Certificate required; compliance with state and federal law;

separation of trust fund and investments. A. No person, legal entity or corporation shall engage in the trust business without first obtaining a certificate from the director; provided, however, that a bank having its principal office in this state or an out-of-state bank not having an established office in this state otherwise authorized under state or federal laws to engage in the trust business or a savings and loan association having its principal office in this state acting as trustee or custodian pursuant to Section 58-10-35 NMSA 1978 may engage in trust business to the extent permitted in that section without obtaining a certificate under the Trust Company Act. B. A trust company shall conduct such business in compliance with all state and federal laws, and all rules promulgated pursuant to those laws, including the Trust Company Act, the Uniform Probate Code [Chapter 45 NMSA 1978], the Uniform Prudent Investor Act [45-7-601 to 45-7-612 NMSA 1978] and the Uniform Trust Code [Chapter 46A NMSA 1978]. C. A trust company shall keep all trust funds and investments separate and apart from the assets of the trust company, and all investments made by the trust company as a fiduciary shall be designated so that the trust or estate to which such investment belongs is clearly identified.