Mississippi Code
Involuntary Dissolution and Liquidation
§ 81-27-8.124. Petition for new trustee

In all cases of insolvency and liquidation provided in this article, the chancery clerk of any county in which such indenture, deed of trust or other instrument of like character is recorded, shall, upon the verified petition of any person interested in any such trust, either as trustee, beneficiary or otherwise, which interest shall be set out in the petition, enter an order directing service on all interested parties either personally or by the publication in some newspaper published in the county, or in some adjoining county if no newspaper is published in the county where such application is made, a notice directed to all persons concerned, commanding and requiring all persons having any interest in the trust, appear in the clerk's office at a day designated in the order and notice, not less than thirty (30) days from the date thereof, and show cause why a new trustee shall not be appointed.

Structure Mississippi Code

Mississippi Code

Title 81 - Banks and Financial Institutions

Chapter 27 - Multistate, State and Limited Liability Trust Institutions

Article 8 - Dissolution and Receivership; Conservatorship

Involuntary Dissolution and Liquidation

§ 81-27-8.101. When commissioner may take charge

§ 81-27-8.102. Directors may act

§ 81-27-8.103. Notice of seizure; bar to attachment

§ 81-27-8.104. Notice to trust institutions, corporations and others holding assets; liens not to accrue

§ 81-27-8.105. Permission to resume business

§ 81-27-8.106. Remedy for seizure; answer to notice, injunction; and appeal

§ 81-27-8.107. Collection of debts and claims; commissioner succeeds to all property of the state trust company

§ 81-27-8.108. Bond of the commissioner; surety; condition; minimum penalty

§ 81-27-8.109. Inventory

§ 81-27-8.110. Notice and time for filing claims

§ 81-27-8.111. Power to reject claims; notice; affidavit of service; action on claims

§ 81-27-8.112. List of claims presented and deposits; copies; proviso

§ 81-27-8.113. Declaration of dividends; order of preference in distribution

§ 81-27-8.114. Deposit of funds collected

§ 81-27-8.115. Employment of counsel; accountants; and other experts; compensation

§ 81-27-8.116. Unclaimed dividends held in trust

§ 81-27-8.117. Action by the commissioner following full settlement

§ 81-27-8.118. Annual report of the commissioner; items included

§ 81-27-8.119. Compensation of the commissioner

§ 81-27-8.120. Exclusive method of liquidation

§ 81-27-8.121. Disposition of books and records

§ 81-27-8.122. Destruction of books and records

§ 81-27-8.123. Trust terminated on insolvency of state trust company

§ 81-27-8.124. Petition for new trustee

§ 81-27-8.125. Publication and notice

§ 81-27-8.126. Appointment where no objection made

§ 81-27-8.127. Hearing upon objection

§ 81-27-8.128. Registration of final order

§ 81-27-8.129. Petition and order applicable to all instruments

§ 81-27-8.130. Additional remedy

§ 81-27-8.131. Report to the Secretary of State