RCW 30B.44B.010
Mutual consent to dissolution and liquidation.
If the director consents, any state trust company may voluntarily place its assets and business under the control of the director for liquidation by a resolution of a majority of its directors or members upon notice to the director. Upon taking possession of the state trust company, the director, or duly appointed agent, shall retain possession thereof until the state trust company is authorized by the director to resume business or until the affairs of the state trust company are fully liquidated as provided in this chapter. A state trust company shall not make any general assignment for the benefit of its creditors except by surrendering possession of its assets to the director, as provided in this section. Whenever any state trust company for any reason suspends operations for any length of time, the state trust company shall, immediately upon such suspension of operations, be deemed in the possession of the director and subject to liquidation under this chapter.
[ 2014 c 37 § 383.]
Structure Revised Code of Washington
Title 30B - Washington Trust Institutions Act
Chapter 30B.44B - State Trust Companies—Involuntary Dissolution and Liquidation.
30B.44B.005 - When director may take possession.
30B.44B.010 - Mutual consent to dissolution and liquidation.
30B.44B.040 - Director's right to take possession may be contested.
30B.44B.050 - Powers and duties of director—Prohibition against liens.
30B.44B.060 - Notice to creditors—Claims.
30B.44B.070 - Executory contract or unexpired lease—Permitted actions by director.
30B.44B.080 - Inventory—List of claims.
30B.44B.090 - Objections to approved claims.
30B.44B.100 - Temporary receiver—Prohibited except in emergency.
30B.44B.110 - Preferences prohibited—Penalty.
30B.44B.120 - Expense of liquidation—Priority for director's expenses.
30B.44B.130 - Liquidation after claims are paid.
30B.44B.140 - Disposition of unclaimed personal property.
30B.44B.150 - Disposition of unclaimed personal property—Final notice—Sale.
30B.44B.160 - Disposition of unclaimed personal property—Monetary funds.