04 NCAC 16K .0114. EFF. OF APPT.: CONSERVATOR/RECEIVER: VOLUNTARY DISSOLUTION

(a)  Whenever a conservator or receiver is appointed for a savings institution, such receiver or conservator shall, pursuant to the instructions of the Administrator and the orders of any court having jurisdiction, proceed to close such of the savings institution's trust accounts as can be closed promptly and transfer all other such accounts to substitute fiduciaries.

(b)  Whenever a savings institution exercising trust powers is placed in voluntary dissolution, the liquidating agent shall, in accordance with North Carolina law, proceed at once to liquidate the affairs of the trust department as follows:

(1)           All trusts and estates over which a court is exercising jurisdiction shall be closed or disposed of as soon as practicable in accordance with the order or instruction of such court; and

(2)           All other accounts which can be closed promptly shall be closed as soon as practicable and final accounting made therefor, and all remaining accounts shall be transferred by appropriate legal proceedings to substitute fiduciaries.

 

History Note:        Filed as a Temporary Amendment Eff. October 2, 1991 for a period of 180 days to expire on

March 31, 1992;

Statutory Authority G.S. 54B‑55; 54B‑77; 54C‑53; 54C‑146;

Eff. November 1, 1982;

Amended Eff. February 15, 1992.