6.1-32.12 - (Repealed effective October 1, 2010) Exemptions.
§ 6.1-32.12. (Repealed effective October 1, 2010) Exemptions.
For the purposes of this article, a person or legal entity does not engage inthe trust business by:
1. Rendering services as an attorney at law in the performance of duties as afiduciary;
2. Rendering services as a certified or registered public accountant in theperformance of duties as such;
3. Acting as trustee under a deed of trust made only as security for thepayment of money or for the performance of another act;
4. Acting as a trustee in bankruptcy or as a receiver;
5. Holding trusts of real estate for the primary purpose of subdivision,development or sale, or to facilitate any business transaction with respectto such real estate;
6. Engaging in the business of an escrow agent;
7. Holding assets as trustee of a trust created for charitable purposes. Thissubdivision 7 shall apply only if:
(a) the trustee is an entity exempt from federal income tax under § 501 (c)(3) of the Internal Revenue Code; and
(b) the trust is (i) exempt from federal income taxes under § 501 (c) (3) ofthe Internal Revenue Code; (ii) a charitable remainder trust described in §664 of the Internal Revenue Code; (iii) a pooled income fund described in §642 (c) (5) of the Internal Revenue Code; or (iv) a trust the charitableinterest in which is either a guaranteed annuity or a fixed percentagedistributed yearly of the fair market value of the trust property, describedin § 2055 (e) (2) (B) or § 2522 (c) (2) (B) of the Internal Revenue Code;
8. Receiving rents and proceeds of sale as a licensed real estate broker onbehalf of the principal; or
9. Engaging in securities transactions as a broker-dealer or salesman.
(1993, c. 432; 2001, c. 717.)