6-385. Substitution of corporate
fiduciary
Any fiduciary capacity of a trust company, a bank or a savings and loan association
as trustee, executor, administrator, guardian, conservator, registrar of stocks and
bonds, assignee, receiver or any other fiduciary capacity may be transferred to and
assumed by a bank authorized under its banking permit to conduct trust business in this
state or a savings and loan association authorized to conduct trust business in this
state, without any order or other action on the part of any court or interested person,
with the approval of the superintendent to the extent the substitution is specified in
the order of approval. The superintendent's order of approval shall be conclusive
evidence of the authority of the assuming bank or savings and loan association to hold
and enjoy all rights of property, franchises and interests, including appointments,
designations and nominations, and all other rights and interests in each such fiduciary
capacity in the same manner and to the same extent as such rights, franchises and
interests were held or enjoyed by the bank, savings and loan association or trust
company for which the assuming bank or savings and loan association has been
substituted. The substitution of fiduciary provided in this section is to assure a
continuity of fiduciary administration and is supplemental to other rights and powers of
substitution which require no approval by the superintendent. Substitution by order of
the superintendent shall not affect the authority of the court having jurisdiction over
the trust to determine the right of any other person to succeed to the fiduciary capacity
of the assuming bank or savings and loan association.
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