Section 5-11A-30 Transfer between related institutions. Absent written objection from the Superintendent of the State Banking Department, a bank, trust company or trust department (hereinafter to be known as the “transferor”) may transfer one or more fiduciary accounts administered by such bank, trust company or trust department to another bank, trust company or trust department […]
Section 5-11A-31 Approval of superintendent. Approval of the superintendent shall be deemed granted in the absence of written objection from the superintendent within 10 days after receipt by the superintendent of written notice from the transferor bank of the proposed transfer. (Acts 1989, No. 89-539, p. 1127, §2.)
Section 5-11A-32 Notice of transfer. (a) Within 30 days after the date of the transfer of the fiduciary accounts, the transferor shall send written notice by first class mail to the last known address (as then set forth on the records of the transferor, or if not set forth, as may be determined by the […]
Section 5-11A-33 Objection to transfer; hearing on objection; appointment of related institution as agent. (a) Any person given notice pursuant to Section 5-11A-32 may file a written objection to the fiduciary transfer with the Superintendent of the State Banking Department, stating grounds for objection, within 30 days of receipt of notice of the transfer by […]
Section 5-11A-34 Filing of affidavit in office of judge of probate; filing of notice of abandonment. (a) Within a reasonable time after the date of a transfer of the fiduciary accounts in accordance with the procedures set forth in Sections 5-11A-32 and 5-11A-33, the transferor shall file an affidavit in the office of the judge […]
Section 5-11A-35 Substitution of transferee bank, trust company or trust department as fiduciary; effect. If a bank, trust company or trust department completes a fiduciary transfer, the bank, trust company or trust department to which such fiduciary accounts have been transferred shall be automatically substituted as the fiduciary of all the accounts so transferred without […]
Section 5-11A-36 “Related” defined. A transferor bank, trust company or trust department is “related” to a transferee bank, trust company or trust department if: (1) Such transferee controls the transferor; (2) Such transferor controls the transferee; (3) The same entity controls, directly or indirectly, the transferor and the transferee; (4) A majority of the directors […]
Section 5-11A-37 Appointment of agent. Regardless of objection to any fiduciary transfer as provided in Section 5-11A-33 and the outcome thereof, and notwithstanding any procedure under this article, any bank may appoint a related bank, trust company or trust department as its agent for the performance of all acts, obligations and responsibilities of the bank […]
