Section 51A-6-16 - Court order substituting trust company for affiliated bank--Filing of copies. - South Dakota Statutes

51A-6-16. Court order substituting trust company for affiliated bank--Filing of copies. Upon finding that the trust company has been duly authorized to commence the business for which it is organized in this state, or by the comptroller of the currency if the trust company is affiliated with a national bank, and that it has made the deposit required by § 51A-5-4, the circuit court shall enter an order substituting the trust company in every fiduciary capacity for a specified affiliated bank, except as may be otherwise specified in the application. Upon entry of the order, the trust company shall, without further act, be substituted in every such fiduciary capacity, and the substitution may be evidenced by filing a copy of the order with the register of deeds in any county of this state.

Source: SL 1976, ch 304, § 9; SL 1984, ch 315; SL 1988, ch 377, § 123; SDCL § 51-19A-16; SL 2008, ch 258, § 2.