Substitute House Bill No. 6853
          Substitute House Bill No. 6853

              PUBLIC ACT NO. 97-306


AN ACT CONCERNING SUCCESSOR FIDUCIARIES.


    Be  it  enacted  by  the  Senate  and House of
Representatives in General Assembly convened:
    Section  1. (NEW) (a) As used in this section,
"corporate fiduciary" means a  bank,  out-of-state
bank, trust company, or any other corporate entity
that is authorized to act as a fiduciary  in  this
state, and "successor fiduciary" means a corporate
fiduciary  that   is   substituted   for   another
corporate  fiduciary  under the provisions of this
section by reason of the merger  or  consolidation
of  corporate  fiduciaries, the acquisition of the
stock or assets of a corporate fiduciary,  or  the
transfer  by  a  corporate  fiduciary  of all or a
portion of its trust  and  fiduciary  business  to
another corporate fiduciary.
    (b)    A    successor   fiduciary   shall   be
substituted as a  fiduciary  for  its  predecessor
corporate  fiduciary following (1) the adoption of
corporate resolutions by the  successor  fiduciary
and  the predecessor corporate fiduciary providing
for the substitution and the effective date of the
substitution  and (2) the expiration of the notice
period provided in subsection (c) of this section.
A  successor  fiduciary  shall  have  all  of  the
rights, powers,  duties  and  obligations  of  the
predecessor   corporate  fiduciary  and  shall  be
deemed to be  named,  nominated  or  appointed  as
fiduciary  in  any  will,  trust,  court  order or
similar written document or instrument that names,
nominates  or  appoints  the predecessor corporate
fiduciary as fiduciary, whether executed before or
after  the  successor  fiduciary  is  substituted;
provided, the successor fiduciary  shall  have  no
obligations  or  liabilities under this subsection
for  any  acts,  actions,  inactions   or   events
occurring  prior  to  the  effective  date  of the
substitution.
    (c)  When a successor fiduciary is substituted
under  this  section,  the  predecessor  corporate
fiduciary  shall publish notice once each week for
three successive weeks in  the  form  of  a  legal
advertisement  in a newspaper having a substantial
circulation in the area  in  which  the  principal
place  of  business  of  the predecessor corporate
fiduciary is located. The notice shall include (1)
the  name  of the predecessor corporate fiduciary,
(2) the name of the successor fiduciary,  and  (3)
the   effective   date   of  substitution  of  the
successor fiduciary, which date may not be earlier
than thirty days following the initial publication
date. A copy of such notice shall be mailed by the
predecessor  corporate fiduciary to each person to
whom the predecessor corporate fiduciary  provides
periodic reports of fiduciary activity.
    Sec.  2.  This  act shall take effect from its
passage.

Approved July 8, 1997