entities engaged in trust business -- Succession of rights and duties -- Petition for appointment of another trust company. (1) As used in this section: (a) "Eligible trust company" means any of the following that is authorized under this chapter or the laws of the United States to engage in the trust business in this state: (i) a trust company; (ii) a depository institution; or (iii) a corporation. (b) "Reorganization" means: (i) the creation by a trust company of a subsidiary corporation that is: (A) wholly owned by that trust company; and (B) organized solely for the purpose of conducting all or any portion of the trust business of that trust company; or (ii) a merger or other combination between a trust company and: (A) a wholly owned trust company subsidiary of that trust company; or (B) a wholly owned trust company subsidiary of the depository institution holding company that owns or controls that trust company. (2) Notwithstanding any provision of law to the contrary, an eligible trust company may, subject to Sections 7-1-702, 7-1-704, and 7-1-705: (a) (i) merge or consolidate with another eligible trust company; (ii) acquire control of another eligible trust company; (iii) acquire all or a portion of the assets and trust business of another eligible trust company; (iv) assume all or any portion of the liabilities of another eligible trust company; (v) transfer control to another eligible trust company; (vi) transfer all or a portion of the trust company's assets and trust business to another eligible trust company; or (vii) transfer all or a portion of the trust company's liabilities to another eligible trust company; or (b) conduct a reorganization. (3) (a) Subject to Subsection (3)(b), upon final approval by the commissioner of a merger, a consolidation, an acquisition of control, an acquisition of assets, an assumption of liabilities, or a reorganization, and upon written notice of the final approval to each person entitled to and then receiving trust accountings from the transferring or reorganizing trust company, the resulting or acquiring trust company shall, without court proceedings or a court order, succeed to: (i) the transferring or reorganizing trust company's rights, privileges, duties, obligations, and undertakings under all trust instruments, agency and fiduciary relationships and arrangements; and (ii) all other trust business the transferring or reorganizing trust company transferred and acquired in accordance with this section. (b) (i) Except as provided otherwise in the relevant trust instrument, an interested person may, not more than 30 days after the day on which the interested person receives written notice of the merger, consolidation, acquisition, transfer, or reorganization, petition a court with jurisdiction to appoint another or succeeding trust company with respect to an agency or fiduciary relationship affecting that interested person. (ii) Until the court appoints another or succeeding trust company in accordance with Subsection (3)(b)(i), the acquiring or resulting trust company may act as agent or fiduciary with respect to the agency or fiduciary relationship. Renumbered and Amended by Chapter 112, 2026 General Session
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