Washington Code 30B.53.080 – Sale of assets
Current as of: 2023 | Check for updates
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(1) The board of a state trust company, with the director‘s approval, may cause a state trust company to sell all or substantially all of its assets, including the right to control accounts established with the trust company, without shareholder or participant approval if the director finds:
Terms Used In Washington Code 30B.53.080
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Company: includes a bank, trust company, corporation, limited liability company, partnership, association, business trust, or another trust. See Washington Code 30B.04.005
- Department: means the Washington state department of financial institutions. See Washington Code 30B.04.005
- Director: means the director of the Washington state department of financial institutions. See Washington Code 30B.04.005
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Shareholder: means the holder of a share as defined in this section. See Washington Code 30B.04.005
- State: means a state of the United States, the District of Columbia, a territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands. See Washington Code 30B.04.005
- State trust company: means a corporation or a limited liability company organized or reorganized under this title, including a trust company organized under the laws of Washington state before January 5, 2015. See Washington Code 30B.04.005
- Trust company: means a state trust company or any other company chartered to act as a fiduciary that is neither a depository institution nor a foreign bank. See Washington Code 30B.04.005
(a) The interests of the state trust company’s clients, depositors, and creditors are jeopardized because of insolvency or imminent insolvency of the state trust company; and
(b) The sale is in the best interest of the state trust company’s clients and creditors.
(2) A sale under this section must include an assumption and promise by the buyer to pay or otherwise discharge:
(a) All of the state trust company’s liabilities to clients and depositors;
(b) All of the state trust company’s liabilities for salaries of the state trust company’s employees incurred before the date of the sale;
(c) Obligations incurred by the director arising out of the supervision or sale of the state trust company; and
(d) Fees and assessments due the department.
(3) This section does not limit the incidental power of a state trust company to buy and sell assets in the ordinary course of business.
(4) This section does not affect the director’s authority to take action under another law.
(5) The sale by a trust company of all or substantially all of its assets with shareholder or participant approval is considered a voluntary dissolution and liquidation and is governed by the voluntary dissolution and liquidation provisions of chapter 30A.44 RCW.
[ 2014 c 37 § 396.]