RSA 383-D:7-704 · Effects of Transacting Business with the General Public

383-D:7-704 Effects of Transacting Business with the General Public. –

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(a)

Any action by a family trust company in its capacity as a trustee or other fiduciary shall not be void or voidable solely by reason of the entity transacting business with the general public.

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(b)

To the extent that a family trust company transacts business with the general public, each of its directors and executive officers shall be personally, jointly, and severally liable for all liabilities created by transacting business with the general public, including any breach of a fiduciary duty to a member of the general public.

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(c)

The directors' and officers' liability under subsection (b) is in addition to any civil or criminal penalties imposed by this title or other applicable law.

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(d)

This section shall not limit the commissioner's enforcement powers under this title or any other applicable law, including the power to order restitution for a violation of this title and other applicable laws and each of the other powers under RSA 383:10-d. Source. 2017, 257:43, eff. July 18, 2017. ARTICLE 8 Directors and Officers

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