State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-17

§53‑17.  Fiduciary powers and liabilities of banks or trust companiesmerging or transferring assets and liabilities.

Whenever any bank, trustcompany, savings association, or savings bank, organized under the laws ofNorth Carolina or the United States, and doing business in this State, shallconsolidate or merge with or shall sell to and transfer its assets andliabilities to any other bank, trust company, savings association, or savingsbank doing business in this State, as provided by the laws of North Carolina orthe United States, all the then existing fiduciary rights, powers, duties andliabilities of such consolidating or merging or transferring institution,including the rights, powers, duties and liabilities as executor,administrator, guardian, trustee, and/or any other fiduciary capacity, whetherunder appointment by order of court, will, deed, or other instrument, shall,upon the effective date of such consolidation or merger or sale and transfer,vest in, devolve upon, and thereafter be performed by, the transfereeinstitution or the consolidated or merged institution, and such latterinstitution shall be deemed substituted for and shall have all the rights andpowers of the transferring institution. (1931, c. 207; 1941, c. 80;1995, c. 479, s. 3.)