13-5-510. Powers of public trust companies; limitations; prohibitions; conflicts of interest; exemptions.

(a) Public trust companies may exercise the powers permitted by subsection (b) of this section and the powers and rights granted to other corporations and limited liability companies under general law except as provided by this chapter.

(b) Each public trust company may:

(i) Act or be appointed by any court to act in like manner as an individual or as a fiduciary for any purpose permitted by law;

(ii) Act as transfer agent or registrar of corporate stocks and bonds;

(iii) Purchase, invest in and sell stocks, bonds, mutual funds, mortgages and other securities for the account of trusts;

(iv) Accept and execute any trust company business permitted by any law of this or any other state or of the United States to be taken, accepted or executed by an individual;

(v) Take oaths and execute affidavits by the oath or affidavit of its directors, managers, managing members, officers, agents or employees;

(vi) Make any lawful fiduciary investment as permitted by W.S. 2-3-301;

(vii) Do and perform all acts necessary to exercise the powers enumerated in this chapter.

(c) A public trust company shall not engage in any banking business by accepting general deposits or issuing demand instruments.

(d) A public trust company may invest its capital and surplus in stocks, bonds, mortgages, mutual funds and other securities. A public trust company may invest in, purchase, hold, convey and lease real estate in accordance with W.S. 13-3-201(a)(i).

(e) A public trust company shall consider the following when undertaking a transaction or other action authorized under subsection (b) of this section:

(i) The interests of the beneficiaries of the trust for which the public trust company is acting as fiduciary, if applicable;

(ii) Whether the transaction or action complies with the terms of the governing instrument establishing the fiduciary relationship, any applicable judgments, judicial decrees or court orders and any applicable consent agreements or releases.

(f) Except as provided in this chapter, no person shall act as a public trust company or engage in trust company business without first obtaining a charter from the commissioner under this chapter.

(g) A bank or savings and loan authorized under the laws of the United States or this state to engage in trust company business in this state, may engage in such business as a bank or savings and loan association without obtaining a charter under this chapter, but shall be subject to the provisions of this chapter relating to the administration of its trust accounts.

(h) Insurance companies licensed to write life insurance policies and annuity or endowment contracts in this state and subject to the regulation and control of the state insurance commissioner shall not be subject to the provisions of this chapter.

(j) Except as otherwise provided in subsection (e) of this section, nothing in this section prohibits a public trust company from transacting business with or investing in any asset of:

(i) A trust, estate, guardianship or conservatorship for which the public trust company is a fiduciary;

(ii) Any other company, agent, entity or person for which a conflict of interest may exist.

(k) If a potential conflict of interest exists as to a particular transaction or action between the public trust company in its capacity as a fiduciary and the public trust company in its individual capacity, the transaction or action is not voidable if it complies with this section or occurred before the public trust company entered into the fiduciary relationship.

(m) A transaction by or action of a public trust company is not voidable if:

(i) The transaction or action was authorized by the terms of the organizational instrument;

(ii) The transaction or action was approved by a court pursuant to a judgment, judicial decree or court order;

(iii) The transaction or action was authorized by a valid consent agreement or release signed by all interested persons to the transaction or action;

(iv) No interested person commenced a legal action relating to the transaction in accordance with subsection (n) of this section; or

(v) The transaction or action occurred before the public trust company entered into the fiduciary relationship.

(n) A legal action by an interested person alleging that a transaction or action by a public trust company is voidable because of the existence of a conflict of interest must be commenced within one (1) year of the date on which the interested person discovered, or by the exercise of reasonable diligence should have discovered, the facts in support of his claim.

(o) Notwithstanding any other provision of this chapter, a public trust company is not required to obtain court approval for any transaction that otherwise complies with the provisions of this section.