A trust company as defined in Section 107 of the Financial Code which is qualified to do business in California is a trustee acceptable to the Commissioner to hold title to a subdivision under Section 11013.2(b) and other applicable provisions of the Subdivided Lands Law. In exceptional circumstances the Commissioner may approve a trustee other than a trust company as defined in Section 107 of the Financial Code.

Note: Authority cited: Section 11001, Business and Professions Code. Reference: Section 11013.2, Business and Professions Code.

History

1. New section filed 12-3-80; effective thirtieth day thereafter (Register 80, No. 49).