Connecticut General Statutes 36a-237g – Disposition of fiduciary records re fiduciary accounts of trust banks and uninsured banks
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(a) All fiduciary records relating to the administration of fiduciary accounts of a trust bank or uninsured bank shall be turned over to the successor fiduciary, as defined in § 45a-245a, in charge of administration of the accounts. The receiver may devise a method for the effective, efficient and economical maintenance of all other records of the trust bank or uninsured bank and of the receiver’s office.
Terms Used In Connecticut General Statutes 36a-237g
- Bank: means a Connecticut bank or a federal bank. See Connecticut General Statutes 36a-2
- Devise: To gift property by will.
- Fiduciary: means a person undertaking to act alone or jointly with others primarily for the benefit of another or others in all matters connected with its undertaking and includes a person acting in the capacity of trustee, executor, administrator, guardian, assignee, receiver, conservator, agent, custodian under the Connecticut Uniform Gifts to Minors Act or the Uniform Transfers to Minors Act, and acting in any other similar capacity. See Connecticut General Statutes 36a-2
- Fiduciary: A trustee, executor, or administrator.
- Trust bank: means a Connecticut bank organized to function solely in a fiduciary capacity. See Connecticut General Statutes 36a-2
- Uninsured bank: means a Connecticut bank that does not accept retail deposits and for which insurance of deposits by the Federal Deposit Insurance Corporation or its successor agency is not required. See Connecticut General Statutes 36a-2
(b) On approval by the Superior Court, the receiver may dispose of records of the trust bank or uninsured bank in receivership that are obsolete and unnecessary to the continued administration of the receivership proceeding.