New Hampshire Revised Statutes 383-D:7-704 – Effects of Transacting Business with the General Public
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(a) Any action by a family trust company in its capacity as a trustee or other fiduciary shall not be void or voidable solely by reason of the entity transacting business with the general public.
(b) To the extent that a family trust company transacts business with the general public, each of its directors and executive officers shall be personally, jointly, and severally liable for all liabilities created by transacting business with the general public, including any breach of a fiduciary duty to a member of the general public.
(c) The directors’ and officers’ liability under subsection (b) is in addition to any civil or criminal penalties imposed by this title or other applicable law.
(d) This section shall not limit the commissioner’s enforcement powers under this title or any other applicable law, including the power to order restitution for a violation of this title and other applicable laws and each of the other powers under N.H. Rev. Stat. § 383:10-d.
(b) To the extent that a family trust company transacts business with the general public, each of its directors and executive officers shall be personally, jointly, and severally liable for all liabilities created by transacting business with the general public, including any breach of a fiduciary duty to a member of the general public.
Terms Used In New Hampshire Revised Statutes 383-D:7-704
- Fiduciary: A trustee, executor, or administrator.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
- Trustee: A person or institution holding and administering property in trust.
(c) The directors’ and officers’ liability under subsection (b) is in addition to any civil or criminal penalties imposed by this title or other applicable law.
(d) This section shall not limit the commissioner’s enforcement powers under this title or any other applicable law, including the power to order restitution for a violation of this title and other applicable laws and each of the other powers under N.H. Rev. Stat. § 383:10-d.