§ 28-1-3.1-13 — Successor to closed financial institution's fiduciary duties; appointment; powers and duties; notice of appointment to interested parties

Indiana § 28-1-3.1-13

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 3.1: Liquidation of Financial Institutions

Text

(a) The receiver, with the approval of the
receivership court, may appoint a successor to all rights, obligations,
assets, deposits, agreements, and trusts held by the closed financial
institution as trustee, administrator, executor, guardian, agent, and all
other fiduciary or representative capacities. The successor's duties and
obligations begin upon appointment to the same extent binding upon
the closed financial institution and as though the successor had
originally assumed the duties and obligations. Specifically, the
successor shall succeed to and be entitled to administer all trusteeships,
administrations, executorships, guardianships, agencies, and all other
fiduciary or representative proceedings to which the closed financial
institution is named or appointed in wills, whenever probated, or to
which it is appointed by any other instrument, court order, or by
operation of law.
(b) This section shall not impair any right of the grantor or
beneficiaries of trust assets to secure the appointment of a substituted
trustee or manager.
(c) Within thirty (30) days after appointment, the successor shall
give written notice, insofar as practical, to all interested parties named
in:
(1) the books and records of the closed financial institution; or
(2) trust documents held by it;
that the successor has been appointed in accordance with applicable
law.
(d) If the Federal Deposit Insurance Corporation is the receiver,
compliance with this section is not required.

Legislative History

As added by P.L.141-1984, SEC.2. Amended by P.L.35-2010, SEC.107.