Statutory trusts are creatures of state law. I suggest you consult bank counsel. Once you see an example of a statutory trust document under state law you'll readily be able to distinguish it from "regular" family trusts.
Beneficial Ownership-Statutory Trusts
When addressing Beneficial Ownership-Statutory Trusts, what is the best way to discern a trust that is a "statutory trust created by a filing with a Secretary of State or similar office"? We have questions regarding how to tell the difference between a regular family trust and a business trust.
First published on 06/30/2019