US Lawyer Database

§ 81-27-8.123. Trust terminated on insolvency of state trust company

Whenever any state trust company created under the laws of this state, which has heretofore been, or shall hereafter be, appointed trustee in any indenture, deed of trust or other instrument of like character, executed to secure the payment of any bonds, notes or other evidences of indebtedness, has been or shall be by reason […]

§ 81-27-8.124. Petition for new trustee

In all cases of insolvency and liquidation provided in this article, the chancery clerk of any county in which such indenture, deed of trust or other instrument of like character is recorded, shall, upon the verified petition of any person interested in any such trust, either as trustee, beneficiary or otherwise, which interest shall be […]

§ 81-27-8.125. Publication and notice

Such notice shall be published in the manner required by law for service of summons by publication, and shall set forth the names of the parties to the indenture deed of trust, or other such instrument, the date thereof, and the place or places where the same is recorded.

§ 81-27-8.126. Appointment where no objection made

If, upon the day fixed in the notice, no person appears and objects to the appointment of a substitute trustee, the clerk shall, upon such terms the clerk deems advisable and in the best interest of all parties, appoint some competent person, or corporation authorized to act as, substitute trustee. The substitute trustee shall be […]

§ 81-27-8.127. Hearing upon objection

If objections are made to the appointment of a new trustee, the clerk shall hear and determine the matter, and from the clerk’s decision an appeal may be prosecuted as in the case of special proceedings generally.

§ 81-27-8.128. Registration of final order

The final order of appointment of a new trustee shall be certified by the clerk in an order which shall be recorded in the office of the register of deeds in the county or counties in which the instrument under which the appointment has been made was recorded, and a notation of the same shall […]

§ 81-27-8.131. Report to the Secretary of State

The commissioner shall on or before the first day of each year thereafter file with the Secretary of State a report showing all state trust companies under liquidation in this state, and the names of any and all auditors together with the amounts paid to them for auditing each of the state trust companies, and […]