§ 53-420. Affiliate transfers authorized; procedure.
Part 7. Affiliate Transfers;Agent Appointments.
§ 53‑420. Affiliatetransfers authorized; procedure.
(a) A trust institutionmay make an affiliate transfer of one or more accounts subject to theprovisions of this Part unless the provisions governing the account explicitlyprovide that an affiliate transfer shall not be made.
(b) The affiliatetransfer shall be made pursuant to a written agreement between the transferringtrust institution and the transferee trust institution.
(c) Between 90 and 30days prior to the proposed date of the affiliate transfer, the transferringtrust institution shall give written notice of the proposed affiliate transferto all clients and other persons to whom the transferring trust institutionlast sent reports or statements for the account or to whom the next regularreport or statement would be sent. The notice shall include the followinginformation:
(1) A brief descriptionof the proposed affiliate transfer.
(2) The client's rightto object in writing to the affiliate transfer, and the physical and mailingaddresses to which the written objection may be sent; the transferring trustinstitution also may provide electronic mail or facsimile addresses, or both,as additional methods for giving written notice of objection.
(3) The date upon whichthe affiliate transfer is proposed to be effective.
(4) The identity,mailing address, and telephone number of one or more employees of thetransferee trust institution who can respond to inquiries if the affiliatetransfer is complete.
(5) The identity,mailing address, and telephone number of one or more employees of thetransferring trust institution who can respond to inquiries about the proposedaffiliate transfer.
(d) Notices shall besent to the addresses for clients or their representatives on record with thetransferring trust institution and shall be effective upon receipt. Noticesshall be deemed received three days after they have been posted for mailingwith the United States Postal Service or deposited for delivery with a reputablecourier service, with all postage or delivery charges prepaid. (2005‑274, s. 2.)