Family trust companies; authorized actions and transactions; conflicts of interest.
Wyo. Stat. Ann. § 13-5-602
in effect(a) In addition to the actions authorized by W.S. 13-5-601 and notwithstanding the other provisions of this chapter, while acting as a fiduciary a family trust company may:
(i) Invest in a security of an investment company or investment trust for which the family trust company, or a family affiliate, provides services in a capacity other than as a fiduciary;
(ii) Place a security transaction using a broker that is a family affiliate;
(iii) Invest in an investment contract that is purchased from an insurance company or carrier owned by or affiliated with the family trust company or a family affiliate;
(iv) Enter into an agreement with a beneficiary or settlor of a trust with respect to the appointment or compensation of the family trust company or a family affiliate;
(v) Transact business with another trust, estate, guardianship or conservatorship for which the family trust company is a fiduciary or in which a beneficiary of a trust for which the family trust company is a fiduciary has an interest;
(vi) Make an equity investment in a closely held entity that may or may not be marketable and that is owned or controlled, either directly or indirectly, by one (1) or more family members or family affiliates;
(vii) Deposit money in a financial institution that is owned or operated by a family affiliate;
(viii) Delegate the authority to conduct any transaction or action pursuant to this section to an agent of the family trust company or a family affiliate;
(ix) Purchase, sell, hold or invest in any security, bond, real or personal property, stock or other asset of a family affiliate;
(x) Loan money to or borrow money from:
(A) A beneficiary or settlor of a trust for which the family trust company is acting as fiduciary;
(B) Another trust for which the family trust company is acting as fiduciary; or
(C) A family affiliate.
(xi) Act as proxy in voting any shares of stock which are assets of a trust for which the family trust company is acting as fiduciary;
(xii) Exercise any powers of control with respect to any interest in an entity that is an asset of a trust for which the family trust company is acting as fiduciary, including, without limitation, the appointment of officers or directors of entities who are family affiliates; and
(xiii) Receive reasonable compensation for its services or the services of a family affiliate.
(b) A family trust company shall consider the following when undertaking a transaction or action authorized pursuant to subsection (a) of this section:
(i) The interests of the beneficiaries of the trust for which the family trust company is acting as fiduciary if applicable; and
(ii) Whether the transaction or action complies with the terms of the governing documents of the family trust company establishing the fiduciary relationship, any applicable judgments, judicial decrees or court orders and any applicable consent agreements or releases.
(iii) Repealed by Laws 2019, Ch. 13, § 5.
(c) Except as otherwise provided in subsection (b) of this section, nothing in this section prohibits a family trust company from transacting business with or investing in any asset of:
(i) A trust, estate, guardianship or conservatorship for which the family trust company is a fiduciary;
(ii) A family affiliate; or
(iii) Any other company, agent, entity or person for which a conflict of interest may exist.
(d) If a potential conflict of interest exists as to a particular transaction between the family trust company, in its capacity as a fiduciary and the family trust company in its individual capacity, the transaction or action is not voidable if it:
(i) Complies with the provisions of this section; or
(ii) Occurred before the family trust company entered into the fiduciary relationship.
(e) A transaction by or action of a family trust company authorized by this section is not voidable if:
(i) The transaction or action was authorized by the terms of the governing documents of the family trust company;
(ii) The transaction or action was approved by a court or was taken pursuant to a judicial decree or court order;
(iii) No interested person commenced a legal action relating to the transaction or action pursuant to subsection (f) of this section;
(iv) The transaction or action was authorized by a valid consent agreement or release signed by all interested persons to the transaction or action; or
(v) The transaction or action occurred before the family trust company entered into the fiduciary relationship.
(f) A legal action by an interested person alleging that a transaction or action by a family trust company is voidable because of the existence of a conflict of interest must be commenced within one (1) year of the date on which the interested person discovered, or by the exercise of reasonable diligence should have discovered, the facts in support of his or her claim.
(g) Notwithstanding any other provisions of this chapter, a family trust company is not required to obtain court approval for any transaction that otherwise complies with the provisions of this section.
Source: WY Statutes (Official Site)URL: https://wyoleg.gov/statutes/compress/title13.pdfFetched: 10/4/2026