SECTIONS 4840-4843 - California Statutes

FINANCIAL CODE

SECTION 4840-4843

4840. In this chapter, unless the context otherwise requires:
(a) "Branch business unit" means all or substantially all of the
business of a branch office of a depository corporation.
(b) "Business unit" means a branch business unit, a partial
business unit, or a whole business unit.
(c) "Independent trust company" means a trust company that is
neither a commercial bank nor a title insurance company.
(d) "Fiduciary asset," when used with respect to a depository
corporation that transacts trust business, means any asset that the
depository corporation holds in its capacity as fiduciary.
(e) "Partial business unit" means all or substantially all of any
of the following:
(1) The business of any office, other than the head office, of a
depository corporation.
(2) In the case of a depository corporation that transacts trust
business:
(A) The trust business of the depository corporation, unless the
depository corporation transacts only trust business.
(B) The trust business of any office of the depository
corporation.
(C) The business, other than trust business, of the depository
corporation.
(D) The business, other than trust business, of any office of the
depository corporation.
In addition, "partial business unit" means any deposit, any
fiduciary account, or any portion of the business of a depository
corporation that includes a deposit or fiduciary account and that is
less than substantially all of the business of the depository
corporation.
(f) "Partial trust business unit" means:
(1) In the case of a California state depository corporation that
is an independent trust company:
(A) All or substantially all of the business of any office, other
than the head office, of the depository corporation.
(B) Any partial business unit consisting of one or more fiduciary
accounts and no deposits.
(2) In the case of a California state depository corporation that
is a commercial bank or savings association:
(A) All or substantially all of the trust business of the
depository corporation.
(B) All or substantially all of the trust business of any office,
other than the head office, of the depository corporation.
(C) Any partial business unit consisting of one or more fiduciary
accounts and no deposits.
(g) "Purchaser" means a depository corporation that purchases a
business unit from another depository corporation pursuant to the
provisions of this chapter.
(h) "Seller" means a depository corporation that sells a business
unit to another depository corporation pursuant to the provisions of
this chapter.
(i) "Whole business unit" means all or substantially all of the
business of a depository corporation.

4841. The provisions of Section 1001 of the Corporations Code shall
not apply to any transaction which is subject to this chapter.

4842. If a trust is transferred under this chapter, the transfer
shall be good cause for removal of the trustee under the Trust Law
(Division 9 (commencing with Section 15000) of the Probate Code).

4843. In case a national banking association or federal savings
association that is authorized to transact trust business in this
state sells a partial business unit located in this state of the type
described in paragraph (1) or subparagraph (A) or (B) of paragraph
(2) of subdivision (e) of Section 4840 to a national banking
association or federal savings association pursuant to federal law,
the sale shall:
(a) Have the same effect as provided in subdivision (e) of Section
4879.14 in the case of a sale of the type defined in Section
4879.01.
(b) Be subject to the provisions of Section 4842.