The Lawletter Vol 41, No 3
Matthew McDavitt, Senior Attorney, National Legal Research Group
Most states now allow nonresident corporations, such as trust companies, to serve in fiduciary roles such as the personal representative of a decedent estate, trustee, or trust or as the conservator of a guardianship estate. However, various state statutes place varying requirements on such fiduciary roles, such as whether state certification is required by such out-of-state corporate fiduciaries, which fiduciary roles are available to trust companies, and whether an in-state agent must be designated for service.
One frequent requirement placed upon nonresident companies seeking to serve in a fiduciary role is that of reciprocity: The out-of-state corporation is allowed only the powers and authority granted to nonresident fiduciaries in its state of incorporation. Thus, where a trust company seeks to serve in a fiduciary role in another state, it is imperative to know whether both the state of incorporation and the foreign jurisdiction are "reciprocity" states. The following is a chart compiling the citations of the statutory nonresident corporate fiduciary reciprocity provisions currently in force in the 25 states that possess them:
| STATE | RECIPROCITY STATUTORY REQUIREMENT |
| Alabama | Ala. Code § 10A-2-15.41 |
| Arkansas | Ark. Code Ann. § 4-31-303 |
| Connecticut | Conn. Gen. Stat. § 45a-206 |
| Delaware | Del. Code Ann. tit. 8, § 380 |
| Georgia | Ga. Code Ann. § 53-12-321 |
| Illinois | 205 Ill. Comp. Stat. 620/4-2 |
| Iowa | Iowa Code §§ 633.64, 633.503 |
| Kansas | Kan. Stat. Ann. § 59-1701(a)(4) |
| Maine | Me. Rev. Stat. tit. 18, § 4162 |
| Massachusetts | Mass. Gen. Laws ch. 167C, § 17 |
| Minnesota | Minn. Stat. § 303.25 |
| Mississippi | Miss. Code Ann. § 81-5-43 |
| Missouri | Mo. Rev. Stat. § 362.600 |
| Nevada | Nev. Rev. Stat. § 662.245 |
| New Jersey | N.J. Stat. Ann. § 17:9A-316(B) |
| New York | N.Y. Banking Law § 131(4)(b) |
| North Dakota | N.D. Cent. Code § 6-08-25 |
| Oklahoma | Okla. Stat. tit. 6, § 1002 |
| Pennsylvania | 7 Pa. Stat. Ann. § 106 |
| Rhode Island | R.I. Gen. Laws § 19-3.1-6 |
| South Dakota | S.D. Codified Laws § 51A-5-8 |
| Tennessee | Tenn. Code Ann. § 35-50-107(a)(2)(A) |
| Texas | Tex. Est. Code Ann. § 505.003 |
| Vermont | Vt. Stat. Ann. tit. 11A, § 15.01 |
| Wisconsin | Wis. Stat. § 223.12 |
