CHAPTER 6-05.1SUBSIDIARY TRUST COMPANIES6-05.1-01.Definitions.As used in this chapter, unless the context plainly requiresotherwise:1."Affiliated bank", with respect to a subsidiary trust company, means any of the<br>following:a.A bank incorporated under the laws of this state, or a national banking<br>association having its main office in this state, more than fifty percent of the<br>voting stock of which is owned by the same owning bank holding company that<br>owns more than fifty percent of the voting stock of such subsidiary trust<br>company.b.A bank which owns shares of voting stock of such subsidiary trust company.2."Fiduciary capacity" means a capacity resulting from a bank undertaking to act alone<br>or jointly with others primarily for the benefit of another in all matters connected with<br>its undertaking and includes the capacities of trustee, including trustee of a common<br>trust fund, executor, administrator, personal representative, registrar, or transfer<br>agent with respect to stocks, bonds, or other evidences of indebtedness of any<br>corporation, association, municipality, state or public authority, guardian of estates,<br>conservator, receiver, escrow agent, agent for the investment of money, attorney in<br>fact, and any other similar capacity.3."Main office", with respect to a subsidiary trust company or an affiliated bank, is the<br>place designated in the articles of incorporation or articles of association of such<br>subsidiary trust company or affiliated bank at which its principal functions are to be<br>conducted.4."Owning bank holding company", with respect to a subsidiary trust company or an<br>affiliated bank, means a bank holding company as defined in the United States Bank<br>Holding Company Act of 1956, as amended.5."Subsidiary trust company" means any trust company incorporated under the laws of<br>this state, or any national banking association formed under the laws of the United<br>States solely for the purpose of engaging in trust business with its main office in this<br>state, more than fifty percent of the voting stock of which is owned by an owning<br>bank holding company or by a bank having its main office in this state or by two or<br>more banks each of which has its main office in this state, and which has as its sole<br>purpose the conduct of trust business as defined in section 6-05-08. A subsidiary<br>trust company may not conduct commercial banking business but may maintain<br>deposits of funds of fiduciary accounts not currently invested.6."Trust office", with respect to a subsidiary trust company, means an office, including<br>the main office, of such subsidiary trust company maintained for the purpose of<br>conducting its business.6-05.1-02. Organization of subsidiary trust companies. A subsidiary trust companymay be incorporated under the laws of this state or formed under the laws of the United States.<br>To the extent not inconsistent with the provisions of sections 6-05.1-01 through 6-05.1-05, any<br>subsidiary trust company incorporated under the laws of this state is subject to the laws of this<br>state generally applicable to trust companies. A subsidiary trust company formed under the laws<br>of the United States is, to the extent provided by the laws of the United States, subject to the laws<br>of this state applicable to subsidiary trust companies incorporated under the laws of this state.Page No. 16-05.1-03. Permissible business of subsidiary trust companies. The permissiblebusiness of a subsidiary trust company is to engage in such trust business as may be engaged in<br>by a trust company pursuant to section 6-05-08. A subsidiary trust company may not exercise<br>any of the powers provided in subsection 7 of section 6-03-02, nor conduct commercial banking<br>business, but may maintain deposits of funds of fiduciary accounts not currently invested.6-05.1-04. Trust offices of subsidiary trust companies. A subsidiary trust companymay establish and maintain for itself and its subsidiary entities one or more offices or places of<br>business within this state, throughout the United States, in foreign countries, or in dependencies<br>or insular possessions of the United States. The regulatory process by which a subsidiary trust<br>company obtains authority to establish and maintain offices in addition to a main office must be<br>the same as the process that applies to a trust company under chapter 6-05.6-05.1-05. Transfer of fiduciary relationships from affiliated banks to subsidiarytrust companies.1.Any subsidiary trust company which has been duly authorized to commence the<br>business for which it is organized, and which has made any deposit of securities<br>required by law, may at any time file its verified application in the district court of the<br>county in which its main office is located requesting that it be substituted, except as<br>may be expressly excluded in the application, in every fiduciary capacity for each of<br>its affiliated banks specified in the application, and each such specified affiliated<br>bank shall join in the application. Any such application must indicate the county<br>wherein the main office of each affiliated bank joining in the application is located<br>and must designate each fiduciary account existing at the date thereof with respect<br>to which the applicant requests substitution, but fiduciary capacities in other cases<br>need not be listed. Any such application must additionally set forth, with regard to<br>each existing fiduciary account with respect to which the applicant requests<br>substitution, the name and address last known to the applicant of each person<br>entitled to mailed notice of hearing thereon, who are as follows:a.In the case of an existing fiduciary account which may be revoked, terminated,<br>or amended, each person who, alone or together with others, is empowered to<br>revoke, terminate, or amend the same.b.In the case of an existing fiduciary account with respect to which any person<br>other than a court has the power to remove the corporate fiduciary, each<br>person who, alone or together with others, is empowered to remove the<br>corporate fiduciary.c.In the case of an existing fiduciary account which is an estate of a deceased<br>person or which is a guardianship or conservatorship, the clerk of the court in<br>which such estate, guardianship, or conservatorship matter is pending.d.In the case of an existing fiduciary account not described in any of the foregoing<br>subdivisions, each income beneficiary of such account and each beneficiary<br>who, were such account terminated at the date of the application respecting<br>such account, would be entitled to share in distributions of income or principal<br>thereof.e.In the case of an existing fiduciary account wherein an affiliated bank specified<br>in the application is acting with a cofiduciary, to each such cofiduciary.2.When any such application has been filed with the district court, the court shall make<br>an order fixing a date and time for hearing thereon and directing that notice thereof<br>be given as hereinafter provided. The applicant shall cause a copy of such notice to<br>be published at least once a week for three successive weeks preceding the hearing<br>date, the last such publication to be at least ten days preceding the hearing date.<br>Such publication must be made in a newspaper of general circulation published inPage No. 2each county in which the main office of an affiliated bank specified in the application<br>is located.In addition, at least fourteen days preceding the hearing date, theapplicant shall cause a copy of such notice to be mailed by first-class mail to each<br>person identified in the application as being entitled to mailed notice under the<br>provisions of this section, at that person's address last known to the applicant as set<br>forth in the application. Proof of the giving of such notice must be made on or before<br>the hearing date and filed in the proceeding.3.The notice to be published and mailed with respect to each such application shall<br>state the time and place of the hearing thereon, the name of the subsidiary trust<br>company which has filed the application, the name of each affiliated bank which has<br>joined in the application, that the application requests that the subsidiary trust<br>company be substituted in every fiduciary capacity for each of its affiliated banks<br>specified in the application, and that any person entitled to receive mailed notice<br>pursuant to this section with respect to any existing fiduciary account may appear on<br>or before the date of hearing and file written objection to such substitution as to such<br>account, and such notice must refer to such application for further particulars.4.On or before the date and time of hearing any such application, any person entitled<br>to receive mailed notice pursuant to this section with respect to any existing fiduciary<br>account may appear and file objection to substitution of the applicant in such<br>account and is then entitled to be heard with respect to such objection. The court<br>may not apply the provisions of this section to substitute a subsidiary trust company<br>as fiduciary of any existing fiduciary account with respect to which a person entitled<br>to receive mailed notice pursuant to this section has filed objection to substitution<br>and has appeared and been heard in support thereof.5.On such date of hearing, upon finding that due notice has been given as required by<br>this section and upon finding that the applicant subsidiary trust company has been<br>duly authorized to commence the business for which it is organized by the state<br>banking board, or by the comptroller of the currency if the applicant is a national<br>banking association, and that the applicant has made such deposit of securities as<br>may be required by law, the district court shall enter an order substituting the<br>applicant in every fiduciary capacity for each of its specified affiliated banks,<br>excepting as may be otherwise specified in the application, and excepting fiduciary<br>capacities in any account with respect to which a person entitled to receive mailed<br>notice pursuant to this section has filed objection to substitution and has appeared<br>and been heard in support thereof. Upon entry of such order, or at such later date<br>as may be specified in such order, the applicant subsidiary trust company must,<br>without further act, be substituted in every such fiduciary capacity. The substitution<br>may be made a matter of record in any county of this state by filing a certified copy<br>of the order of substitution in the office of the clerk of any district court in this state or<br>by filing a certified copy of such order in the office of the recorder of any county of<br>this state to be recorded and indexed in like manner and with like effect as other<br>orders and decrees of court are recorded and indexed.6.Each designation, in a will or other instrument heretofore or hereafter executed, of a<br>bank as fiduciary is deemed a designation of the subsidiary trust company<br>substituted for such bank pursuant to this section except when such will or other<br>instrument is executed after such substitution and expressly negates the application<br>of this section. Any grant in any such will or other instrument of any discretionary<br>power is deemed conferred upon the subsidiary trust company deemed designated<br>as the fiduciary pursuant to this section.7.A bank shall account jointly with the subsidiary trust company which has been<br>substituted as fiduciary for such bank pursuant to this section for the accounting<br>period during which the subsidiary trust company is initially so substituted. Upon<br>substitution pursuant to this section, the bank shall deliver to the subsidiary trust<br>company all assets held by the bank as fiduciary, except assets held for fiduciaryPage No. 3accounts with respect to which there has been no substitution pursuant to this<br>section, and upon such substitution all such assets become the property of the<br>subsidiary trust company without the necessity of any instrument of transfer or<br>conveyance.Page No. 4Document Outlinechapter 6-05.1 subsidiary trust companies
CHAPTER 6-05.1SUBSIDIARY TRUST COMPANIES6-05.1-01.Definitions.As used in this chapter, unless the context plainly requiresotherwise:1."Affiliated bank", with respect to a subsidiary trust company, means any of the<br>following:a.A bank incorporated under the laws of this state, or a national banking<br>association having its main office in this state, more than fifty percent of the<br>voting stock of which is owned by the same owning bank holding company that<br>owns more than fifty percent of the voting stock of such subsidiary trust<br>company.b.A bank which owns shares of voting stock of such subsidiary trust company.2."Fiduciary capacity" means a capacity resulting from a bank undertaking to act alone<br>or jointly with others primarily for the benefit of another in all matters connected with<br>its undertaking and includes the capacities of trustee, including trustee of a common<br>trust fund, executor, administrator, personal representative, registrar, or transfer<br>agent with respect to stocks, bonds, or other evidences of indebtedness of any<br>corporation, association, municipality, state or public authority, guardian of estates,<br>conservator, receiver, escrow agent, agent for the investment of money, attorney in<br>fact, and any other similar capacity.3."Main office", with respect to a subsidiary trust company or an affiliated bank, is the<br>place designated in the articles of incorporation or articles of association of such<br>subsidiary trust company or affiliated bank at which its principal functions are to be<br>conducted.4."Owning bank holding company", with respect to a subsidiary trust company or an<br>affiliated bank, means a bank holding company as defined in the United States Bank<br>Holding Company Act of 1956, as amended.5."Subsidiary trust company" means any trust company incorporated under the laws of<br>this state, or any national banking association formed under the laws of the United<br>States solely for the purpose of engaging in trust business with its main office in this<br>state, more than fifty percent of the voting stock of which is owned by an owning<br>bank holding company or by a bank having its main office in this state or by two or<br>more banks each of which has its main office in this state, and which has as its sole<br>purpose the conduct of trust business as defined in section 6-05-08. A subsidiary<br>trust company may not conduct commercial banking business but may maintain<br>deposits of funds of fiduciary accounts not currently invested.6."Trust office", with respect to a subsidiary trust company, means an office, including<br>the main office, of such subsidiary trust company maintained for the purpose of<br>conducting its business.6-05.1-02. Organization of subsidiary trust companies. A subsidiary trust companymay be incorporated under the laws of this state or formed under the laws of the United States.<br>To the extent not inconsistent with the provisions of sections 6-05.1-01 through 6-05.1-05, any<br>subsidiary trust company incorporated under the laws of this state is subject to the laws of this<br>state generally applicable to trust companies. A subsidiary trust company formed under the laws<br>of the United States is, to the extent provided by the laws of the United States, subject to the laws<br>of this state applicable to subsidiary trust companies incorporated under the laws of this state.Page No. 16-05.1-03. Permissible business of subsidiary trust companies. The permissiblebusiness of a subsidiary trust company is to engage in such trust business as may be engaged in<br>by a trust company pursuant to section 6-05-08. A subsidiary trust company may not exercise<br>any of the powers provided in subsection 7 of section 6-03-02, nor conduct commercial banking<br>business, but may maintain deposits of funds of fiduciary accounts not currently invested.6-05.1-04. Trust offices of subsidiary trust companies. A subsidiary trust companymay establish and maintain for itself and its subsidiary entities one or more offices or places of<br>business within this state, throughout the United States, in foreign countries, or in dependencies<br>or insular possessions of the United States. The regulatory process by which a subsidiary trust<br>company obtains authority to establish and maintain offices in addition to a main office must be<br>the same as the process that applies to a trust company under chapter 6-05.6-05.1-05. Transfer of fiduciary relationships from affiliated banks to subsidiarytrust companies.1.Any subsidiary trust company which has been duly authorized to commence the<br>business for which it is organized, and which has made any deposit of securities<br>required by law, may at any time file its verified application in the district court of the<br>county in which its main office is located requesting that it be substituted, except as<br>may be expressly excluded in the application, in every fiduciary capacity for each of<br>its affiliated banks specified in the application, and each such specified affiliated<br>bank shall join in the application. Any such application must indicate the county<br>wherein the main office of each affiliated bank joining in the application is located<br>and must designate each fiduciary account existing at the date thereof with respect<br>to which the applicant requests substitution, but fiduciary capacities in other cases<br>need not be listed. Any such application must additionally set forth, with regard to<br>each existing fiduciary account with respect to which the applicant requests<br>substitution, the name and address last known to the applicant of each person<br>entitled to mailed notice of hearing thereon, who are as follows:a.In the case of an existing fiduciary account which may be revoked, terminated,<br>or amended, each person who, alone or together with others, is empowered to<br>revoke, terminate, or amend the same.b.In the case of an existing fiduciary account with respect to which any person<br>other than a court has the power to remove the corporate fiduciary, each<br>person who, alone or together with others, is empowered to remove the<br>corporate fiduciary.c.In the case of an existing fiduciary account which is an estate of a deceased<br>person or which is a guardianship or conservatorship, the clerk of the court in<br>which such estate, guardianship, or conservatorship matter is pending.d.In the case of an existing fiduciary account not described in any of the foregoing<br>subdivisions, each income beneficiary of such account and each beneficiary<br>who, were such account terminated at the date of the application respecting<br>such account, would be entitled to share in distributions of income or principal<br>thereof.e.In the case of an existing fiduciary account wherein an affiliated bank specified<br>in the application is acting with a cofiduciary, to each such cofiduciary.2.When any such application has been filed with the district court, the court shall make<br>an order fixing a date and time for hearing thereon and directing that notice thereof<br>be given as hereinafter provided. The applicant shall cause a copy of such notice to<br>be published at least once a week for three successive weeks preceding the hearing<br>date, the last such publication to be at least ten days preceding the hearing date.<br>Such publication must be made in a newspaper of general circulation published inPage No. 2each county in which the main office of an affiliated bank specified in the application<br>is located.In addition, at least fourteen days preceding the hearing date, theapplicant shall cause a copy of such notice to be mailed by first-class mail to each<br>person identified in the application as being entitled to mailed notice under the<br>provisions of this section, at that person's address last known to the applicant as set<br>forth in the application. Proof of the giving of such notice must be made on or before<br>the hearing date and filed in the proceeding.3.The notice to be published and mailed with respect to each such application shall<br>state the time and place of the hearing thereon, the name of the subsidiary trust<br>company which has filed the application, the name of each affiliated bank which has<br>joined in the application, that the application requests that the subsidiary trust<br>company be substituted in every fiduciary capacity for each of its affiliated banks<br>specified in the application, and that any person entitled to receive mailed notice<br>pursuant to this section with respect to any existing fiduciary account may appear on<br>or before the date of hearing and file written objection to such substitution as to such<br>account, and such notice must refer to such application for further particulars.4.On or before the date and time of hearing any such application, any person entitled<br>to receive mailed notice pursuant to this section with respect to any existing fiduciary<br>account may appear and file objection to substitution of the applicant in such<br>account and is then entitled to be heard with respect to such objection. The court<br>may not apply the provisions of this section to substitute a subsidiary trust company<br>as fiduciary of any existing fiduciary account with respect to which a person entitled<br>to receive mailed notice pursuant to this section has filed objection to substitution<br>and has appeared and been heard in support thereof.5.On such date of hearing, upon finding that due notice has been given as required by<br>this section and upon finding that the applicant subsidiary trust company has been<br>duly authorized to commence the business for which it is organized by the state<br>banking board, or by the comptroller of the currency if the applicant is a national<br>banking association, and that the applicant has made such deposit of securities as<br>may be required by law, the district court shall enter an order substituting the<br>applicant in every fiduciary capacity for each of its specified affiliated banks,<br>excepting as may be otherwise specified in the application, and excepting fiduciary<br>capacities in any account with respect to which a person entitled to receive mailed<br>notice pursuant to this section has filed objection to substitution and has appeared<br>and been heard in support thereof. Upon entry of such order, or at such later date<br>as may be specified in such order, the applicant subsidiary trust company must,<br>without further act, be substituted in every such fiduciary capacity. The substitution<br>may be made a matter of record in any county of this state by filing a certified copy<br>of the order of substitution in the office of the clerk of any district court in this state or<br>by filing a certified copy of such order in the office of the recorder of any county of<br>this state to be recorded and indexed in like manner and with like effect as other<br>orders and decrees of court are recorded and indexed.6.Each designation, in a will or other instrument heretofore or hereafter executed, of a<br>bank as fiduciary is deemed a designation of the subsidiary trust company<br>substituted for such bank pursuant to this section except when such will or other<br>instrument is executed after such substitution and expressly negates the application<br>of this section. Any grant in any such will or other instrument of any discretionary<br>power is deemed conferred upon the subsidiary trust company deemed designated<br>as the fiduciary pursuant to this section.7.A bank shall account jointly with the subsidiary trust company which has been<br>substituted as fiduciary for such bank pursuant to this section for the accounting<br>period during which the subsidiary trust company is initially so substituted. Upon<br>substitution pursuant to this section, the bank shall deliver to the subsidiary trust<br>company all assets held by the bank as fiduciary, except assets held for fiduciaryPage No. 3accounts with respect to which there has been no substitution pursuant to this<br>section, and upon such substitution all such assets become the property of the<br>subsidiary trust company without the necessity of any instrument of transfer or<br>conveyance.Page No. 4Document Outlinechapter 6-05.1 subsidiary trust companies
CHAPTER 6-05.1SUBSIDIARY TRUST COMPANIES6-05.1-01.Definitions.As used in this chapter, unless the context plainly requiresotherwise:1."Affiliated bank", with respect to a subsidiary trust company, means any of the<br>following:a.A bank incorporated under the laws of this state, or a national banking<br>association having its main office in this state, more than fifty percent of the<br>voting stock of which is owned by the same owning bank holding company that<br>owns more than fifty percent of the voting stock of such subsidiary trust<br>company.b.A bank which owns shares of voting stock of such subsidiary trust company.2."Fiduciary capacity" means a capacity resulting from a bank undertaking to act alone<br>or jointly with others primarily for the benefit of another in all matters connected with<br>its undertaking and includes the capacities of trustee, including trustee of a common<br>trust fund, executor, administrator, personal representative, registrar, or transfer<br>agent with respect to stocks, bonds, or other evidences of indebtedness of any<br>corporation, association, municipality, state or public authority, guardian of estates,<br>conservator, receiver, escrow agent, agent for the investment of money, attorney in<br>fact, and any other similar capacity.3."Main office", with respect to a subsidiary trust company or an affiliated bank, is the<br>place designated in the articles of incorporation or articles of association of such<br>subsidiary trust company or affiliated bank at which its principal functions are to be<br>conducted.4."Owning bank holding company", with respect to a subsidiary trust company or an<br>affiliated bank, means a bank holding company as defined in the United States Bank<br>Holding Company Act of 1956, as amended.5."Subsidiary trust company" means any trust company incorporated under the laws of<br>this state, or any national banking association formed under the laws of the United<br>States solely for the purpose of engaging in trust business with its main office in this<br>state, more than fifty percent of the voting stock of which is owned by an owning<br>bank holding company or by a bank having its main office in this state or by two or<br>more banks each of which has its main office in this state, and which has as its sole<br>purpose the conduct of trust business as defined in section 6-05-08. A subsidiary<br>trust company may not conduct commercial banking business but may maintain<br>deposits of funds of fiduciary accounts not currently invested.6."Trust office", with respect to a subsidiary trust company, means an office, including<br>the main office, of such subsidiary trust company maintained for the purpose of<br>conducting its business.6-05.1-02. Organization of subsidiary trust companies. A subsidiary trust companymay be incorporated under the laws of this state or formed under the laws of the United States.<br>To the extent not inconsistent with the provisions of sections 6-05.1-01 through 6-05.1-05, any<br>subsidiary trust company incorporated under the laws of this state is subject to the laws of this<br>state generally applicable to trust companies. A subsidiary trust company formed under the laws<br>of the United States is, to the extent provided by the laws of the United States, subject to the laws<br>of this state applicable to subsidiary trust companies incorporated under the laws of this state.Page No. 16-05.1-03. Permissible business of subsidiary trust companies. The permissiblebusiness of a subsidiary trust company is to engage in such trust business as may be engaged in<br>by a trust company pursuant to section 6-05-08. A subsidiary trust company may not exercise<br>any of the powers provided in subsection 7 of section 6-03-02, nor conduct commercial banking<br>business, but may maintain deposits of funds of fiduciary accounts not currently invested.6-05.1-04. Trust offices of subsidiary trust companies. A subsidiary trust companymay establish and maintain for itself and its subsidiary entities one or more offices or places of<br>business within this state, throughout the United States, in foreign countries, or in dependencies<br>or insular possessions of the United States. The regulatory process by which a subsidiary trust<br>company obtains authority to establish and maintain offices in addition to a main office must be<br>the same as the process that applies to a trust company under chapter 6-05.6-05.1-05. Transfer of fiduciary relationships from affiliated banks to subsidiarytrust companies.1.Any subsidiary trust company which has been duly authorized to commence the<br>business for which it is organized, and which has made any deposit of securities<br>required by law, may at any time file its verified application in the district court of the<br>county in which its main office is located requesting that it be substituted, except as<br>may be expressly excluded in the application, in every fiduciary capacity for each of<br>its affiliated banks specified in the application, and each such specified affiliated<br>bank shall join in the application. Any such application must indicate the county<br>wherein the main office of each affiliated bank joining in the application is located<br>and must designate each fiduciary account existing at the date thereof with respect<br>to which the applicant requests substitution, but fiduciary capacities in other cases<br>need not be listed. Any such application must additionally set forth, with regard to<br>each existing fiduciary account with respect to which the applicant requests<br>substitution, the name and address last known to the applicant of each person<br>entitled to mailed notice of hearing thereon, who are as follows:a.In the case of an existing fiduciary account which may be revoked, terminated,<br>or amended, each person who, alone or together with others, is empowered to<br>revoke, terminate, or amend the same.b.In the case of an existing fiduciary account with respect to which any person<br>other than a court has the power to remove the corporate fiduciary, each<br>person who, alone or together with others, is empowered to remove the<br>corporate fiduciary.c.In the case of an existing fiduciary account which is an estate of a deceased<br>person or which is a guardianship or conservatorship, the clerk of the court in<br>which such estate, guardianship, or conservatorship matter is pending.d.In the case of an existing fiduciary account not described in any of the foregoing<br>subdivisions, each income beneficiary of such account and each beneficiary<br>who, were such account terminated at the date of the application respecting<br>such account, would be entitled to share in distributions of income or principal<br>thereof.e.In the case of an existing fiduciary account wherein an affiliated bank specified<br>in the application is acting with a cofiduciary, to each such cofiduciary.2.When any such application has been filed with the district court, the court shall make<br>an order fixing a date and time for hearing thereon and directing that notice thereof<br>be given as hereinafter provided. The applicant shall cause a copy of such notice to<br>be published at least once a week for three successive weeks preceding the hearing<br>date, the last such publication to be at least ten days preceding the hearing date.<br>Such publication must be made in a newspaper of general circulation published inPage No. 2each county in which the main office of an affiliated bank specified in the application<br>is located.In addition, at least fourteen days preceding the hearing date, theapplicant shall cause a copy of such notice to be mailed by first-class mail to each<br>person identified in the application as being entitled to mailed notice under the<br>provisions of this section, at that person's address last known to the applicant as set<br>forth in the application. Proof of the giving of such notice must be made on or before<br>the hearing date and filed in the proceeding.3.The notice to be published and mailed with respect to each such application shall<br>state the time and place of the hearing thereon, the name of the subsidiary trust<br>company which has filed the application, the name of each affiliated bank which has<br>joined in the application, that the application requests that the subsidiary trust<br>company be substituted in every fiduciary capacity for each of its affiliated banks<br>specified in the application, and that any person entitled to receive mailed notice<br>pursuant to this section with respect to any existing fiduciary account may appear on<br>or before the date of hearing and file written objection to such substitution as to such<br>account, and such notice must refer to such application for further particulars.4.On or before the date and time of hearing any such application, any person entitled<br>to receive mailed notice pursuant to this section with respect to any existing fiduciary<br>account may appear and file objection to substitution of the applicant in such<br>account and is then entitled to be heard with respect to such objection. The court<br>may not apply the provisions of this section to substitute a subsidiary trust company<br>as fiduciary of any existing fiduciary account with respect to which a person entitled<br>to receive mailed notice pursuant to this section has filed objection to substitution<br>and has appeared and been heard in support thereof.5.On such date of hearing, upon finding that due notice has been given as required by<br>this section and upon finding that the applicant subsidiary trust company has been<br>duly authorized to commence the business for which it is organized by the state<br>banking board, or by the comptroller of the currency if the applicant is a national<br>banking association, and that the applicant has made such deposit of securities as<br>may be required by law, the district court shall enter an order substituting the<br>applicant in every fiduciary capacity for each of its specified affiliated banks,<br>excepting as may be otherwise specified in the application, and excepting fiduciary<br>capacities in any account with respect to which a person entitled to receive mailed<br>notice pursuant to this section has filed objection to substitution and has appeared<br>and been heard in support thereof. Upon entry of such order, or at such later date<br>as may be specified in such order, the applicant subsidiary trust company must,<br>without further act, be substituted in every such fiduciary capacity. The substitution<br>may be made a matter of record in any county of this state by filing a certified copy<br>of the order of substitution in the office of the clerk of any district court in this state or<br>by filing a certified copy of such order in the office of the recorder of any county of<br>this state to be recorded and indexed in like manner and with like effect as other<br>orders and decrees of court are recorded and indexed.6.Each designation, in a will or other instrument heretofore or hereafter executed, of a<br>bank as fiduciary is deemed a designation of the subsidiary trust company<br>substituted for such bank pursuant to this section except when such will or other<br>instrument is executed after such substitution and expressly negates the application<br>of this section. Any grant in any such will or other instrument of any discretionary<br>power is deemed conferred upon the subsidiary trust company deemed designated<br>as the fiduciary pursuant to this section.7.A bank shall account jointly with the subsidiary trust company which has been<br>substituted as fiduciary for such bank pursuant to this section for the accounting<br>period during which the subsidiary trust company is initially so substituted. Upon<br>substitution pursuant to this section, the bank shall deliver to the subsidiary trust<br>company all assets held by the bank as fiduciary, except assets held for fiduciaryPage No. 3accounts with respect to which there has been no substitution pursuant to this<br>section, and upon such substitution all such assets become the property of the<br>subsidiary trust company without the necessity of any instrument of transfer or<br>conveyance.Page No. 4Document Outlinechapter 6-05.1 subsidiary trust companies
