Oklahoma § 6-1739 - Acquisition of state trust company or trust institution

§ 6-1739. Acquisition of state trust company or trust institution

A. Subject to the provisions of this section, a trust

institution may purchase assets of a state trust company or trustrelated assets of another trust institution, including the right to

control accounts established with the trust institution. Except as

otherwise expressly provided by this section or any other law, the

purchase of all or part of the assets of the trust institution does

not make the purchasing trust institution responsible for any

liability or obligation of the selling trust institution that the

purchasing trust institution does not expressly assume. Except as

otherwise provided by this act, this section does not govern or

prohibit the purchase by a state trust institution of all or part of

the assets of a corporation or other entity that is not a trust

institution.

B. If the acquiring institution is a state bank, a state trust

company, an out-of-state trust institution which maintains neither a

branch nor a trust office in this state, or a savings association

chartered under the laws of this state, an application in the form

required by the Commissioner shall be filed with the Commissioner

for any acquisition of all or substantially all of:

1. The assets of a state trust company; or

2. The trust assets of another trust institution.

C. The Commissioner shall investigate the condition of the

purchaser and seller and may require the submission of additional

information as considered necessary to make an informed decision.

The Commissioner shall approve the purchase if:

1. The acquiring trust institution will be solvent and have

sufficient capitalization for its business and location;

2. The acquiring trust institution has complied with all

applicable statutes and rules including without limitation any

applicable requirements of Sections 26 through 35 of this act;

3. All fiduciary obligations and liabilities of the parties

have been properly discharged or otherwise assumed by the acquiring

trust institution;

4. All conditions imposed by the Commissioner have been

satisfied or otherwise resolved; and

5. All fees and costs have been paid.

D. A purchase requiring an application pursuant to subsection B

of this section is effective on the date of approval, unless the

Oklahoma Statutes - Title 6. Banks and Trust Companies

purchase agreement provides for, and the Commissioner consents to, a

different effective date.

E. The acquiring trust institution shall succeed by operation

of law to all of the rights, privileges and obligations of the

selling trust institution under each account included in the assets

acquired.

Added by Laws 1998, c. 104, § 35, eff. Nov. 1, 1998.