§ 5-11A-33 — Objection to Transfer; Hearing on Objection; Appointment of Related Institution as Agent

Alabama § 5-11A-33

• Jurisdiction: Alabama
• Title 5: Banks and Financial Institutions
• Ch. 11A: Regulation of Trust Business of Banks and Trust Companies
• Art. 2: Transfer of Fiduciary Accounts

Text

(a) Any person given notice pursuant to Section 5-11A-32 may file a written objection to the fiduciary transfer with the Superintendent of the State Banking Department, stating grounds for objection, within 30 days of receipt of notice of the transfer by the person notified pursuant to Section 5-11A-32. The transferor shall then have 30 days to either:
(1) Abandon the transfer of fiduciary accounts to which objection was given and hold such transfer for nought, or
(2) Apply to the State Banking Department for a hearing on the merits of the objection to transfer. After such hearing, the State Banking Department shall either approve or deny the transfer.
(b) Nothing herein shall preclude the transferor from appointing a related bank, trust company or trust department as its agent for the performance of any and all fiduciary obligations as provided in Section 5-11A-37.

Legislative History

(Acts 1989, No. 89-539, p. 1127, §4.)