FOREIGN FIDUCIARY TRUST COMPANY

The Montana Division of Banking and Financial Institutions (Division) has approved the following foreign fiduciary trust company (FFTCO) to do business in Montana since 2020.  Registration status with the Montana Secretary of State can be verified through their website at https://biz.sosmt.gov/search/business.

Name	Address	City	State	Zip Code	Approval Date
First Trust Company, LLC*	909 St. Joseph Street, Suite 200	Rapid City	SD	57701	12/29/22

*Non-Depository Trust Company

A "Foreign trust company" includes each banking and trust association or corporation organized under the laws of any state other than Montana that has the power to act as trustee, guardian, or conservator and each national banking association that maintains its principal office in any state other than Montana that has been granted permission by the comptroller of the currency to act in a fiduciary capacity under the provisions of 12 U.S.C. 92a, as amended (32-1-1001(1), MCA).

Requirements

• Send a letter to the Division requesting approval to become a foreign fiduciary trust company (FFTCO) in Montana. The letter should identify the name of the trust company, it's domicile state, and provide detailed information of what they intend to do in Montana.
• Provide a letter of reciprocity from the trust company's domicile state.
• Provide a certificate of good standing from the trust company's domicile state.

Fee: None.

Expiration: The Division's approval is continuous until such a time as the institution stops acting as a foreign fiduciary trust.

Restricted Trade Name Exception: An FFTCO acting pursuant to this part is not a foreign corporation regulated by 32-1-402, MCA. Therefore, the use of the words “Trust Company”, for example, do not require a waiver from the Division to register as a foreign fiduciary trust company with the Montana Secretary of State.

Designation for Service of Process: The FFTCO must appoint the Montana Secretary of State as its attorney for the service of all legal process in any action or proceedings involving any acts or defaults by it as trustee, guardian, or conservator. This is done through the registration process (see below).

Registration with the Montana Secretary of State: Once approved by the Division, the FFTCO must register with the Montana Secretary of State's office. To do so, go to their website at www.sosmt.gov and login or create an ePass Montana account. After you are logged in, click on the Online Services link in the black toolbar. Then click on Trusts and Form a Foreign Fiduciary Trust.

Step 1:

• Select a handling option for processing. The fees listed below are as of 10/02/19.
  • Standard processing is $70.00
  • 24-hour priority handling is $90.00
  • 1 hour expedited handling is $170.00
• Enter proposed name of business entity and click Validate Name button to ensure it is available.
• Enter the purpose of the entity.

Step 2:

• Click the 1^st blue Upload button under Letter of Appointment and upload the Division's approval letter.
• Click the 2^nd blue Upload button under Supporting Documents. Upload a letter, no specific form available, appointing the Montana Secretary of State as its attorney for the service of all legal process in any action or proceedings involving any acts or defaults by it as trustee, guardian, or conservator.

Step 3:

• Accept the authentication statement and false swearing statement by checking the two boxes.
• Click the blue Add button and enter applicant name, position, and date.
• Enter phone number.
• Enter email address.

Step 4:

• Review the entries made in steps 1 through 3 and if correct, click the Submit button.

Contact the Secretary of State at 406-444-2034 or sosbusiness@mt.gov for assistance.

Non-Depository Foreign Trust Companies

On November 10, 2022, the Montana First Judicial District Court issued an Opinion and Order on Motion for Summary Judgment that allows a non-depository trust company to do business in Montana.  The Division does not regulate non-depository trust companies.  Any consumer complaints should be filed with the trust company's home state.

Laws and Rules

ARM 2.59.136 - Foreign fiduciary trust company
32-1-1001, MCA - Definition of foreign trust company
32-1-1002, MCA - Appointment of foreign trust companies
32-1-1003, MCA - Designation of attorney for service of process
32-1-1004, MCA - Service of process
32-1-1005, MCA - Bond
32-1-1006, MCA - Rights and duties
32-1-1007, MCA - Solicitation of business