Section 51A-6-18 - Delivery of fiduciary assets by bank to trust company. - South Dakota Statutes

51A-6-18. Delivery of fiduciary assets by bank to trust company. Upon substitution pursuant to this chapter, the bank shall deliver to the trust company all assets held by the bank as fiduciary, except assets held for accounts with respect to which there has been no substitution pursuant to this chapter, and upon such substitution all such assets shall become the property of the trust company, to be held by it as fiduciary, without the necessity of any instrument of transfer or conveyance.

Source: SL 1976, ch 304, § 11; SDCL, § 51-19A-18.