§ 1604 Trust Property Reporting Requirements

This rule tells trust companies that when they send reports to the commissioner, they must list separately how much land or buildings (real property) and how much stuff like cars or equipment (personal property) they hold in both court‑ordered trusts and private trusts.

Key Takeaways

•Trust companies must break out the value of real property (land, buildings) from personal property (cars, equipment, art).
•They have to do this for both court‑ordered trusts and private trusts.
•The separate numbers are part of the regular report the commissioner receives.

Example

A trust company manages a family trust that includes a house worth $500,000 and a collection of artwork worth $200,000. The company also runs a court‑appointed trust that holds a rental apartment worth $300,000 and a delivery truck worth $50,000.

When the company files its regular report, it must write down the house amount and the artwork amount in one line, and the apartment amount and the truck amount in another line, instead of just giving one total number for all property.

In making the reports to the commissioner required by this division, every trust company shall report, in addition to the other facts called for, separately, the amount of real property and the amount of personal property held by such trust company in both its court trusts and in its private trusts. (Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)

Key Takeaways

•Trust companies must break out the value of real property (land, buildings) from personal property (cars, equipment, art).
•They have to do this for both court‑ordered trusts and private trusts.
•The separate numbers are part of the regular report the commissioner receives.

Key Takeaways

Example

Key Terms

References

§ 1604 Trust Property Reporting Requirements

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References