III.

Functions

Modern trust companies perform many regular banking functions, and large banks usually have their own trust departments or affiliated trust companies. Among the specific functions of a trust company are the following: to receive deposits of trust moneys, securities, and other personal property from any person or corporation and to lend money on real or personal securities; to lease, hold, purchase, and convey any real property necessary in the transaction of its business; to act as trustee under any mortgage bond issued by a municipality or corporation; to act under the order of a court of record as guardian, receiver, or trustee of the estate of a minor; to take charge of and manage commercial or personal property, as directed by a court, an individual, or a corporation (including the collection of rent, interest, or dividends due on the property); to purchase, invest in, and sell stocks, bills of exchange, bonds and mortgages, and other securities; and to accept, according to the terms of a last will and testament, the appointment as executor or trustee of the estate of any deceased person.