Performance of trust activities in New York by an out-of-state trust company

When an out-of-state trust company, without a physical presence in New York, seeks to conduct non-testamentary trust activities in New York, it must comply with Section 131.3 of the New York Banking Law, which requires the filing of the following documents with the Department of Financial Services:  

  1. Certificate of Appointment - Appointing the Superintendent of Financial Services (indefinitely and  irrevocably) as attorney for service of process in any action or proceeding against, affecting or relating to its capacity as trustee under the specified trust (signed by an officer and notarized). 
  2. Certificate of Designation - Specifying to whom any process served shall be forwarded (signed by an officer and notarized). 
  3. Copy of Trustee’s Charter which contains the post office address of trustee’s principal office (certified by trustee’s secretary under corporate seal). 
  4. Opinion letter from legal counsel stating that reciprocity exists with the foreign jurisdiction (i.e., that a New York trust company could conduct the same trust activity in the state in which the out-of-state trust company has its principal office).  The opinion letter must have attached thereto a copy of the law to which the opinion relates.