Sec. 36a-221a. Duties of receivers of trust banks and uninsured banks.
Sec. 36a-221a. Duties of receivers of trust banks and uninsured banks. (a)(1)
The receiver of a trust bank or uninsured bank shall, as soon after the receiver's appointment as is practicable, terminate all fiduciary positions the bank holds, surrender all
property held by the bank as a fiduciary and settle the fiduciary accounts. With the
approval of the Superior Court, the receiver of a trust bank or uninsured bank shall
release all segregated and identifiable fiduciary property held by the bank to one or
more successor fiduciaries, and may sell one or more fiduciary accounts to one or more
successor fiduciaries on terms that appear to be in the best interest of the bank's estate
and the persons interested in the property or fiduciary accounts.
(2) Upon the sale or transfer of fiduciary property or a fiduciary account, the successor fiduciary shall be automatically substituted without further action and without any
order of any court. Prior to the effective date of substitution of the successor fiduciary,
the receiver shall mail notice of such substitution to each person to whom such bank
provides periodic reports of fiduciary activity. The notice shall include: (A) The name
of such bank, (B) the name of the successor fiduciary, and (C) the effective date of the
substitution of the successor fiduciary. The provisions of section 45a-245a shall not
apply to the substitution of a fiduciary under this section.
(b) A successor fiduciary shall have all of the rights, powers, duties and obligations
of such bank and shall be deemed to be named, nominated or appointed as fiduciary in
any will, trust, court order or similar written document or instrument that names, nominates or appoints such bank as fiduciary, whether executed before or after the successor
fiduciary is substituted, provided the successor fiduciary shall have no obligations or
liabilities under this section for any acts, actions, inactions or events occurring prior to
the effective date of the substitution.
(c) If commingled fiduciary money held by the trust bank or uninsured bank as
trustee is insufficient to satisfy all fiduciary claims to the commingled money, the receiver shall distribute such money pro rata to all fiduciary claimants of such money
based on their proportionate interest.
(d) For the purpose of this section, "successor fiduciary" has the meaning given to
that term in section 45a-245a.
(P.A. 04-136, S. 29.)
History: P.A. 04-136 effective May 12, 2004.