Chapter 30B.44B RCW

STATE TRUST COMPANIESINVOLUNTARY DISSOLUTION AND LIQUIDATION

Sections

30B.44B.005When director may take possession.
30B.44B.010Mutual consent to dissolution and liquidation.
30B.44B.020Other requirements for involuntary dissolution and liquidation.


30B.44B.005
When director may take possession.

(1) After the expiration of thirty days from the director's written notice to correct an unsafe condition of the state trust company, the director may take possession of the business and property of a state trust company to which this title is applicable whenever it appears that the state trust company:
(a) Has violated the terms of its certificate of authority or any laws applicable thereto;
(b) Is conducting its business in an unauthorized or unsafe manner;
(c) Is in an unsafe or unsound condition to transact its business;
(d) Has an impairment of its capital;
(e) Has become otherwise insolvent;
(f) Has neglected or refused to comply with the terms of a duly issued lawful order of the director;
(g) Has refused, upon proper demand, to submit its records, affairs, and concerns for inspection and examination of a duly appointed or authorized examiner of the director;
(h) Through its officers, has refused to be examined upon oath regarding its affairs; or
(i) Has made a voluntary assignment of its assets to trustees.
(2) Notwithstanding the notice requirement in subsection (1) of this section, the director may without notice seize and take immediate possession of a state trust company if it appears to the director that the conditions of the state trust company are so hazardous that they pose an imminent threat to the general public or the interests of the state trust company's clients.



30B.44B.010
Mutual consent to dissolution and liquidation.

If the director consents, any state trust company may voluntarily place its assets and business under the control of the director for liquidation by a resolution of a majority of its directors or members upon notice to the director. Upon taking possession of the state trust company, the director, or duly appointed agent, shall retain possession thereof until the state trust company is authorized by the director to resume business or until the affairs of the state trust company are fully liquidated as provided in this chapter. A state trust company shall not make any general assignment for the benefit of its creditors except by surrendering possession of its assets to the director, as provided in this section. Whenever any state trust company for any reason suspends operations for any length of time, the state trust company shall, immediately upon such suspension of operations, be deemed in the possession of the director and subject to liquidation under this chapter.



30B.44B.020
Other requirements for involuntary dissolution and liquidation.

(1) To the greatest extent consistent with this title, the standards, terms and conditions, and procedures for involuntary dissolution and liquidation of a state trust company shall conform to the provisions of chapter 30A.44 RCW, excluding RCW 30A.44.010, 30A.44.020, and 30A.44.270 related to involuntary dissolution and liquidation of a bank, including the right to judicially contest the director's action as provided in RCW 30A.44.030.
(2) The director may by rule establish a uniform set of procedures consistent with this chapter.