Section 23-47-806 - Responsibility for acts and omissions

(a) The bank holding company owning a subsidiary trust company or national trust company shall file with the Bank Commissioner an irrevocable undertaking to be fully responsible for the existing and future fiduciary acts and omissions of its subsidiary trust company or national trust company.(b) If an affiliated bank has given bond to secure performance of its duties and the subsidiary trust company or national trust company qualifies as successor fiduciary, the subsidiary trust company or national trust company shall give bond to secure performance of its duties in the same manner.Acts 1997, No. 89, § 1.