Sec. 3. (a) The department may appoint a conservator for a corporate fiduciary if the department determines that: (1) one (1) or more grounds for the appointment of a receiver under IC 28-1-3.1-2 (a) exist with respect to the corporate fiduciary; or (2) the appointment of a conservator is necessary to conserve the assets of the corporate fiduciary for the benefit of: (A) creditors of the corporate fiduciary; (B) the beneficiaries of trusts and other fiduciary accounts administered by the corporate fiduciary; or (C) other persons for whom the corporate fiduciary acts in a fiduciary capacity. (b) A conservator appointed under this section shall give any bond or security that the department considers appropriate. (c) The department may appoint any competent and disinterested person as a conservator under this section.
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