§38-1A-2. Nonresident of state not to be named trustee;
corporations eligible to be trustees.
No person not a resident of this state may be named or act,
in person or by agent or attorney, as the trustee of a security
trust, either individually or as one of several trustees, the
other or others of which are residents of this state. No
corporation may be named or act as the trustee or as one of the
trustees of a security trust unless it is chartered under the
laws of this state or of the United States of America, and unless
its principal office is within this state.