Revised Code of Washington
Chapter 30B.44A - State Trust Companies—Voluntary Dissolution and Liquidation.
30B.44A.070 - Naming of successor trustee upon dissolution of state trust company—Contingency for director as statutory custodian.

RCW 30B.44A.070
Naming of successor trustee upon dissolution of state trust company—Contingency for director as statutory custodian.

(1) In the event of a voluntary dissolution of a trust company pursuant to this chapter, the provisions of RCW 11.98.039 (1), (2), and (3) shall apply, if applicable, to the selection of a successor trustee, subject to the director's option to approve a successor trustee as part of the director's approval of a voluntary liquidation under RCW 30B.44A.020.
(2) If, however, RCW 11.98.039(4) is applicable but a trust beneficiary, trustor, if alive, or trustee does not petition the superior court for appointment of successor trustee within thirty days of the last publication of notice of the voluntary dissolution of the trust company pursuant to RCW 30B.44A.020, then the director may:
(a) Appoint himself or herself as a custodian of any affected trust until such time as the superior court makes a determination of successor trustee; or
(b) At his or her option, bring before the superior court a petition for appointment of a successor trustee, other than an employee or independent contractor of the department, pursuant to chapter 11.96A RCW.
(3) In no event may the director or any employee or independent contractor of the department serve as a successor trustee under chapter 11.98 RCW or as a receiver of trust assets under chapter 7.60 RCW.

[ 2019 c 389 § 61.]

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