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§ 408. Transfer of fiduciary accounts

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and BankingEffective: December 24, 2012

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 7 P.S. Banks and Banking (Refs & Annos)
Banking Code of 1965 (Refs & Annos)
Chapter 4. Fiduciary and Other Representative Powers (Refs & Annos)
Effective: December 24, 2012
7 P.S. § 408
§ 408. Transfer of fiduciary accounts
(a) Deleted by 2012, Oct. 24, P.L. 1336, No. 170, § 22, effective in 60 days [Dec. 24, 2012].
(b) Transfer of accounts--Provided that an institution is directly involved in the transaction, with the prior written approval of, and in accordance with the terms and conditions of transfer prescribed by, the department, and upon completion of the notice procedures of subsection (c) without objection, a bank holding company with a subsidiary institution, national bank or Federal savings bank located in this Commonwealth may cause the transfer of one or more of the accounts with a situs in this Commonwealth and held in any capacity provided for under section 4021 of one or more of the institutions, national banks or Federal savings banks controlled by such bank holding company to either:
(i) another of such institutions, national banks or Federal savings banks; or
(ii) a newly formed institution, national bank or Federal savings bank also controlled by such bank holding company.
(c) Notice procedure--Notwithstanding the provisions of 20 Pa.C.S. (relating to decedents, estates and fiduciaries), prior to effecting a transfer of one or more accounts under subsection (b), a bank holding company shall cause notice that such a transfer will take place to be given to the settlor of the account, or if the settlor is deceased, to persons who are readily ascertainable as beneficiaries of the account by their receipt of statements of the account. Such notice shall also be given to any co-fiduciary of the account. If the persons or their legal representatives or guardians, in the case of minor children or incompetents, to whom the notice required by this subsection has been given, do not make written objection to the institution, national bank or Federal savings bank then acting as fiduciary of the account or to the holding company which issued the notice within 15 days of the date the notice was mailed, then the holding company may complete the transfer of the account.
(d) Effect of transfer--If a bank holding company completes a transfer as described in subsections (b) and (c), the institution, national bank or Federal savings bank to which the fiduciary accounts of the other institutions, national banks or Federal savings banks have been transferred shall be automatically substituted by reason of such transfer as fiduciary of all accounts held in that capacity by such transferring institutions, national banks or Federal savings banks, without further action and without any order or decree of any court or public officer and shall have all the rights and be subject to all the obligations of such transferring institutions, national banks or Federal savings banks as fiduciary.

Credits

1965, Nov. 30, P.L. 847, No. 356, § 408, added 1984, Dec. 18, P.L. 1087, No. 217, § 1, imd. effective. Amended 2012, Oct. 24, P.L. 1336, No. 170, § 22, effective in 60 days [Dec. 24, 2012].

Footnotes

7 P.S. § 402.
7 P.S. § 408, PA ST 7 P.S. § 408
Current through 2022 Regular Session Act 40. Some statute sections may be more current, see credits for details.
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