524.1009 Succession to fiduciary accounts and appointments — merger. 1. If a party to a plan of merger was authorized to act in a fiduciary capacity and if the resulting bank is similarly authorized, the resulting bank shall be automatically substitutedby reason of the merger as fiduciary of all accounts held in that capacity by such party tothe plan of merger, without further action and without any order or decree of any court orpublic officer, and shall have all the rights and be subject to all the obligations of such partyas fiduciary. 2. No designation, nomination, or appointment as fiduciary of a party to a plan of merger shall lapse by reason of the merger. The resulting bank, if authorized to act in a fiduciarycapacity, shall be entitled to act as fiduciary pursuant to each designation, nomination, orappointment to the same extent as the party to the plan of merger so named could have actedin the absence of the merger. 3. The relinquishing bank shall provide, at least twenty days preceding the effective date for the succession of the fiduciary accounts, notice of the pending succession, as required bychapter 633, 633A, 633B, or any other applicable chapter, to all persons ays preceding the effective date for the succession of the fiduciary accounts, notice of the pending succession, as required bychapter 633, 633A, 633B, or any other applicable chapter, to all persons shown in the recordsof the relinquishing bank to have a beneficial interest in the fiduciary accounts or entitledto notice or an accounting under the terms of the will, trust instrument, or other governinginstrument of the fiduciary account, chapter 633, 633A, or 633B, or other applicable statuteunder which the relinquishing bank has been operating as a fiduciary. In order to account forunknown or prospective appointments, the relinquishing bank shall publish a notice of thesuccession to fiduciary accounts in a newspaper published in the county of the principal placeof business of the relinquishing bank, and the notice must be published on the relinquishingbank’s internet site for at least twenty days preceding the effective date of the merger. Forany fiduciary accounts that are employee benefit plans, the relinquishing bank may satisfythis subsection by sending the required notice to the plan sponsors. 4. the effective date of the merger. Forany fiduciary accounts that are employee benefit plans, the relinquishing bank may satisfythis subsection by sending the required notice to the plan sponsors. 4. Any person with an interest in an account held in a fiduciary capacity by a party to a plan of merger may, within sixty days after the mailing and publication of the notice, applyto the district court in the county in which the notice is published for the appointment of anew fiduciary to replace the resulting bank on the ground that the merger will adverselyaffect the administration of the fiduciary account. The court shall have the discretion toappoint a new fiduciary to replace the resulting bank if it should find, upon hearing afternotice to all interested parties, that the merger will adversely affect the administration of thefiduciary account and that the appointment of a new fiduciary will be in the best interests ofthe beneficiaries of the fiduciary account. This provision is in addition to any other provisionof law governing the removal of fiduciaries and is subject to the terms upon which the partyto the plan of merger which held the fiduciary account was designated as in addition to any other provisionof law governing the removal of fiduciaries and is subject to the terms upon which the partyto the plan of merger which held the fiduciary account was designated as fiduciary. 5. The resulting bank shall record a copy of the articles of merger in the county recorder’s office of all counties in which the fiduciary accounts of the relinquishing bank owned realestate prior to the effective date of the merger. 95 Acts, ch 148, §92; 2022 Acts, ch 1062, §98Referred to in §524.1418 Sat Dec 23 01:19:07 2023 Iowa Code 2024, Section 524.1009 (25, 0)
Iowa Legal Code