Section 17.17. Effect of trust accounts of appointment of conservator or receiver or voluntary dissolution of association.

 

(1)   Appointment of liquidator, conservator or receiver. Whenever a liquidator, conservator or receiver is appointed for an association, the liquidator, receiver or conservator shall, pursuant to the instructions of the division and the orders of the court having jurisdiction, close such of the association's trust accounts as can be closed promptly and transfer all other trust accounts to substitute fiduciaries.

(2)   Voluntary dissolution. Whenever an association exercising trust powers is placed in voluntary dissolution, the liquidating agent shall, in accordance with local law, proceed at once to liquidate the affairs of the trust department as follows:

(a) All trusts and estates over which a court is exercising jurisdiction shall be closed or disposed of as soon as practicable in accordance with the order or instructions of the court; and

(b) All other accounts which can be closed promptly shall be closed as soon as practicable and final accounting made for the closed accounts and all remaining accounts shall be transferred by appropriate legal proceedings to substitute fiduciaries.

History: Cr. Register, June, 1989, No. 402 , eff. 7-1-89.

Note

This section parallels 12 CFR 550.15 . Microsoft Windows NT 6.1.7601 Service Pack 1