TeachMeFinance.com - explain Loan and trust company
Loan and trust company -- An incorporated banking institution
empowered by its charter to accept and execute trusts as
provided by law; to receive deposits of money and other personal
property and issue obligations therefor and to lend
money on real and personal securities. Such an institution is
not permitted to issue bills to circulate as money. It cannot
lend money at more than the legal rate on time and is not
obliged to keep a lawful money reserve.
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