Resources
Experience

Helping Non-Depository Trust Companies Do Business in Other States

Verrill has helped to form more non-depository trust companies in Maine than any other law firm. We have also helped our trust clients when they look to expand their business into other states.

In 2010, Verrill worked with one of its trust company clients to obtain approval to do business in Massachusetts. To obtain that state’s approval, we needed to demonstrate that Maine law offered reciprocity to Massachusetts trust companies seeking to do business in Maine. Verrill moved forward to analyze the laws, and upon finding sufficient reciprocity, sought and obtained a letter of support from the Maine Bureau of Financial Institutions. Armed with this letter, the Maine trust was able to obtain approval to do business in Massachusetts.

In 2011, we helped another trust company client obtain approval to do business in New Hampshire. Like Massachusetts, New Hampshire has a reciprocity statute requiring a showing that the home state of the trust company allowed New Hampshire trusts to do business on the same terms as New Hampshire would allow trusts from the home state. We analyzed Maine law through this lens, and determined that Maine law did have reciprocity with New Hampshire law. Several short weeks later, we obtained a letter of support from the Maine Bureau, and received final approval from the State of New Hampshire.

As our clients look to grow and expand, we are pleased to be able to help them meet their goals.

Firm Highlights

Publication/Podcast

Is a Benefit Corporation Right for You?

Publication/Podcast

Developing Opportunities: The Ins and Outs of New Opportunity Zones and their Tax Benefits

8,700 areas were certified by the Treasury to participate in the Qualified Opportunity Zone program adopted under the Tax Cuts and Jobs Act of 2017. Businesses, investors, construction companies, and developers alike might be...

Matter

Heating Oil and HVAC Systems Acquisitions

News

61 Verrill Attorneys Honored as Best Lawyers, 12 as Lawyers of the Year

(September 3, 2019) – More than 60 Verrill attorneys were once again recognized as "Best Lawyers" by Best Lawyers® 2020 . In addition, 12 attorneys from the firm were named "Lawyer of the Year,"...

Matter

Establishment of Non-Depository Trust for National Company

Verrill served as special counsel to a national firm in the chartering and licensing of a Maine non-depository trust company as the client’s wholly-owned subsidiary. Non-depository trust companies are highly regulated, and the matter...

Matter

Online Education Services Provider Acquisition

Matter

Allagash becomes Maine’s First Benefit Corporation

Publication/Podcast

Seeking Foreign Investments? New Law Says You May Have to Wait

Unbeknownst to many, a wrench has been thrown into the funding plans of many U.S. startups and other growing U.S. companies by virtue of President Trump's enactment of the Foreign Investment Risk Review Modernization...

Publication/Podcast

Will Your Startup Require Significant Outside Capital? Consider C Corp!

On February 21, Maine Venture Fund published an article authored by business and corporate attorney Gregory Fryer, "Will Your Startup Require Significant Outside Capital? Consider C Corp!" Greg touches on the reason for choosing...

Matter

Solar Energy: Acquisition of Grid-Scale Project in Brunswick, Maine

Verrill represented Diversified Communications in the acquisition of a newly built $2.5 million solar array in Brunswick, Maine. The array, which was developed by ReVision Energy and went online in January 2018, will provide...