§ 53-422 – Effect of affiliate transfer.
53-422. Effect of affiliate transfer. (a) Following an affiliate transfer, the transferee trust institution shall have all of the rights, powers, privileges, appointments, accounts, and designations of the transferring trust institution and shall be deemed successor to the transferring trust institution in any deed, trust, agreement, filing, instrument, notice, certificate, pleading, or other document related […]
§ 53-423 – Trust institution as agent.
53-423. Trust institution as agent. A trust institution may appoint another trust institution that is its affiliate as its agent for the performance of acts, obligations, and responsibilities with respect to any account. In that event, the trust institution shall remain fully responsible and liable with respect to all actions of the affiliated trust institution […]
§ 53-424 – Construction.
53-424. Construction. (a) Except as expressly provided in this Part, nothing in this Part shall be construed to amend or modify the laws of this State governing the establishment or administration of accounts or the actions of trust institutions. (b) An affiliate transfer is not, in itself, a transfer of substantially all of the transferring […]
§ 53-425 – Definitions.
53-425. Definitions. The following definitions apply in this Article: (1) Beneficial interest. – Debt or equity interests or obligations of any type that are issued by a special purpose entity and entitle the holder of the interest or obligation to receive payments that depend primarily on the cash flow from financial assets owned by the […]
§ 53-426 – Waiver of equity of redemption.
53-426. Waiver of equity of redemption. (a) Notwithstanding any other provision of law, except to the extent otherwise set forth in the transaction documents relating to a securitization, all of the following apply: (1) Any property, assets, or rights purported to be transferred, in whole or in part, in a securitization or in connection with […]
§ 53-413 – Civil enforcement.
53-413. Civil enforcement. The Commissioner may bring any appropriate civil action against any person the Commissioner believes has committed or is about to commit a violation of this Article or a rule, order, or declaratory ruling of the Commissioner pertaining to this Article. (2001-263, s. 1.)
§ 53-414 – Cancellation of charter.
53-414. Cancellation of charter. Whenever a merger, share exchange, sale of assets, liquidation, or other transaction occurs by which a State trust company ceases to exist or ceases to be eligible for a charter, the Commissioner shall cancel the State trust company’s charter, revoke its license, and provide notice of the revocation in the manner […]
§ 53-415 – Severability.
53-415. Severability. If any provision of this Article, or its application, is found by any court of competent jurisdiction in the United States to be invalid as to any trust institution or other person or circumstance, or to be superseded by federal law, the provision shall be deemed modified only to the extent and only […]
§ 53-420 – Affiliate transfers authorized; procedure.
53-420. Affiliate transfers authorized; procedure. (a) A trust institution may make an affiliate transfer of one or more accounts subject to the provisions of this Part unless the provisions governing the account explicitly provide that an affiliate transfer shall not be made. (b) The affiliate transfer shall be made pursuant to a written agreement between […]
§ 53-421 – Objection to affiliate transfer.
53-421. Objection to affiliate transfer. If a client, or a person acting on behalf of the client, delivers a written objection to the affiliate transfer to the transferring trust institution at anytime prior to the date of the affiliate transfer, the transferring trust institution shall exclude that account from the affiliate transfer unless the objection […]