6-385. Substitution of corporate fiduciary
270 words·~1 min read·
/az/title-6/6-385A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 deputy director to the extent the substitution is specified in the order of approval.
The deputy director'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 deputy director. Substitution by order of the deputy director 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.