Washington Code 30B.38.080 – Notice of subsequent merger, closing, etc
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Each out-of-state trust institution that maintains an office in Washington state or otherwise conducts trust business in Washington state pursuant to this chapter, or the home state regulator of such trust institution, shall give at least thirty days’ prior written notice, or in the case of an emergency transaction, such shorter notice as is consistent with applicable state or federal law, to the director of:
Terms Used In Washington Code 30B.38.080
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bank: has the meaning set forth in 12 U. See Washington Code 30B.04.005
- Company: includes a bank, trust company, corporation, limited liability company, partnership, association, business trust, or another trust. See Washington Code 30B.04.005
- Director: means the director of the Washington state department of financial institutions. See Washington Code 30B.04.005
- Home state: means :
Washington Code 30B.04.005Out-of-state trust institution: means a trust institution that is not a state trust company under this title. See Washington Code 30B.04.005 Person: means an individual, a company, or any other legal entity. See Washington Code 30B.04.005 State: means a state of the United States, the District of Columbia, a territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands. See Washington Code 30B.04.005 Trust business: means the performance of, or holding out by, a person to the public by advertisement, solicitation, or other means that the person is available to perform one or more of the essential functions of trust business set forth in RCW 30B. See Washington Code 30B.04.005 Trust institution: means a depository institution or foreign bank engaged in trust business, or a trust company. See Washington Code 30B.04.005
(1) Any merger, consolidation, or other transaction that would cause a change of control with respect to such out-of-state trust institution or any bank holding company that controls such trust institution, as determined by the definition of “control” set forth in RCW 30B.53.005;
(2) Any transfer of all or substantially all of the trust accounts or trust assets of the out-of-state trust institution to another person; or
(3) The closing or disposition of any office in Washington state.