59-1701. Corporate fiduciaries. (a) No bank, savings and loan association or other corporation shall be appointed or authorized directly or indirectly to act as a fiduciary in this state except:
(1) A bank, savings and loan association or other corporation organized under the laws of, and having its principal place of business in, this state;
(2) a national bank, federal savings bank or federal savings and loan association located in this state;
(3) a bank, savings and loan association or other corporation organized under the laws of, and having its principal place of business in, another state which permits a bank, savings and loan association or other corporation which is similarly organized in this state to act in a like fiduciary capacity in the other state under similar conditions;
(4) a national bank, federal savings bank or federal savings and loan association located in another state which permits a national bank, federal savings bank or federal savings and loan association located in this state to act in a like fiduciary capacity in the other state under similar conditions;
(5) a nonprofit corporation certified in accordance with K.S.A. 59-3070, and amendments thereto, to the extent provided by that statute; or
(6) as provided in K.S.A. 59-1707 and 59-1708, and amendments thereto.
(b) No officer, employee or agent of a bank, savings and loan association or corporation which is not authorized to act as a fiduciary in this state shall be permitted to act as a fiduciary, whether such officer, employee or agent is a resident or a nonresident of this state, when in fact such officer, employee or agent is acting as a fiduciary on behalf of such bank, savings and loan association or corporation.
(c) No bank, savings and loan association or other corporation, other than a nonprofit corporation certified in accordance with K.S.A. 59-3070, and amendments thereto, shall be appointed guardian of the person of a ward.
History: L. 1939, ch. 180, § 131; L. 1967, ch. 314, § 11; L. 1981, ch. 226, § 1; L. 1985, ch. 193, § 1; L. 2002, ch. 114, § 59; July 1.
Cross References to Related Sections:
Trust companies, see chapter 9, article 21.
Uniform testamentary additions to trusts act, see 59-3101 et seq.
Law Review and Bar Journal References:
1955-56 survey of law of administration of estates, Richard C. Harris, 5 K.L.R. 143, 146 (1956).
Jurisdiction over administration of intangibles, 6 K.L.R. 439, 444, 445 (1958).
Opinion of attorney general dated November 14, 1961, quoted as to whether a foreign corporation can act as trustee of Kansas real estate devised by nonresident, 10 K.L.R. 625 (1962).
This section and cases arising hereunder compared to Florida statutory and case law relating to declaratory judgments, Ward Summerville, 6 W.L.J. 189, 192, 193 (1966).
"Rights of the Nonresident Inter Vivos Trustee," Dean Owens, 16 K.L.R. 349, 352 (1968).
"Trusts—Pour-Over From a Will to an Inter Vivos Trust," William A. Wells, 8 W.L.J. 81, 91 (1968).
Survey of Kansas nonresident estate administration, Richard C. Harris, 17 K.L.R. 325 (1969).
1965-69 survey of estate planning and future interests, James K. Logan, 17 K.L.R. 455, 478, 479 (1969).
Contrasted with provisions of UPC in "Does Kansas Need the Uniform Probate Code?" Verne M. Laing, 42 J.B.A.K. 139, 186 (1973).
"Nonresident Individuals and Foreign Corporations as Trustees—A Guide for the General Practitioner," Coni K. Beal, Timothy G. Lutz, 26 W.L.J. 528, 535, 540 (1987).
CASE ANNOTATIONS
1. Inapplicable where trust accepted prior to July 1, 1939. First Nat'l Bank v. Gray, 151 Kan. 558, 564, 99 P.2d 771.
2. Foreign corporation cannot serve as testamentary trustee of Kansas testator's estate. In re Estate of Lowe, 155 Kan. 679, 681, 682, 127 P.2d 512.
3. Disqualifications of executor are statutory, court will not add others. In re Estate of Grattan, 155 Kan. 839, 853, 130 P.2d 580.
4. Nonresident trust company cannot serve as testamentary trustee of Kansan's estate. In re Estate of Kerrigan, 165 Kan. 245, 247, 248, 194 P.2d 473.
5. Cited; circumstances rendering order approving claims voidable due to conservator's substantial conflict of interest (K.S.A. 59-1703), "other interested parties" examined. In re Conservatorship of L.M.S., 12 Kan. App. 2d 725, 727, 755 P.2d 22 (1988).
6. Cited; whether penalty of doubling judgment applies only to court-appointed fiduciaries examined. Bolton v. Souter, 19 Kan. App. 2d 384, 389, 872 P.2d 758 (1994).
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