NY Banking L § 604-A (2021)
2021 New York Laws BNK - Banking Article 13 - Merger; Voluntary Dissolution; Superintendent's Taking Possession; Reorganization; Liquidation 604-A - Transfer of Fiduciary Relationships.

§ 604-a.  Transfer  of  fiduciary  relationships.  1.  If  any banking   institution,  including  a  bank  or  trust  company,  national  banking   association,  savings  bank,  savings  and  loan  association, federally   chartered savings bank, federally chartered savings  association,  or  a   branch  or  agency of a foreign banking corporation licensed pursuant to   article  two  of  this  chapter,  located  in  this  state,  shall  have   transferred  all  or  substantially all of its assets to another banking   institution in a transaction subject  to  this  chapter  pursuant  to  a   written  agreement  between  the  transferor  and transferee whereby the   transferee  has  assumed  the  deposit  liabilities,  if  any,  of   the   transferor  and  has agreed to assume all fiduciary relationships of the   transferor, the transferee may file in the office of the  superintendent   a  certificate  in its name and under its seal, signed by its president,   secretary or cashier, setting forth a copy of such agreement and stating   that the transferee assumes all of the fiduciary  relationships  of  the   transferor  pursuant  to  the  provisions  of  this  section;  provided,   however, that such certificate shall not be filed unless the approval of   the superintendent shall have been endorsed thereon or  annexed  thereto   before  filing.  In  the case of a branch or agency licensed pursuant to   article two of this chapter that seeks to participate in  a  transaction   described in this section, such branch or agency shall be subject to the   application and approval requirements governing acquisition transactions   set  forth  in  sections six hundred one-a and six hundred one-b of this   article.2.  Upon  the  filing  of  such  certificate  in  the  office  of  the   superintendent,  all  of  the property, rights, powers and franchises of   the transferor as  fiduciary  shall  vest  in  the  transferee  and  the   transferee   shall   be  deemed  to  have  assumed  all  of  the  debts,   liabilities, obligations and duties of the transferor as fiduciary,  and   to  have succeeded to all the fiduciary relationships of the transferor,   as fully and with the same effect as is provided in sections one hundred   thirty-six-c and six hundred two of  this  chapter  in  the  case  of  a   merger,  and  any  reference  to  the  transferor  as  fiduciary  in any   capacity, contained in any contract, will or document, whether  executed   or  taking  effect before or after the filing of such certificate in the   office of the superintendent, shall be considered  a  reference  to  the   transferee  if  not  inconsistent  with  the  other  provisions  of  the   contract, will or document.3. For purposes of this section, the fiduciary  relationships  of  the   transferor  shall include all relationships as agent, trustee, guardian,   receiver, committee,  conservator,  executor,  administrator,  or  other   fiduciary  in  any  capacity or for any purpose mentioned in section one   hundred of this chapter, and all  relationships  of  the  transferor  as   bailee or depositary of personal property.4.  This  section  shall  not  be  deemed to authorize a transferee to   assume any fiduciary relationship of a kind which it would not otherwise   have power to undertake and perform. Nothing in this  section  shall  be   deemed  to  authorize  any such transferee to maintain as its own office   any office previously maintained by the transferor,  and  authority,  if   any,  to  maintain  any  such office shall be governed by the applicable   provisions of law other than this section. This  section  shall  not  be   deemed  to  apply to contracts of the transferor for the leasing of safe   deposit boxes or vaults.