Section 51A-6-21 - Effect of merger or consolidation--Rights and obligations of resulting national bankand trust company--Termination and surrender of charter of merging or consolidatingtrust company.
51A-6-21. Effect of merger or consolidation--Rights and obligations of resulting national bank and trust company--Termination and surrender of charter of merging or consolidating trust company. If a trust company has merged or consolidated with a national bank, the resulting national bank and trust company shall be considered the same business and corporate entity as the former bank and trust company and as a continuation thereof, and the ownership and title to all properties and assets and the obligations and liabilities of the merging or consolidating trust company shall automatically pass to and become the properties and assets and the obligations and liabilities of the resulting national bank and trust company and shall be deemed to be transferred to and vested in the resulting national bank and trust company without any deed or other transfer. Such resulting national bank and trust company, by virtue of such consolidation or merger and without any order or other action on the part of any court or otherwise, shall hold and enjoy the same and all rights of property, franchises and interests, including appointments, designations, and nominations and all other rights and interests as trustee, personal representative, registrar of stocks and bonds, conservator, assignee, receiver and in every other fiduciary capacity, in the same manner and to the same extent as such rights, franchises, and interests were held or enjoyed by any such merging or consolidating trust company at the time of such merger or consolidation. Upon the merger or consolidation, the charter of the merging or consolidating trust company shall automatically terminate and shall be surrendered to the division.
Source: SL 1986, ch 401, § 2; SDCL § 51-19A-21; SL 1993, ch 213, § 251.