The original instrument was prepared by Xavier Alexander. The following digest,
which does not constitute a part of the legislative instrument, was prepared by Nancy
Vicknair.
DIGEST
SB 49 Reengrossed 2019 Regular Session Fannin
Present law, relative to trusts, provides for the creation and establishment of out-of-state trust
companies and their activities.
Proposed law provides that an out-of-state trust company may act as a fiduciary from a trust office
only if both of the following conditions are met:
(1)It maintains a trust office or branch in the state.
(2)The state where the out-of-state trust company has its principal location allows a Louisiana
institution to perform substantially similar business activities.
Proposed law provides that an out-of-state trust company may at each office engage in the same
activities as a Louisiana trust company.
Proposed law provides that an out-of-state trust company may establish a trust representative office
in this state. Further provides that the company may not enter into any trust agreements.
Effective upon signature or lapse of time for gubernatorial action.
(Amends R.S. 6:626(A) and R.S. 9:1783(A))
Summary of Amendments Adopted by Senate
Committee Amendments Proposed by Senate Committee on Judiciary A to the engrossed bill
1. Makes technical changes.
2. Removes proposed language that a trust company chartered in another state,
operating in the state, can serve as a trustee of a trust.
Senate Floor Amendments to engrossed bill
1. Makes legislative bureau technical changes.