2015 Nebraska Revised Statutes
Chapter 8 - BANKS AND BANKING
8-226 Trust terms; use restricted; penalty.

8-226. Trust terms; use restricted; penalty.

(1) No individual, firm, corporation, or association doing business directly or indirectly in the State of Nebraska shall use the words trust, trust company, trust association, or trust fund as any part of its title except:

(a) A trust company as defined in section 8-230;

(b) A trust company chartered and supervised under the laws of the United States or any other state;

(c) A bank or savings association chartered and supervised under the laws of the United States or any other state, if such bank or savings association has been further chartered to conduct a trust company business;

(d) A limited partnership to the extent authorized by subdivision (5) of section 67-234;

(e) An entity required by any other law to use such words; or

(f) Except as provided in subsection (2) of this section.

(2) Notwithstanding the provisions of subsection (1) of this section:

(a) An organization described in section 501(c)(3) of the Internal Revenue Code and exempt from taxation under section 501(a) of the code may use the words trust or trust fund;

(b) A trust created by a testamentary or fiduciary document may use the word trust; and

(c) An account in a financial institution established by or on behalf of trusts referenced in subdivision (b) of this subsection may use the words trust or trust fund.

(3) A violation of this section is a Class V misdemeanor.

Source

• Laws 1911, c. 31, § 13, p. 195;
• R.S.1913, § 752;
• Laws 1919, c. 190, tit. V, art. XVIII, § 20, p. 723;
• C.S.1922, § 8082;
• C.S.1929, § 8-221;
• R.S.1943, § 8-226;
• Laws 1977, LB 40, § 55;
• Laws 1993, LB 81, § 42;
• Laws 1996, LB 1268, § 1;
• Laws 1997, LB 44, § 1.