This section outlines the powers of trust companies. Firstly, a trust company can perform many roles similar to an individual, like acting as an executor, guardian, or trustee, managing estates, and handling securities transactions. It can also act as a transfer agent for corporate stocks and bonds. Secondly, if a trust company joins the Federal Reserve System, it retains its state-granted powers but must comply with relevant federal laws and regulations for state banks with trust powers.

This law defines two types of trusts that a trust company can manage in California: court trusts and private trusts. A court trust involves the trust company operating under the authority of a court, such as acting as an executor, administrator, or in other similar roles. It also includes scenarios where the company receives money or property from a public official under a court's direction. A private trust includes all other types of trust-related roles or relationships that don't fall under court supervision.

This law prevents trust companies, their officers, and employees from sharing details about any private trust they manage. However, disclosure is allowed if it's written in the trust terms, deemed necessary for management by an officer, ordered by a court or legal subpoena, requested by the executor or beneficiaries, or required during a regulatory examination.

This law requires the commissioner to review the court trust operations of a trust company every two years. They can also examine the private trust business whenever they find it necessary or appropriate.

This law requires trust companies to provide detailed reports to the commissioner. Besides other necessary information, these reports must separately itemize the amount of real property and personal property the company holds in both court and private trusts.

This law allows a court to authorize or direct officers like executors or trustees managing someone's property or estate to deposit money and personal assets with a trust company for safekeeping. This can happen after a hearing and with notification to interested parties, unless everyone agrees otherwise.

If the money is deposited with a trust company, that company does not need to provide a bond (which is a kind of insurance) except under specific circumstances. The trust company is responsible for the safety of the assets, similar to how a storage company would be responsible for items left in its care.

This law allows a trust company to place securities, which they hold under a court order, into a securities depository. This depository must either be licensed or have an exemption according to specific sections of the law.

This law section explains that when a trust company is acting as an executor, administrator, guardian, conservator, or in similar roles, it can have one of its officers, like the president or manager, take necessary oaths or affidavits instead of every individual in the company doing so.

The trust company is held to the same standards and penalties for not performing legal duties as any individual performing similar roles would be.

If a corporation wants to stop running its trust business, it must prove to the commissioner that it's free from all trust-related responsibilities. Once that's done, the commissioner will cancel its permission to operate as a trust business, and the corporation will get back any securities it deposited. From then on, the company can't use 'trust' in its name or business.

This law says that if a trust company, or any of its employees, makes a mistake or neglects to follow specific legal rules while managing court or private trusts, those actions remain valid and legal. Even if the company's authority to operate is later revoked, everything done before that revocation is still considered valid.

This law clarifies that it is not illegal for a person or company to handle money in escrow or act as a trustee for deeds of trust. These activities are okay as long as the deeds are meant to secure money repayment and do not involve corporate bonds.

This law states that banks or trust companies must keep trust funds separate from their other assets. They cannot use these funds for their own business operations, except when those funds are deposited in accordance with specific rules. If an officer knowingly allows this law to be violated, they can be charged with a felony.

This California law states that banks or trust companies can deposit securities, like stocks or bonds, into a securities depository. This is allowed unless the trust documents say otherwise. The depositories must be licensed or exempt from licensing. These deposited securities can be held in the name of the depository's nominee and mixed with other securities of the same type, regardless of ownership. The banks or trust companies must keep accurate records of who owns the securities and follow any rules set by financial regulators. They also aren't required to own stock in the depository where they store securities.

This law allows banks and trust companies to deposit securities in a federal reserve bank when they are acting in a fiduciary role—meaning they manage assets for someone else's benefit. This can be done unless the trust document specifically forbids it. While depositing, they must keep records to show who owns the securities, and they must follow regulations set by federal and state authorities. The transfer of securities ownership can happen without physically moving the securities, just by changing entries in the federal reserve bank's records. If requested, banks must confirm in writing which securities are held on behalf of fiduciaries, and fiduciaries have to do the same for those involved in their financial affairs. This rule applies to all fiduciaries and their custodians, regardless of when they started acting in that role.