(a) Fiduciary accounts--If a party to a plan of merger or consolidation was authorized to act in a fiduciary capacity and if the resulting institution, resulting national bank or resulting interstate bank is similarly authorized, the resulting institution, resulting national bank or resulting interstate bank shall be automatically substituted by reason of the merger or consolidation as fiduciary of all accounts held in that capacity by such party to the plan, 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 party as fiduciary.

(b) Appointments--No designation, nomination or appointment as fiduciary of a party to a plan of merger or consolidation shall lapse by reason of the merger or consolidation. The resulting institution, resulting national bank or resulting interstate bank shall, if authorized to act as fiduciary, be entitled to act as fiduciary pursuant to each such designation, nomination or appointment to the same extent as the party to the plan so named could have acted in the absence of the merger or consolidation.

(c) Application for new fiduciary--Any person with an interest in an account held in a fiduciary capacity by a party to a plan of merger or consolidation may, within sixty days after the effective date of the merger or consolidation, apply to the appropriate court or public officer for the appointment of a new fiduciary to replace the resulting institution, resulting national bank or resulting interstate bank on the ground that the merger or consolidation will adversely affect the administration of the fiduciary account. The court or public officer shall have the discretion to appoint a new fiduciary to replace the resulting institution, resulting national bank or resulting interstate bank if it should find, upon hearing after notice to all parties in interest, that the merger or consolidation will adversely affect the administration of the fiduciary account and that the appointment of a new fiduciary will be in the best interests of the beneficiaries of the fiduciary account. This provision shall be in addition to any other provision of law governing the removal of fiduciaries and shall be subject to the terms upon which the party to the plan which held the fiduciary account was designated as fiduciary.