§ 383-C:10-1004 — Application for Dissolution

New Hampshire § 383-C:10-1004

• Jurisdiction: New Hampshire
• Title XXXV: BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
• Ch. 383-C: TRUST COMPANY ACT
• Subdivision: ARTICLE 10Dissolution

Text

(a) Before a trust company may dissolve its charter under RSA 383-C:10-1002 or RSA 383-C:10-1003, the trust company shall file with the commissioner an application for dissolution.
(b) The application shall include a comprehensive plan of dissolution setting forth the proposed disposition of all assets and liabilities in reasonable detail to effect the liquidation or reorganization.
(c) The plan of dissolution shall include arrangements for:
(1) The discharge or assumption of all of the trust company's known or unknown claims and liabilities;
(2) With respect to each trust of which it serves as a trustee, trust advisor, or trust protector, the appointment of a successor trustee, trust advisor, or trust protector; and
(3) With respect to each other account or arrangement of which it serves as a fiduciary, the appointment of a successor fiduciary.
(d) In connection with any further investigation or examination that the commissioner conducts in accordance with RSA 383-A:6-604, the trust company shall provide to the commissioner any certifications, affidavits, documents, and information with respect to the dissolution as the commissioner may request concerning:
(1) How assets and liabilities will be disposed of;
(2) The timetable for effecting disposition of trust company assets and liabilities; and
(3) The dissolving trust company's proposal for dealing with any claims that are asserted after the dissolution has been completed.

Legislative History

2015, 272:16, eff. Oct. 1, 2015. 2017, 209:19, eff. Sept. 8, 2017. 2019, 169:13, eff. July 10, 2019.