C.F.R. » Title 12 » CHAPTER I—COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY › PART 9—FIDUCIARY ACTIVITIES OF NATIONAL BANKS

12 C.F.R. § 9.7

Multi-state fiduciary operations

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(a) Acting in a fiduciary capacity in more than one state. Pursuant to 12 U.S.C. 92a and this section, a national bank may act in a fiduciary capacity in any state. If a national bank acts, or proposes to act, in a fiduciary capacity in a particular state, the bank may act in the following specific capacities:

(1) Any of the eight fiduciary capacities expressly listed in 12 U.S.C. 92a(a), unless the state prohibits its own state banks, trust companies, and other corporations that compete with national banks in that state from acting in that capacity; and

(2) Any other fiduciary capacity the state permits for its own state banks, trust companies, or other corporations that compete with national banks in that state.

(b) Serving customers in other states. While acting in a fiduciary capacity in one state, a national bank may market its fiduciary services to, and act as fiduciary for, customers located in any state, and it may act as fiduciary for relationships that include property located in other states. The bank may use a trust representative office for this purpose.

(c) Offices in more than one state. A national bank with fiduciary powers may establish trust offices or trust representative offices in any state.

(d) Determination of the state referred to in 12 U.S.C. 92a. For each fiduciary relationship, the state referred to in section 92a is the state in which the bank acts in a fiduciary capacity for that relationship. A national bank acts in a fiduciary capacity in the state in which it accepts the fiduciary appointment, executes the documents that create the fiduciary relationship, and makes discretionary decisions regarding the investment or distribution of fiduciary assets. If these activities take place in more than one state, then the state in which the bank acts in a fiduciary capacity for section 92a purposes is the state that the bank designates from among those states.

(e) Application of state law—(1) State laws used in section 92a. The state laws that apply to a national bank's fiduciary activities by virtue of 12 U.S.C. 92a are the laws of the state in which the bank acts in a fiduciary capacity.

(2) Other state laws. Except for the state laws made applicable to national banks by virtue of 12 U.S.C. 92a, state laws limiting or establishing preconditions on the exercise of fiduciary powers are not applicable to national banks.

[66 FR 34798, July 2, 2001]
Notes of Decisions
Cited in 8 cases, 2012–2018 · leading case: Dutcher v. Matheson, 840 F.3d 1183 (10th Cir. 2016).
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Dutcher v. Matheson, 840 F.3d 1183 (10th Cir. 2016). · cites it 27× “§ 92a(a), as interpreted by the OCC in 12 C.F.R. § 9.7 . The plaintiffs argued that this federal statute did not in fact permit ReconTrust to conduct the challenged foreclosures; they also moved to remand the case to state court.”
Bell v. Countrywide Bank, N.A., 860 F. Supp. 2d 1290 (D. Utah 2012). · cites it 16× “Defendants — and the court decisions to which they cite 40 — rely heavily on 12 C.F.R. § 9.7 (d) (2011), a final interpretive rule issued by the Office of the Comptroller of the Currency (“the Comptroller”) which interprets the governing federal statute, 12 U.”
Fed. Nat'l Mortg. Ass'n v. Sundquist, 2013 UT 45 (Utah 2013). · cites it 10× “12 C.F.R. § 9.7 . The applicable regulation provides that a national bank is “located” in “the state in which the bank acts in a fiduciary capacity.”
Garrett v. ReconTrust Co., N.A., 546 F. App'x 736 (10th Cir. 2013). · cites it 5× “Relevant here are the regulations at 12 C.F.R. § 9.7 (“Rule 9.7”), which the OCC promulgated in 2001, pursuant'to notice-and-comment rulemak-ing procedures, to “address[ ] the application of 12 U.”
Bank of Am., N.A. v. Sundquist, 2018 UT 58 (Utah 2018). · cites it 4× “" 12 C.F.R. § 9.7 (d). A bank certainly "conducts business" in those locations as well as "where the real property is located, where notice of default is filed, and where the sale is conducted.”
Bank of Am. v. Sundquist, 2018 UT 58 (Utah 2018). · cites it 4× “” 12 C.F.R. § 9.7 (d). A bank certainly “conducts business” in those locations as well as “where the real property is located, where notice of default is filed, and where the sale is conducted.”
Fed. Nat. Mortg. Ass'n v. Sundquist, 2013 UT 45 (Utah 2013). · cites it 6× “12 C.F.R. § 9.7 . The applicable regulation provides that a national bank is “located” in “the state in which the bank acts in a fiduciary capacity.”
Fed. Nat. Mortg. Ass'n v. Sundquist, 2013 UT 45 (Utah 2013). · cites it 6× “12 C.F.R. § 9.7 . The applicable regulation provides that a national bank is “located” in “the state in which the bank acts in a fiduciary capacity.”
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