Sec. 45a-245a. Successor fiduciary substituted for corporate fiduciary.
Sec. 45a-245a. Successor fiduciary substituted for corporate fiduciary. (a) As
used in this section, "corporate fiduciary" means a bank, out-of-state bank, trust company, or any other corporate entity that is authorized to act as a fiduciary in this state,
and "successor fiduciary" means a corporate fiduciary that is substituted for another
corporate fiduciary under the provisions of this section by reason of the merger or consolidation of corporate fiduciaries, the acquisition of the stock or assets of a corporate
fiduciary, or the transfer by a corporate fiduciary of all or a portion of its trust and
fiduciary business to another corporate fiduciary.
(b) A successor fiduciary shall be substituted as a fiduciary for its predecessor corporate fiduciary following (1) the adoption of corporate resolutions by the successor fiduciary and the predecessor corporate fiduciary providing for the substitution and the
effective date of the substitution and (2) the expiration of the notice period provided in
subsection (c) of this section. A successor fiduciary shall have all of the rights, powers,
duties and obligations of the predecessor corporate fiduciary 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 the predecessor corporate fiduciary as fiduciary, whether executed before or after the successor fiduciary
is substituted; provided, the successor fiduciary shall have no obligations or liabilities
under this subsection for any acts, actions, inactions or events occurring prior to the
effective date of the substitution.
(c) When a successor fiduciary is substituted under this section, the predecessor
corporate fiduciary shall publish notice once each week for three successive weeks in
the form of a legal advertisement in a newspaper having a substantial circulation in the
area in which the principal place of business of the predecessor corporate fiduciary is
located. The notice shall include (1) the name of the predecessor corporate fiduciary,
(2) the name of the successor fiduciary, and (3) the effective date of substitution of the
successor fiduciary, which date may not be earlier than thirty days following the initial
publication date. A copy of such notice shall be mailed by the predecessor corporate
fiduciary to each person to whom the predecessor corporate fiduciary provides periodic
reports of fiduciary activity.
(P.A. 97-306, S. 1, 2.)
History: P.A. 97-306 effective July 8, 1997.