The commissioner or board may close and liquidate a state trust company on finding that the interests of its clients and creditors are jeopardized by the state trust company’s insolvency or imminent insolvency or that the best interests of clients and creditors would be served by requiring that the state trust company be closed and its assets liquidated. A majority of the state trust company’s directors, managers, or managing participants may voluntarily close the state trust company and place it with the commissioner for liquidation.

Terms Used In North Dakota Code 6-07.1-01

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • board: when used in this title includes the state banking board and the state credit union board. See North Dakota Code 6-01-03
  • Commissioner: means the commissioner of financial institutions. See North Dakota Code 6-01-02
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
  • Trust company: means any corporation formed for the purpose of transacting business as an annuity, safe deposit, surety, or trust company. See North Dakota Code 6-01-02
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