North Carolina § 53C-7-205 - Fiduciary powers and liabilities in a combination or a transferring of assets and liabilities.

§ 53C-7-205. Fiduciary powers and liabilities in a combination or a transferring of assets and liabilities.

Whenever any depository institution or any trust institution shall combine with or shall sell to and transfer its assets and liabilities to any other depository institution, trust institution, or other company, as provided by the laws of this State or the United States, all the then existing fiduciary rights, powers, duties, and liabilities of the combining or transferring institution, including the rights, powers, duties, and liabilities as executor, administrator, guardian, trustee, and/or any other fiduciary capacity, whether under appointment by order of court, will, deed, or other instrument, shall, upon the effective date of the combination or sale and transfer, vest in, devolve upon, and thereafter be performed by the surviving or transferee company, and such latter institution shall be deemed substituted for and shall have all the rights and powers of the transferring institution. History (2012-56, s. 4; 2013-29, s. 16.) Effect of Amendments. - Session Laws 2013-29, s. 16, effective April 16, 2013, substituted "in a combination or a transferring of" for "of North Carolina financial institutions combining or transferring" in the section heading; and substituted "depository" for "North Carolina financial," "any trust" for "federally chartered" and "depository institution" for "bank," deleted "doing business in this State" preceding "shall combine with" and "savings institution," following the second occurrence of "trust institution," and added "or" preceding "transferring institution, including."