§ 104.514. Effect on Trust Accounts of Appointment of Conservator or Receiver or Voluntary Dissolution of Association.

(a) Appointment of conservator or receiver. Whenever a conservator or receiver is appointed for an association under Section 9057 or 9126 of the law, such receiver or conservator shall, pursuant to the instructions of the commissioner and the orders of the court having jurisdiction, proceed to close such of the association's trust accounts as can be closed promptly and transfer all other such accounts to substitute fiduciaries.

(b) Voluntary dissolution. Whenever an association exercising trust powers is placed in voluntary dissolution, the liquidating agent shall, in accordance with local 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 instructions 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

1. Change without regulatory effect renumbering former Section 245.15 to Section 104.514 (Register 87, No. 14). For prior history, see Register 81, No. 25.

Note

Note: Authority cited: Section 5500.5, Financial Code. Reference: Title 10, Calif. Adm. Code, Chapter 2, Subchapter 3, Article 5 (Section 103.500) and Subchapter 4, Article 5 (Section 104.500 et seq.); and Sections 5003 and 5501.5, Financial Code.