§ 28-1-11-7 — Testamentary and probate fiduciary appointments

Any bank or trust company shall have power
to be appointed and to accept the appointment and act as executor or
trustee under the last will and testament, or as administrator, with or
without the will annexed, of the estate of any deceased person, and to
be appointed and to act under the order of appointment of any court of
competent jurisdiction as executor of or trustee under any last will and
testament, whenever it shall be the successor to any corporation
appointed in such last will and testament, whether such succession is
the result of merger, consolidation or otherwise. Whenever a natural
person is appointed with such corporation in any appointment as
receiver, guardian, commissioner, trustee, executor, administrator with
or without the will annexed, his appointment may be under such
limitation of powers, and upon such terms and conditions as to the
possession and control of the trust assets by such corporation, or
otherwise, and as to the bond or security, if any, to be given by him, as
the person appointed and such corporation may agree and the court or
judge making the appointment shall approve. Whenever any natural
person who is appointed in any fiduciary capacity is required to give a
bond or security for the faithful performance of his duties, such
corporation shall have the power and authority to guarantee or become
surety for such natural person if such corporation shall take possession
and control of the assets belonging to any such estate or other fiduciary
relationship, and if approved by the court having jurisdiction of the
fiduciary.
Formerly: Acts 1933, c.40, s.176.