§ 8-213 — Pledged securities of insolvent trust companies or out-of-state entity acting in fiduciary capacity; transfer to fiduciary; conditions

Nebraska § 8-213

• Jurisdiction: Nebraska
• Ch. 8: Banks and Banking

Text

In the case of national banks and
federal savings associations doing business as trust companies, trust companies,
federally chartered trust companies, out-of-state trust companies authorized
under the Interstate Trust Company Office Act or otherwise doing business
in this state, and out-of-state entities acting in a fiduciary capacity in
this state, which upon insolvency are not liquidated by the Department of
Banking and Finance, upon the appointment of a receiver, trustee in bankruptcy,
or other liquidating agent, the department shall turn over to the receiver,
trustee in bankruptcy, or other liquidating agent any securities pledged to
it by the national bank, federal savings association, trust company, federally
chartered trust company, out-of-state trust company authorized under the Interstate
Trust Company Office Act or otherwise doing business in this state, or any
out-of-state entity acting in a fiduciary capacity in this state, upon:
(1) The entry of an order by a court having jurisdiction over a receiver,
trustee in bankruptcy, or other liquidating agent of the national bank, federal
savings association, trust company, federally chartered trust company, out-of-state
trust company authorized under the Interstate Trust Company Office Act or
otherwise doing business in this state, or any out-of-state entity acting
in a fiduciary capacity in this state, ordering the department to turn over
to a receiver, trustee in bankruptcy, or other liquidating agent the securities
pledged to the department; and
(2) The publication of a notice for three successive weeks in some legal
newspaper published in the county or, if none is published in the county,
in a legal newspaper of general circulation in the county in which the principal
place of business of the national bank, federal savings association, trust
company, federally chartered trust company, out-of-state trust company authorized
under the Interstate Trust Company Office Act or otherwise doing business
in this state, or any out-of-state entity acting in a fiduciary capacity in
this state, is located that all claims for the trust liabilities must be filed
with the receiver, trustee in bankruptcy, or other liquidating agent within
thirty days. In the case of national banks the notice provided for in 12 U.S.C.
193, and in the case of trust companies liquidated in bankruptcy court, the
notice provided for in 11 U.S.C. 342, shall be sufficient without
further notice being given and shall be in lieu of the notice required in
this subdivision. In the case of out-of-state trust companies authorized under
the Interstate Trust Company Office Act or otherwise doing business in this
state, or in the case of any out-of-state entity acting in a fiduciary capacity
in this state, an additional notice shall be published in each county in Nebraska
where the out-of-state trust company or out-of-state entity maintains an office,
does business, or acts in a fiduciary capacity, or maintained an office, conducted
business, or acted in a fiduciary capacity, within one year prior to the insolvency.

Legislative History

Source: Laws 1933, c. 20, § 1, p. 190; Laws 1939, c. 3, § 2, p. 60; C.S.Supp.,1941, § 8-212; R.S.1943, § 8-213; Laws 1986, LB 960, § 2; Laws 1993, LB 81, § 27; Laws 1998, LB 1321, § 42; Laws 2005, LB 533, § 13; Laws 2012, LB963, § 7; Laws 2013, LB213, § 7. Cross References: Interstate Trust Company Office Act, see section 8-2301.