§31A-4-14a. Transfer of fiduciary accounts or relationships
between affiliated subsidiary banks of a bank
holding company or affiliated nonbanking entities
or entities jointly owned by federally insured
depository institutions.
(a) Notwithstanding any other provision of this code and
unless the will, deed or other instrument creating a trust or
fiduciary account or relationship specifically provides otherwise,
any affiliated banking institution, nonbanking subsidiary of a
bank, nonbanking subsidiary of a bank holding company, or entity
jointly owned by federally insured depository institutions which is
empowered with and authorized to exercise trust powers within this
state, or otherwise performs fiduciary services for a fee, may,
without any order or other action on the part of any court or
otherwise, transfer to any other affiliate banking institution or
nonbanking subsidiary of a bank or affiliate or entity jointly
owned by federally insured depository institutions exercising or
authorized to exercise trust powers within this state pursuant to
the provisions of section fourteen of this article any or all
rights, franchises and interests in its fiduciary accounts or
relationships, including, but not limited to, any or all
appointments, designations and nominations and any other rights,
franchises and interests, as trustee, executor, administrator,
guardian, committee, escrow agent, transfer and paying agent of
stocks and bonds and every other fiduciary capacity; and the transferee or receiving affiliate or jointly owned entity shall
hold and enjoy all rights of property, franchises and interests in
the same manner and to the same extent as such rights, franchises
and interests were held or enjoyed by the transferor affiliate.
As to transfers to an affiliate or jointly owned entity pursuant to
this section, the receiving affiliate or jointly owned entity shall
take, receive, accept, hold, administer and discharge any grants,
gifts, bequests, devises, conveyances, trusts, powers and
appointments made by deed, deed of trust, will, agreement, order of
court or otherwise to, in favor of, or in the name of, the
transferor affiliate or jointly owned entity, whether made,
executed or entered before or after such transfer and whether to
vest or become effective before or after such transfer, as fully
and to the same effect as if the receiving affiliate or jointly
owned entity had been named in such deed, deed of trust, will,
agreement, order or other instrument instead of such transferor
affiliate or jointly owned entity. All acts taken or performed in
its own name or in the name of or on behalf of the transferor
affiliate or jointly owned entity by any receiving affiliate or
jointly owned entity as trustee, agent, executor, administrator,
guardian, depository, registrar, transfer agent or other fiduciary
with respect to fiduciary accounts or relationships transferred
pursuant to this section are as good, valid and effective as if
made by the transferor entity.
(b) For purposes of this section, the term "affiliate" means: (1) Any two or more subsidiaries (as the term "subsidiary" is
defined in section one, article eight-a of this chapter) which are
"banks" or "banking institutions" (as those terms are defined in
section two, article one of this chapter) or nonbanking
institutions providing trust services pursuant to subsection (d),
section fourteen of this article and which have a common bank
holding company; (2) any "bank" or "banking institution" (as those
terms are defined in section two, article one of this chapter) and
its nonbanking subsidiary providing trust services pursuant to the
provisions of subsection (d), section fourteen of this article; or
(3) any entity created to offer trust services that is jointly
owned by federally insured depository institutions authorized to do
banking business in this state. For purposes of this section, the
term "bank holding company" shall have the meaning set forth in
section one, article eight-a of this chapter.
(c) At least thirty days before any transfer authorized by
this section, the transferor shall send a statement of intent to
transfer together with the name and address of the transferee or
receiving entity by regular United States mail to the most recent
known address of all persons who appear in the records of the
transferor as having a vested present interest in the trust,
fiduciary account or relationship to be transferred.
(d) This section shall be applicable to both domestic and
foreign bank holding company affiliates.