§ 23-49-114 - Appointment of successor to fiduciary and representative proceedings. - Arkansas Statutes

23-49-114. Appointment of successor to fiduciary and representative proceedings.

(a) (1) The receiver, with the approval of the chancery court, may appoint one (1) or more successors to any or all of the rights, obligations, assets, deposits, agreements, and trusts held by the closed institution as trustee, administrator, executor, guardian, agent, and all other fiduciary or representative capacities.

(2) The approval may be obtained in connection with the proceedings authorized under 23-49-108.

(3) (A) A successor's duties and obligations begin upon appointment to the same extent binding upon the closed institution and as though the successor had originally assumed the duties and obligations.

(B) Specifically, a successor shall be appointed to administer trusteeships, administrations, executorships, guardianships, agencies, and other fiduciary or representative proceedings to which the closed institution is named or appointed in wills, whenever probated, or to which it is appointed by any other instrument, court order, or by operation of law.

(b) This section shall not impair any right of the grantor or beneficiaries of trust assets to secure the appointment of a substituted trustee or manager.

(c) Within thirty (30) days after appointment, a successor shall give written notice, insofar as practical, that the successor has been appointed in accordance with applicable law to all interested parties named in:

(1) The books and records of the closed institution; and

(2) Trust documents held by it.