reglab/statecodes huggingface dataset:
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1,117 - Banks; impaired capital; assessments on stock to restore; preferred stock excepted.

8-1,117.
Banks; impaired capital; assessments on stock to restore; preferred stock excepted.
If the capital of a bank becomes impaired, whether the department has taken possession of the bank or not, and if stockholders representing eighty-five percent or more of the common capital stock of the bank, with a view of restoring the impaired capital, shall, with the approval of the department, authorize the board of directors of the bank to levy and collect assessments on the common capital stock in such amount as the board of directors may determine necessary for such purpose, the board of directors shall levy the assessments so authorized and shall notify all common stockholders of record of the assessments by either registered or certified mail. If any common stockholder fails to pay his or her assessment within three weeks from the date of mailing such notice, the pro rata amount of such assessment shall be a lien upon his or her common capital stock and the board of directors shall immediately sell such shares of common capital stock at public or private sale without further notice and apply the proceeds of the sale to the payment of such assessment. Any balance shall be paid to the delinquent shareholder. Nothing in this section shall be construed to authorize the levy and collections of assessments on the preferred capital stock of the bank.
Source
Laws 1909, c. 10, § 50, p. 91;
R.S.1913, § 330;
Laws 1919, c. 190, tit. V, art. XVI, § 51, p. 706;
Laws 1921, c. 297, § 5, p. 951;
C.S.1922, § 8031;
C.S.1929, § 8-197;
Laws 1931, c. 20, § 1, p. 92;
Laws 1933, c. 18, § 61, p. 166;
Laws 1941, c. 14, § 2, p. 93;
C.S.Supp.,1941, § 8-197;
R.S.1943, § 8-1,103;
Laws 1963, c. 29, § 117, p. 182;
Laws 2017, LB140, § 113.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1,118 - Insolvent banks; restoration of solvency; reopening for limited business; conditions; costs; new deposits treated as a trust fund; expenses.

8-1,118.
Insolvent banks; restoration of solvency; reopening for limited business; conditions; costs; new deposits treated as a trust fund; expenses.
If the director, with a view to restoring the solvency of any bank which the department has taken possession of pursuant to law, approves a contract or plan whereby the bank is permitted to receive deposits and pay checks and do a limited banking business, entered into between the unsecured depositors and unsecured creditors representing eighty-five percent or more of the total amount of deposits and unsecured claims of such bank on the one hand and the bank or its board of directors on the other, all other depositors and unsecured creditors shall be held subject to such agreement to the same extent and with the same effect as if they had joined in the execution of the agreement, and their claims shall be treated in all other respects as if they had joined in the execution of such agreement in the event such bank is permitted to reopen for business as limited by such contract. All deposits received after the adoption of such plan and the assets of the bank created thereby, and before the restoration of the bank to solvency, shall be a trust fund for the security and the repayment of the deposits so received and shall not be subject to the payment of any deposit, debt, claim, or demand of the bank previously created. Such money and assets shall be kept and invested in the manner directed by the director. Section 8-138 does not apply to banks operating under this section. Any county, city, village, township, or school district through its governing body, and the state through the Governor, may enter into such contract except when the funds of such county, city, village, township, or school district are adequately secured. Whenever a bank is permitted to operate under the provisions of this section, such bank shall pay all costs incurred by the department in the approval of such plan, including examiners' expenses, attorneys' fees, and clerk hire, and incurred in special examinations required by the director.
Source
Laws 1933, c. 16, § 1, p. 128;
C.S.Supp.,1941, § 8-1,121;
R.S.1943, § 8-1,110;
Laws 1963, c. 29, § 118, p. 183;
Laws 2003, LB 217, § 8;
Laws 2017, LB140, § 114.
Annotations
Judicial notice taken of general condition existing which, by this act, was sought to be remedied. State ex rel. Nebraska State Bar Assn. v. Bachelor, 139 Neb. 253, 297 N.W. 138 (1941).
Approval of plan of restricted operation does not restrict right of Department of Banking to liquidate insolvent bank. Farmers State Bank of Clarks v. Luikart, 131 Neb. 692, 269 N.W. 627 (1936).
Status of claim of sureties for village deposit made in bank prior to being allowed to reopen for a limited banking business under this section discussed. Shumway v. Department of Banking, 131 Neb. 246, 267 N.W. 469 (1936).
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1,119 - Violations; general penalty.

8-1,119.
Violations; general penalty.
Where no other punishment is provided in the Nebraska Banking Act, any person violating any provision of the act is guilty of a Class III misdemeanor.
Source
Laws 1909, c. 10, § 61, p. 95;
R.S.1913, § 341;
Laws 1919, c. 190, tit. V, art. XVI, § 61, p. 710;
C.S.1922, § 8041;
C.S.1929, § 8-1,104;
R.S.1943, § 8-1,107;
Laws 1963, c. 29, § 119, p. 184;
Laws 1977, LB 40, § 53;
Laws 1987, LB 2, § 19;
Laws 1998, LB 1321, § 25;
Laws 2017, LB140, § 115.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1,124 - Emergencies; terms, defined.

8-1,124.
Emergencies; terms, defined.
As used in sections 8-1,124 to 8-1,129, unless the context otherwise requires:
(1) Emergency means any condition or occurrence, actual or threatened, which interferes physically with the conduct of normal business operations at one or more or all of the offices of a financial institution, or which poses an imminent or existing threat to the safety or security of persons or property, or both, including, but not limited to, fire, flood, earthquake, hurricane, wind, rain, snow storm, labor dispute and strike, power failure, transportation failure, interruption of a communication facility, shortage of fuel, housing, food, transportation, or labor, robbery or attempted robbery, actual or threatened enemy attack, epidemic or other catastrophe, riot, civil commotion, and any other act of lawlessness or violence, actual or threatened;
(2) Financial institution means a bank, savings bank, building and loan association, savings and loan association, credit union, or trust company, or any office thereof, chartered by the department;
(3) Office means any place at which a financial institution transacts its business or conducts operations related to its business; and
(4) Officers means the person or persons designated by the board of directors, supervisory committee, or other governing body of a financial institution, to act for such financial institution in an emergency or, in the absence of any such designation or of such officer or officers, the president or any other officer in charge of such financial institution or of such office or offices.
Source
Laws 1971, LB 523, § 1;
Laws 2017, LB140, § 116.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1,125 - Emergencies; proclamation; director; effect; temporary office.

8-1,125.
Emergencies; proclamation; director; effect; temporary office.
(1) Whenever the director is of the opinion that an emergency exists, or is impending, he or she may, by proclamation, authorize any financial institution located in the affected area to close any or all of its offices. In addition, if the director is of the opinion that an emergency exists, or is impending, which affects, or may affect, a particular financial institution, or a particular office of such financial institution, but not banks located in the area generally, he or she may authorize the particular financial institution or office of the financial institution affected to close. Any office so closed shall remain closed until the director proclaims that the emergency has ended or until such time as the officers of the financial institution determine that one or more offices closed because of the emergency should reopen, whichever occurs first, and, in either event, for such further time thereafter as may reasonably be required to reopen.
(2)(a) Whenever the director authorizes a financial institution to close pursuant to subsection (1) of this section or to remain closed pursuant to section 8-1,126, he or she, in writing, may further authorize the financial institution to open a temporary office at a designated location for the period of time during which the financial institution or office is to remain closed, subject to extensions requested by the financial institution and authorized by the director, except that in no event may the director authorize a temporary office to operate for a total period of longer than thirty months.
(b) The director may authorize a financial institution to open a temporary office after consideration of (i) the ability of the financial institution to conduct its business in the area where the financial institution or the office of the financial institution was closed without opening a temporary office and (ii) the proximity of the financial institution or office of the financial institution to the proposed temporary office.
(c) The director may authorize a mobile branch to operate as a temporary office for any closed office of a financial institution other than its main office.
(d) The director may orally authorize a financial institution to open a temporary office to operate for a period no longer than four business days.
Source
Laws 1971, LB 523, § 2;
Laws 2017, LB140, § 117.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1,126 - Emergencies; officers; powers.

8-1,126.
Emergencies; officers; powers.
Whenever the officers of a financial institution are of the opinion that an emergency exists, or is impending, which affects, or may affect, one or more or all of a financial institution's offices, they shall have the authority, in the reasonable and proper exercise of their discretion, to determine not to open any one or more or all of such offices on any business or banking day or, if having opened, to close any one or more or all of such offices during the continuation of such emergency, even if the director has not issued and does not issue a proclamation of emergency. Any such closed office may remain closed until such time as the officers determine that the emergency has ended, and for such further time thereafter as may reasonably be required to reopen. In no case shall such office remain closed for more than forty-eight consecutive hours, excluding other legal holidays, without requesting the approval of the director pursuant to section 8-1,125.
Source
Laws 1971, LB 523, § 3;
Laws 2017, LB140, § 118.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1,127 - Emergency; proclamation; President of United States; Governor; effect.

8-1,127.
Emergency; proclamation; President of United States; Governor; effect.
The officers of a financial institution may close any one or all of the financial institution's offices on any day, designated by proclamation of the President of the United States or the Governor, as a day or days of mourning, rejoicing, or other special observance.
Source
Laws 1971, LB 523, § 4;
Laws 2017, LB140, § 119.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1,128 - Emergency; closing; notice; contents.

8-1,128.
Emergency; closing; notice; contents.
A financial institution closing an office pursuant to the authority granted under section 8-1,126 shall give as prompt notice of its action as conditions will permit and by any means available, to the director.
Source
Laws 1971, LB 523, § 5;
Laws 2017, LB140, § 120.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1,129 - Emergencies; laws applicable.

8-1,129.
Emergencies; laws applicable.
(1) Any day on which a financial institution, or any one or more of its offices, is closed during all or any part of its normal business hours pursuant to the authorization granted under sections 8-1,124 to 8-1,129 shall be, with respect to such financial institution or, if not all of its offices are closed, with respect to any office or offices which are closed, a legal holiday for all purposes with respect to any financial institution business of any character. No liability, or loss of rights of any kind, on the part of any financial institution, or director, officer, or employee thereof, shall accrue or result by virtue of any closing authorized by sections 8-1,124 to 8-1,129.
(2) Sections 8-1,124 to 8-1,129 shall be construed and applied as being in addition to, and not in substitution for or limitation of, any other law of this state or of the United States authorizing the closing of a financial institution or excusing delay by a financial institution in the performance of its duties and obligations because of emergencies or conditions beyond its control or otherwise.
Source
Laws 1971, LB 523, § 6;
Laws 2017, LB140, § 121.
Cross References
Bank holidays, see sections 62-301 and 62-301.01.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1,133 - Bank; business of leasing personal property; subject to rules and regulations.

8-1,133.
Bank; business of leasing personal property; subject to rules and regulations.
Any bank may engage, directly or indirectly, in the business of leasing personal property subject to rules and regulations as may be adopted and promulgated by the director.
Source
Laws 1977, LB 506, § 1;
Laws 2017, LB140, § 123.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1,135 - Appeal; procedure.

8-1,135.
Appeal; procedure.
Any person aggrieved by a final order of the director made pursuant to section 8-1,134 may appeal the order, and the appeal shall be in accordance with the Administrative Procedure Act.
Source
Laws 1984, LB 1039, § 2;
Laws 1988, LB 352, § 10;
Laws 2017, LB140, § 125.
Cross References
Administrative Procedure Act, see section 84-920.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1,136 - Action to enjoin and enforce compliance.

8-1,136.
Action to enjoin and enforce compliance.
Whenever it appears to the director that any person has engaged or is about to engage in any act or practice constituting a violation of any provision of Chapter 8 or the Credit Union Act, he or she may bring an action in the name of the director and the department in any court of competent jurisdiction to enjoin any such acts or practices and to enforce compliance with the provisions of Chapter 8 or the Credit Union Act. Upon a proper showing, a permanent or temporary injunction, restraining order, or writ of mandamus shall be granted and a receiver or conservator may be appointed for the defendant's assets. The director shall not be required to post a bond.
Source
Laws 1984, LB 1039, § 3;
Laws 1986, LB 908, § 2;
Laws 1996, LB 948, § 119;
Laws 2017, LB140, § 126.
Cross References
Credit Union Act, see section 21-1701.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1,137 - Evidence of violation; refer to prosecuting attorney.

8-1,137.
Evidence of violation; refer to prosecuting attorney.
The director may refer such evidence as may be available concerning violations of the Nebraska Criminal Code or of any rule and regulation or order under Chapter 8 or under the Credit Union Act to the Attorney General or the proper county attorney. It shall be the duty of each county attorney or the Attorney General to whom the director reports a violation to cause appropriate proceedings to be instituted, if appropriate, without delay.
Source
Laws 1984, LB 1039, § 4;
Laws 1986, LB 908, § 3;
Laws 1996, LB 948, § 120;
Laws 2017, LB140, § 127.
Cross References
Credit Union Act, see section 21-1701.
Nebraska Criminal Code, see section 28-101.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1,138 - Violation of final order; liability; penalty.

8-1,138.
Violation of final order; liability; penalty.
(1) Any person who violates any of the provisions of a final order issued by the director shall be liable to any person or entity who suffers damage proximately caused by such violation.
(2) Any person who knowingly violates any final order issued by the director pursuant to section 8-1,134 is guilty of a Class I misdemeanor.
Source
Laws 1984, LB 1039, § 5;
Laws 2017, LB140, § 128.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1,139 - Misapplication of funds or assets; penalty.

8-1,139.
Misapplication of funds or assets; penalty.
An officer, director, agent, or employee of a bank, trust company, building and loan association, savings and loan association, credit union, or other similar entity which is chartered, licensed, regulated, or examined by the department who willfully misapplies any of the money, funds, or credits of any such entity or any money, funds, assets, or securities entrusted to the care or custody of such entity or the custody or care of any such officer, director, agent, or employee is guilty of a Class IV felony.
Source
Laws 1984, LB 1039, § 6;
Laws 2003, LB 131, § 5;
Laws 2017, LB140, § 129.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1,140 - Federally chartered bank; bank organized under laws of Nebraska; rights, privileges, benefits, and immunities; exception.

8-1,140.
Federally chartered bank; bank organized under laws of Nebraska; rights, privileges, benefits, and immunities; exception.
Notwithstanding any of the other provisions of the Nebraska Banking Act or any other Nebraska statute, any bank incorporated under the laws of this state and organized under the provisions of the act, or under the laws of this state as they existed prior to May 9, 1933, shall directly, or indirectly through a department, a subsidiary, or subsidiaries, have all the rights, powers, privileges, benefits, and immunities which may be exercised as of January 1, 2023, by a federally chartered bank doing business in Nebraska, including the exercise of all powers and activities that are permitted for a financial subsidiary of a federally chartered bank. Such rights, powers, privileges, benefits, and immunities shall not relieve such bank from payment of state taxes assessed under any applicable laws of this state.
Source
Laws 1999, LB 396, § 5;
Laws 2000, LB 932, § 4;
Laws 2001, LB 53, § 2;
Laws 2002, LB 957, § 7;
Laws 2003, LB 217, § 9;
Laws 2004, LB 999, § 3;
Laws 2005, LB 533, § 11;
Laws 2006, LB 876, § 12;
Laws 2007, LB124, § 6;
Laws 2008, LB851, § 7;
Laws 2009, LB327, § 6;
Laws 2010, LB890, § 6;
Laws 2011, LB74, § 1;
Laws 2012, LB963, § 4;
Laws 2013, LB213, § 5;
Laws 2014, LB712, § 1;
Laws 2015, LB286, § 1;
Laws 2016, LB676, § 1;
Laws 2017, LB140, § 130;
Laws 2018, LB812, § 6;
Laws 2019, LB258, § 6;
Laws 2020, LB909, § 8;
Laws 2021, LB363, § 7;
Laws 2021, LB649, § 38;
Laws 2022, LB707, § 17;
Laws 2023, LB92, § 9.
Operative Date: June 7, 2023
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1,142 - Controllable electronic record custody; rules and regulations.

8-1,142.
Controllable electronic record custody; rules and regulations.
The director may adopt and promulgate rules and regulations to implement sections 8-1,141 to 8-1,143.
Source
Laws 2021, LB649, § 41.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1,143 - Controllable electronic records; courts; jurisdiction.

8-1,143.
Controllable electronic records; courts; jurisdiction.
The courts of Nebraska shall have jurisdiction to hear claims in both law and equity relating to controllable electronic records, including those arising under sections 8-1,141 to 8-1,143 and the Uniform Commercial Code.
Source
Laws 2021, LB649, § 42.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-202 - Articles of incorporation; filing.

8-202.
Articles of incorporation; filing.
The articles of incorporation shall be filed in the office of the Secretary of State, and a certified copy shall be filed and recorded in the office of the county clerk of the county in which the corporation has its principal office. Articles of incorporation and other records relating to the corporate existence of the trust company shall be maintained as a permanent record of the trust company.
Source
Laws 1911, c. 31, § 2, p. 188;
R.S.1913, p. 739;
Laws 1919, c. 190, tit. V, art. XVIII, § 2, p. 718;
C.S.1922, § 8064;
C.S.1929, § 8-202;
R.S.1943, § 8-202;
Laws 1993, LB 81, § 15.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-203 - General powers.

8-203.
General powers.
The trust company shall have power:
(1) To have a corporate name;
(2) To have a corporate seal;
(3) To sue and be sued and complain and defend in all courts of law and equity;
(4) To receive reasonable compensation for all services performed by it under the Nebraska Trust Company Act;
(5) To make bylaws not inconsistent with the act or its articles of incorporation for the management of its affairs; and
(6) To appoint or elect such officers and agents as the business of the corporation may require.
Source
Laws 1911, c. 31, § 2, p. 188;
R.S.1913, § 740;
Laws 1919, c. 190, tit. V, art. XVIII, § 4, p. 718;
C.S.1922, § 8065;
C.S.1929, § 8-203;
R.S.1943, § 8-203;
Laws 1993, LB 81, § 16;
Laws 1998, LB 1321, § 35.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-204 - Directors; qualifications; duties; vacancies.

8-204.
Directors; qualifications; duties; vacancies.
(1) The control of the business affairs of a trust company shall be vested in a board of directors of not less than five persons who shall be selected at such time and in such manner as may be provided by the articles of incorporation of the trust company and in conformity with the Nebraska Trust Company Act. Any vacancy on the board shall be filled within ninety days by appointment by the remaining directors, and any director so appointed shall serve until the next election of directors, except that if the vacancy leaves a minimum of five directors, appointment shall be optional. The person appointed to fill the vacancy shall not serve as a director until the trust company obtains approval from the Department of Banking and Finance in accordance with subsection (6) of this section.
(2) The board of directors shall select a president and secretary and shall appoint trust officers and committees as it deems necessary. No person shall act as president if such person is not a member of the board of directors. The officers and committee members shall hold their positions at the discretion of the board of directors.
(3) The board of directors shall hold at least one regular meeting in each calendar quarter and shall prepare and maintain complete and accurate minutes of the proceedings at such meetings.
(4) The board of directors shall make or cause to be made each year a thorough examination of the books, records, funds, and securities held for the trust company and customer accounts. The examination may be conducted by the members of the board of directors or the board may accept an annual audit by an accountant or accounting firm approved by the Department of Banking and Finance. Any such examination or audit must comply in scope with minimum standards established by the department.
(5) Unless the department otherwise approves, a majority of the members of the board of directors of any trust company shall be residents of this state. Reasonable efforts shall be made to acquire members of the board of directors from the county in which the trust company is located. Directors of trust companies shall be persons of good moral character and known integrity, business experience, and responsibility.
(6) No person shall act as such member of the board of directors of any trust company until the corporation applies for and obtains approval from the Department of Banking and Finance.
Source
Laws 1911, c. 31, § 4, p. 188;
R.S.1913, § 741;
Laws 1919, c. 190, tit. V, art. XVIII, § 4, p. 718;
C.S.1922, § 8065;
C.S.1929, § 8-203;
R.S.1943, § 8-204;
Laws 1993, LB 81, § 17;
Laws 2013, LB213, § 6;
Laws 2021, LB363, § 9.
Annotations
Control of business of a trust company is vested under this section in the board of directors. First Trust Company v. Airedale Ranch & Cattle Company, 136 Neb. 521, 286 N.W. 766 (1939).
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-205.01 - Fidelity bond; requirements; director; powers and duties.

8-205.01.
Fidelity bond; requirements; director; powers and duties.
Each trust company doing business under the Nebraska Trust Company Act shall obtain a fidelity bond, naming the trust company as obligee, in an amount to be fixed by the department. The bond shall be issued by an authorized insurer and shall be conditioned to protect and indemnify the trust company from loss of money or other personal property, including that for which the trust company is responsible, which it may sustain through or by reason of fraud, dishonesty, forgery, theft, embezzlement, wrongful abstraction, misapplication, misappropriation, or other dishonest or criminal act of or by any of its officers or employees. The bond may contain a deductible clause in an amount to be approved by the Director of Banking and Finance. An executed copy of the bond shall be filed with and approved by the director and shall remain a part of the records of the department. If the premium of the bond is not paid, the bond shall not be canceled or subject to cancellation unless at least ten days' advance notice, in writing, is filed with the department. No bond which is current with respect to premium payments shall be canceled or subject to cancellation unless at least forty-five days' advance notice, in writing, is filed with the department. The bond shall always be open to public inspection during the office hours of the department. In the event a bond is canceled, the department may take whatever action it deems appropriate in connection with the continued operation of the trust company involved.
Source
Laws 1990, LB 956, § 5;
Laws 1993, LB 81, § 19;
Laws 1998, LB 1321, § 37.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-207 - Appointment as fiduciary, authorized; oath.

8-207.
Appointment as fiduciary, authorized; oath.
Courts of this state may appoint a trust company receiver, assignee, trustee, guardian, conservator, personal representative, custodian, or special administrator. When a trust company is so appointed and an oath is required to be made, whether in order to qualify or for any other purpose, the president, vice president, secretary, or trust officer may, on behalf of the trust company, make and subscribe the required oath.
Source
Laws 1911, c. 31, § 7, p. 191;
R.S.1913, § 744;
Laws 1919, c. 190, tit. V, art. XVIII, § 7, p. 720;
C.S.1922, § 8069;
C.S.1929, § 8-207;
R.S.1943, § 8-207;
Laws 1947, c. 13, § 4, p. 78;
Laws 1986, LB 909, § 4;
Laws 1993, LB 81, § 21;
Laws 2017, LB140, § 132.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-208 - Conveyances; execution.

8-208.
Conveyances; execution.
All conveyance of or other instruments affecting real estate owned or held in trust by a trust company shall be authorized, prior to or within ninety days after the conveyance or execution of an instrument affecting real estate owned or held in trust, by a resolution of the board of directors or a committee appointed by the board of directors and signed in the name of the trust company by its president or vice president.
Source
Laws 1911, c. 31, § 8, p. 192;
R.S.1913, § 745;
Laws 1919, c. 190, tit. V, art. XVIII, § 8, p. 721;
C.S.1922, § 8070;
C.S.1929, § 8-208;
R.S.1943, § 8-208;
Laws 1993, LB 81, § 22;
Laws 2001, LB 53, § 3.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-210 - Securities; kinds authorized; pledge with Department of Banking and Finance.

8-210.
Securities; kinds authorized; pledge with Department of Banking and Finance.
Securities pledged pursuant to section 8-209 shall consist of any securities which constitute a legal investment for the trust company except for bills of exchange, notes, mortgages, banker's acceptances, or certificates of deposit. State, county, municipal, and corporate bond issues must be of investment quality and be rated in the three top categories of investment by at least one nationally recognized rating service, except that all issues of counties and municipalities of Nebraska shall be acceptable.
Such securities shall not be accepted for purpose of pledge at a rate above par value and if their market value is less than par value they shall not be accepted for such purpose above their actual market value. The safekeeping of such securities and all other expenses incidental to the pledging of such securities shall be at the expense of the trust company.
Source
Laws 1919, c. 190, tit. V, art. XVIII, § 10, p. 721;
C.S.1922, § 8072;
C.S.1929, § 8-210;
Laws 1933, c. 18, § 76, p. 175;
C.S.Supp.,1941, § 8-210;
R.S.1943, § 8-210;
Laws 1957, c. 13, § 1, p. 136;
Laws 1959, c. 263, § 2, p. 922;
Laws 1967, c. 23, § 1, p. 127;
Laws 1993, LB 81, § 24;
Laws 2009, LB327, § 8.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-211 - Pledge of securities with Department of Banking and Finance; certificate of compliance; effect on obligation to furnish bond as fiduciary.

8-211.
Pledge of securities with Department of Banking and Finance; certificate of compliance; effect on obligation to furnish bond as fiduciary.
The required pledges having been made, the Department of Banking and Finance shall issue a receipt and a certificate showing that the trust company has complied with the Nebraska Trust Company Act. Having thus qualified, the trust company may be permitted to act as assignee, receiver, trustee, either by appointment of court or under will, or depository of money in court without bond. Upon presentation of the certificate that the trust company has complied with the act and has made a pledge as provided in section 8-209, the court or other officer charged with the duty of making such appointment or of approving bonds may, in his or her discretion, make the appointment and permit the trust company to qualify without bond or require such bond as is required from natural persons.
Source
Laws 1919, c. 190, tit. V, art. XVIII, § 11, p. 721;
C.S.1922, § 8073;
C.S.1929, § 8-211;
Laws 1933, c. 18, § 77, p. 175;
C.S.Supp.,1941, § 8-211;
R.S.1943, § 8-211;
Laws 1993, LB 81, § 25;
Laws 1998, LB 1321, § 40.
Annotations
The fact that trust company has given general bond does not prevent county court from requiring another bond as testamentary trustee. In re Estate of Grainger, 151 Neb. 555, 38 N.W.2d 435 (1949).
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-212 - Pledged securities; primarily liable for trust or fiduciary obligations and losses.

8-212.
Pledged securities; primarily liable for trust or fiduciary obligations and losses.
Securities pledged as provided in section 8-209 shall be primarily liable for the obligations of the trust company, state or national bank, federal savings association, federally chartered trust company, out-of-state trust company authorized under the Interstate Trust Company Office Act or otherwise doing business in this state, or an out-of-state entity acting in a fiduciary capacity in this state, incurred while acting in any fiduciary capacity, for depository of money in court, and for losses arising from trust funds deposited with failed financial institutions in excess of deposit insurance limits and shall not be liable for any other debt or obligation of the financial institution or out-of-state entity until all such trust liabilities have been discharged.
Source
Laws 1919, c. 190, tit. V, art. XVIII, § 12, p. 722;
C.S.1922, § 8074;
C.S.1929, § 8-212;
Laws 1933, c. 20, § 1, p. 190;
Laws 1933, c. 18, § 78, p. 176;
Laws 1939, c. 3, § 2, p. 60;
C.S.Supp.,1941, § 8-212;
R.S.1943, § 8-212;
Laws 1993, LB 81, § 26;
Laws 1998, LB 1321, § 41;
Laws 2012, LB963, § 6.
Cross References
Interstate Trust Company Office Act, see section 8-2301.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-214 - Pledged securities; release upon surrender of fiduciary powers; conditions.

8-214.
Pledged securities; release upon surrender of fiduciary powers; conditions.
Any national bank, federal savings association, federally chartered trust company, or out-of-state trust company authorized under the Interstate Trust Company Office Act or otherwise doing business in this state, which has surrendered its right to exercise such fiduciary powers in this state may have its pledged securities released to it upon furnishing to the Department of Banking and Finance a certificate by its primary financial institution regulator that such financial institution is no longer authorized to exercise such powers and has been relieved, in accordance with the laws of this state, of all duties and obligations as assignee, receiver, or trustee, either by appointment of court or under will, and for depository of money in court. Any out-of-state entity acting in a fiduciary capacity in this state which has surrendered its right to exercise such fiduciary powers in this state may have its pledged securities released to it upon furnishing to the department such proof as the department may require to show that such out-of-state entity is no longer acting as a fiduciary in this state.
Source
Laws 1939, c. 3, § 2, p. 60;
C.S.Supp.,1941, § 8-212;
R.S.1943, § 8-214;
Laws 1993, LB 81, § 28;
Laws 1998, LB 1321, § 43;
Laws 2012, LB963, § 8.
Cross References
Interstate Trust Company Office Act, see section 8-2301.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-215 - Pledged securities; release upon liquidation; conditions.

8-215.
Pledged securities; release upon liquidation; conditions.
Any trust company, state or national bank or federal savings association with a trust department, federally chartered trust company, out-of-state trust company authorized under the Interstate Trust Company Office Act or otherwise doing business in this state, or out-of-state entity acting in a fiduciary capacity in this state, upon liquidating its business and affairs for reasons other than insolvency, may have its pledged securities released to it upon satisfying the Department of Banking and Finance that it has been lawfully relieved of all its duties and obligations as assignee, receiver, or trustee, either by appointment of court or under will, and for depository of money in court, after first having published notice three successive weeks in some legal newspaper published in the county or, if none is published in the county, in a legal newspaper of general circulation in the county in which the principal place of business of the trust company, trust department of a state or national bank or federal savings association, or federally chartered trust company is located that all claims against such securities, whether absolute or contingent, must be filed with the department by a day certain, not less than thirty days after the last publication of such notice. In the case of an out-of-state trust company authorized under the Interstate Trust Company Office Act or otherwise doing business in this state, or in the case of any out-of-state entity acting in a fiduciary capacity in this state, the notice shall be published in each county in Nebraska where the out-of-state trust company or out-of-state entity maintains an office, does business, or acts in a fiduciary capacity, or maintained an office, conducted business, or acted in a fiduciary capacity, within one year prior to the liquidation of its affairs.
Source
Laws 1939, c. 3, § 2, p. 61;
C.S.Supp.,1941, § 8-212;
R.S.1943, § 8-215;
Laws 1986, LB 960, § 3;
Laws 1993, LB 81, § 29;
Laws 1998, LB 1321, § 44;
Laws 2012, LB963, § 9.
Cross References
Interstate Trust Company Office Act, see section 8-2301.
Annotations
Department of Banking, as liquidating agent for trust company by proceedings hereunder, is not "adverse holder", and is required to obey summary order to turn over property to bankruptcy receiver. Gamble v. Daniel, 39 F.2d 447 (8th Cir. 1930), appeal dismissed 281 U.S. 705 (1930).
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-216 - Pledged securities; interest; company's right to collect.

8-216.
Pledged securities; interest; company's right to collect.
The trust company may collect and retain the interest of all securities pledged as provided in section 8-209.
Source
Laws 1919, c. 190, tit. V, art. XVIII, § 13, p. 722;
C.S.1922, § 8075;
C.S.1929, § 8-213;
Laws 1933, c. 18, § 79, p. 176;
C.S.Supp.,1941, § 8-213;
R.S.1943, § 8-216;
Laws 1993, LB 81, § 30.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-217 - Pledged securities; substitute; when required.

8-217.
Pledged securities; substitute; when required.
If the interest on any security pledged as provided in section 8-209 remains unpaid for thirty days after maturity, the trust company shall substitute other securities therefor.
Source
Laws 1919, c. 190, tit. V, art. XVIII, § 14, p. 722;
C.S.1922, § 8076;
C.S.1929, § 8-214;
Laws 1933, c. 18, § 80, p. 176;
C.S.Supp.,1941, § 8-214;
R.S.1943, § 8-217;
Laws 1993, LB 81, § 31.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-218 - Examination; powers and duties of Department of Banking and Finance.

8-218.
Examination; powers and duties of Department of Banking and Finance.
The Department of Banking and Finance or any duly appointed examiner authorized by it may make a full examination into all the books, papers, and affairs of any trust company doing business under the Nebraska Trust Company Act as often as deemed necessary. In so doing, the department shall have power to administer oaths and affirmations and to examine on oath or affirmation the officers, agents, and clerks of the trust company, touching the matter which they may be authorized to inquire into and examine, and to summon and by subpoena compel the attendance of any person or persons in this state to testify under oath in relation to the affairs of the trust company. In lieu of any examination authorized by the laws of this state, the Director of Banking and Finance may accept, in his or her discretion, a report of an examination made of a trust company by the Federal Deposit Insurance Corporation, the Federal Reserve Bank, or the Office of the Comptroller of the Currency or he or she may examine any such trust company jointly with any such federal agency.
Source
Laws 1911, c. 31, § 9, p. 193;
R.S.1913, § 747;
Laws 1919, c. 190, tit. V, art. XVIII, § 15, p. 722;
C.S.1922, § 8077;
Laws 1927, c. 35, § 3, p. 162;
Laws 1929, c. 38, § 6, p. 158;
C.S.1929, § 8-215;
Laws 1933, c. 18, § 81, p. 176;
C.S.Supp.,1941, § 8-215;
R.S.1943, § 8-218;
Laws 1993, LB 81, § 32;
Laws 1998, LB 1321, § 45;
Laws 2019, LB258, § 8.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-218.01 - Inactive company; charter revoked; when; release of assets.

8-218.01.
Inactive company; charter revoked; when; release of assets.
Any trust company which fails to exercise trust powers for three years or which voluntarily surrenders duties associated with fiduciary accounts so that no activity is reported for a period of three years, as determined by the consecutive annual reports submitted to the Department of Banking and Finance, shall be deemed inactive. Trust charters determined to be inactive as described in this section shall be revoked and the pledged assets released in accordance with section 8-215.
Source
Laws 1993, LB 81, § 33.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-219 - Liquidation; reorganization; adjudication of insolvency; grounds; powers and duties of Department of Banking and Finance.

8-219.
Liquidation; reorganization; adjudication of insolvency; grounds; powers and duties of Department of Banking and Finance.
Whenever (1) it appears to the Department of Banking and Finance from any examination or report provided for by the Nebraska Trust Company Act that the capital stock of any trust company transacting business under the act is impaired, or that the trust company is conducting its business in an unsafe or unauthorized manner, or that the trust company is endangering the interest of the beneficiaries for whom it holds property in trust, (2) the officers or employees of the trust company refuse to submit its books, papers, and affairs to the inspection of any examiner, (3) any officer thereof refuses to be examined upon oath touching the affairs of the trust company, or (4) from any examination or report provided for by law, the department has reason to conclude that the trust company is in an unsafe or unsound condition to transact the business for which it is organized or that it is unsafe and inexpedient for it to continue its business, the department shall take charge of the trust company and proceed to reorganize or to liquidate the trust company in the manner provided for the liquidation of insolvent banks. If the trust company neglects or refuses to observe any lawful order of the department, then the department may cause a suit to be brought in the name of the State of Nebraska upon the relation of the Department of Banking and Finance against the trust company in the district court of the county in which the trust company is chartered for the purpose of having the trust company adjudged insolvent and its business wound up.
Source
Laws 1927, c. 35, § 3, p. 163;
Laws 1929, c. 38, § 6, p. 159;
C.S.1929, § 8-215;
Laws 1933, c. 18, § 81, p. 177;
C.S.Supp.,1941, § 8-215;
R.S.1943, § 8-219;
Laws 1993, LB 81, § 34;
Laws 1998, LB 1321, § 46.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-220 - Liquidation; adjudication of insolvency; procedure; powers of district court; liens dissolved.

8-220.
Liquidation; adjudication of insolvency; procedure; powers of district court; liens dissolved.
The suit referred to in section 8-219 shall be conducted as a civil action under the laws of Nebraska. If in the suit the court finds that the trust company is insolvent, it shall enter a judgment of insolvency and order that the business of the trust company shall be wound up. The court or any judge thereof may, after notice to the trust company, enjoin the trust company from continuing to transact business pending the hearing and entry of a judgment in the case. If the court finds and adjudges that the trust company is insolvent, the Department of Banking and Finance shall thereupon become the liquidating agent to wind up the business of the trust company, and the department shall be vested with the title to all of the assets and the property of the trust company wherever such property may be situated and whatever the kind and character of the assets and property may be, as of the date of the filing of the petition in court. Any attachment lien against the property of the trust company, acquired within sixty days next preceding the filing of the suit, shall be thereby released and dissolved.
Source
Laws 1927, c. 35, § 3, p. 163;
Laws 1929, c. 38, § 6, p. 159;
C.S.1929, § 8-215;
Laws 1933, c. 18, § 81, p. 177;
C.S.Supp.,1941, § 8-215;
R.S.1943, § 8-220;
Laws 1993, LB 81, § 35.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-221 - Liquidation; insolvency; injunction to prevent transaction of business.

8-221.
Liquidation; insolvency; injunction to prevent transaction of business.
If the judge of the district court of the county where the suit is filed is absent therefrom, any judge of the Court of Appeals or Supreme Court may grant the injunction as provided in section 8-220 with the same force and effect as if it had been granted by the district judge. All the proceedings for the conduct of the suit and an entry of judgment shall be conducted in the district court of the county where the trust company was chartered. If the trust company is adjudged insolvent, its affairs shall be wound up by the Department of Banking and Finance under and subject to the order of the district court in the manner provided in the case of insolvent banks.
Source
Laws 1927, c. 35, § 3, p. 164;
Laws 1929, c. 38, § 6, p. 160;
C.S.1929, § 8-215;
Laws 1933, c. 18, § 81, p. 178;
C.S.Supp.,1941, § 8-215;
R.S.1943, § 8-221;
Laws 1991, LB 732, § 14;
Laws 1993, LB 81, § 36.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-222 - Maximum liability.

8-222.
Maximum liability.
The maximum liability which may be incurred by any trust company organized under the Nebraska Trust Company Act, exclusive of money or properties held in trust and exclusive of money borrowed for investment and actually invested in real estate mortgages and other securities in which trust companies are authorized to invest under the act, shall not exceed one hundred percent of the paid-up capital stock.
Source
Laws 1911, c. 31, § 10, p. 194;
R.S.1913, § 748;
Laws 1919, c. 190, tit. V, art. XVIII, § 16, p. 723;
C.S.1922, § 8078;
Laws 1923, c. 32, § 1, p. 142;
C.S.1929, § 8-217;
R.S.1943, § 8-222;
Laws 1993, LB 81, § 37;
Laws 1998, LB 1321, § 47.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-223 - Statements required; when; annual report, defined; penalty.

8-223.
Statements required; when; annual report, defined; penalty.
(1) The trust company shall file with the Department of Banking and Finance during the months of January and July of each year a statement under oath of the condition of the trust company on the last business day of the preceding December and June in the manner and form required by the department. For purposes of the Nebraska Trust Company Act, the trust company's annual report shall be deemed to be the report filed with the Department of Banking and Finance during the month of January.
(2) Any trust company that fails, neglects, or refuses to make or furnish any report or any published statement required by the Nebraska Trust Company Act shall pay to the department fifty dollars for each day such failure continues, unless the department extends the time for filing such report.
(3) The filing requirements of this section shall not apply to the trust department of a bank if the report of condition of the trust department is included in the reports of the bank required by the Nebraska Banking Act.
Source
Laws 1911, c. 31, § 11, p. 194;
R.S.1913, § 749;
Laws 1919, c. 190, tit. V, art. XVIII, § 17, p. 723;
C.S.1922, § 8079;
C.S.1929, § 8-218;
Laws 1933, c. 18, § 82, p. 178;
C.S.Supp.,1941, § 8-218;
R.S.1943, § 8-223;
Laws 1993, LB 81, § 38;
Laws 1998, LB 1321, § 48;
Laws 2000, LB 932, § 6;
Laws 2008, LB851, § 8.
Cross References
Nebraska Banking Act, see section 8-101.02.