35 and shall not be subject to the jurisdiction of the New Hampshire bank commissioner.
(f) To the extent that a limited liability company other than a limited liability company described in subsection (a)(2) transacts business with the general public, the following shall apply:
(1) Any action by the limited liability company shall not be void or voidable solely by reason of the limited liability company transacting business with the general public.
(2) Each of the limited liability company’s managers or, if the limited liability company is managed by its members, each of the members shall be personally, jointly, and severally liable for all liabilities created by the corporation transacting business with the general public, including any breach of a fiduciary duty to a member of the general public.
(3) A manager’s or member’s liability under subsection (f)(2) is in addition to any civil or criminal penalties imposed by applicable law.
(g) This section does not restrict the rights and remedies of any person affected by a limited liability company’s exercise of trust powers, including the right to commence a judicial proceeding seeking:
(1) A remedy for a breach of trust under N.H. Rev. Stat. § 564-B:10-1001;
(2) Damages for a breach of trust under N.H. Rev. Stat. § 564-B:10-1002; or
(3) Damages under N.H. Rev. Stat. § 564-B:10-1003.