RCW 30B.44B.005 When director may take possession. (1) After the expiration of thirty days from the director’s written notice to correct an unsafe condition of the state trust company, the director may take possession of the business and property of a state trust company to which this title is applicable whenever it appears that the […]
RCW 30B.44B.010 Mutual consent to dissolution and liquidation. If the director consents, any state trust company may voluntarily place its assets and business under the control of the director for liquidation by a resolution of a majority of its directors or members upon notice to the director. Upon taking possession of the state trust company, […]
RCW 30B.44B.030 Possession of trust assets and company assets and property with the director—Bar against attachment proceedings. The taking of possession of any state trust company by the director pursuant to RCW 30B.44B.005 or 30B.44B.010 is sufficient to place all of the state trust company’s fiduciary assets in the custody of the director and all […]
RCW 30B.44B.040 Director’s right to take possession may be contested. (1) Within ten days after the director takes possession of a state trust company pursuant to RCW 30B.44B.005, the state trust company may serve a notice upon the director to appear before the superior court of the county where the headquarters of the state trust […]
RCW 30B.44B.050 Powers and duties of director—Prohibition against liens. (1) Upon issuance of an order taking possession of a state trust company pursuant to RCW 30B.44B.005 or 30B.44B.010, the director must: (a) Take custody of the assets of the state trust company and preserve, administer, and liquidate the business and assets of the state trust […]
RCW 30B.44B.060 Notice to creditors—Claims. (1) The director shall publish on the department’s public website and also once a week for four consecutive weeks in a newspaper of general circulation, which the director shall select, a notice requiring all persons having claims against the dissolved state trust company to make proof of claim to the […]
RCW 30B.44B.070 Executory contract or unexpired lease—Permitted actions by director. Upon issuance of an order taking possession of a state trust company, the director may assume or reject any executory contract or unexpired lease of the state trust company upon written notice to the parties to such contract. [ 2019 c 389 § 68.]
RCW 30B.44B.080 Inventory—List of claims. (1) Upon taking possession of the dissolved state trust company, the director shall make an inventory of the nonfiduciary assets in duplicate, filing one with the department and one in the office of the superior court clerk. (2) Upon the expiration of the time fixed for the presentation of claims, […]
RCW 30B.44B.090 Objections to approved claims. Objection may be made by any interested person to any claim approved by the director, which objection shall be determined by the superior court upon notice to the claimant and objector as the superior court shall prescribe. [ 2019 c 389 § 70.]
RCW 30B.44B.100 Temporary receiver—Prohibited except in emergency. (1) A receiver shall not be appointed by any court for any state trust company, nor shall any assignment of any state trust company for the benefit of creditors be valid, except that, in addition to the director’s authority to take possession of a state trust company pursuant […]
RCW 30B.44B.110 Preferences prohibited—Penalty. (1) Any transfer of its property or assets by a state trust company, made (a) in contemplation of insolvency or after it shall have become insolvent, (b) within ninety days before the date the director takes possession of such state trust company, and (c) with a view to the preference of […]
RCW 30B.44B.120 Expense of liquidation—Priority for director’s expenses. (1) All expenses incurred by the director in taking possession, administering, and resolving any state trust company dissolved pursuant to this chapter, including the expenses of assistants or agents and reasonable fees for any attorney who may be employed in connection with such administration and resolution, and […]
RCW 30B.44B.130 Liquidation after claims are paid. When all proper claims of creditors, excluding shareholders, have been paid, as well as all expenses of administration and liquidation, and proper provision has been made for unclaimed or unpaid property and dividends, and assets still remain in the director’s possession, the director shall furnish written notice to […]
RCW 30B.44B.140 Disposition of unclaimed personal property. (1) If, at the conclusion of the liquidation of a state trust company, there remains unclaimed personal property, other than monetary deposit accounts, which had previously been left with it for safekeeping, including unclaimed trust assets, such property shall be inventoried by the director or his or her […]
RCW 30B.44B.150 Disposition of unclaimed personal property—Final notice—Sale. (1) After the expiration of one year from the time of giving notice under RCW 30B.44B.140(3), the director shall issue and serve by mail a final notice stating that one year has elapsed since the sending of the notice referred to in RCW 30B.44B.140(3), and that the […]
RCW 30B.44B.160 Disposition of unclaimed personal property—Monetary funds. (1) Any monetary funds, including funds obtained from sale of personal property at auction pursuant to this section, remaining unclaimed and unpaid in the possession of the director for six months after the superior court’s order of final distribution, shall be deposited by the director in a […]
RCW 30B.44B.170 Destruction of records after liquidation. (1) Where any records of the state trust company have been taken over and are in the possession of the director in connection with the involuntary liquidation of a state trust company, the director may, in his or her discretion at any time after an order of final […]
RCW 30B.44B.180 Reopening—Conditions. (1) Notwithstanding any other provision of this chapter, the director may, at any time within ninety days after taking possession of a state trust company under RCW 30B.44B.005 or 30B.44B.010, permit such state trust company to reopen upon such terms and conditions as the director shall prescribe, if he or she has […]
