reglab/statecodes huggingface dataset:
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.38 - Out-of-State Trust Institutions. › 30B.38.100 - State trust company operating in another state—Approval of director.

RCW 30B.38.100
State trust company operating in another state—Approval of director.
(1) Upon written approval of the director, a state trust company may conduct the business of a trust company in a host state, subject to the authority, requirements, and restrictions of the host state, or as otherwise directed by a cooperative agreement between the department and the host state.
(2) The director may enter into a cooperative agreement with the host state regulator of the host state in which a state trust company is permitted to and conducts the business of a trust company and may permit the host state regulator to periodically examine the affairs of the state trust company in the host state.
(3) The director may rely upon the examination of the host state regulator in lieu of the department itself conducting an examination of the state trust company's conduct in the host state.
[ 2019 c 389 § 53.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.44A - State Trust Companies—Voluntary Dissolution and Liquidation. › 30B.44A.005 - Required vote of shareholders.

RCW 30B.44A.005
Required vote of shareholders.
A state trust company may go into voluntary liquidation and be closed, and may surrender its certificate of authority and franchise as a corporation or limited liability company of Washington state by the affirmative votes of its shareholders owning two-thirds of its shares.
[ 2019 c 389 § 55; 2014 c 37 § 376.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.44A - State Trust Companies—Voluntary Dissolution and Liquidation. › 30B.44A.010 - Corporate procedure.

RCW 30B.44A.010
Corporate procedure.
(1) Shareholder action to liquidate a state trust company shall be taken at a meeting of the shareholders duly called and noticed as provided for in Title 23B RCW, if the state trust company is a corporation, and as provided in chapter 25.15 RCW, if the state trust company is a limited liability company.
(2) If the shareholders shall, by the required vote, elect to liquidate the state trust company, a copy of all proceedings of the meeting at which such action shall have been taken, verified by the oath of the president or manager and the secretary, shall be transmitted to the director for approval.
[ 2019 c 389 § 56; 2014 c 37 § 377.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.44A - State Trust Companies—Voluntary Dissolution and Liquidation. › 30B.44A.020 - Authority to liquidate—Notice.

RCW 30B.44A.020
Authority to liquidate—Notice.
(1) If the director approves the liquidation, the director shall issue to the state trust company written notice of approval for such purpose.
(2) Such approval shall be deemed granted unless the director issues a written determination, no later than sixty days from notice by the state trust company to voluntarily liquidate, that adequate provision has not been made to satisfy all allowable creditors and further provide for successor trustees or other disposition of all trust assets under management.
(3) If the director has made such a determination within the time set forth in subsection (2) of this section, the director is authorized to take possession of the state trust company and its assets and business and liquidate it in the manner provided for in chapter 30B.44B RCW.
(4) If the director approves the voluntary liquidation of a state trust company under this chapter, the state trust company shall provide notice to creditors and the public of voluntary dissolution in the manner provided for in Title 23B RCW, if the state trust company is a corporation, and chapter 25.15 RCW, if the state trust company is a limited liability company.
[ 2019 c 389 § 57; 2014 c 37 § 378.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.44A - State Trust Companies—Voluntary Dissolution and Liquidation. › 30B.44A.030 - Examination and reports.

RCW 30B.44A.030
Examination and reports.
While a state trust company is in process of voluntary liquidation under this chapter, it is subject to examination by the director and shall continue to furnish to the director such reports as required of a state trust company.
[ 2019 c 389 § 58; 2014 c 37 § 379.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.44A - State Trust Companies—Voluntary Dissolution and Liquidation. › 30B.44A.040 - Unclaimed property and moneys.

RCW 30B.44A.040
Unclaimed property and moneys.
(1) All unclaimed property remaining in the possession of a state trust company that has been voluntarily liquidated according to this chapter is subject to the provisions of chapter 11.08 RCW, except to the extent set forth in this section.
(2) Any funds, less outstanding fees and assessments owed to the director under RCW 30A.04.070, payment of allowable third-party claims, and disposition of fiduciary assets in compliance with this title, which remain uncalled for and unpaid at the conclusion of the state trust company's voluntary liquidation, shall be transmitted to the director and shall be deposited by him or her in a bank to the director's credit in trust for the benefit of any persons entitled thereto, and shall be paid by the director to such persons upon receipt of evidence, reasonably satisfactory to the director, of such persons' rights to such funds.
(3) All moneys so deposited remaining unclaimed for two years after deposit shall escheat to the state for the benefit of the state financial literacy and education programs as authorized by RCW 43.320.150 and administered by the department or, in the absence of such programs, as otherwise directed by the state treasurer.
(4) It shall not be necessary to have the escheat adjudged in a suit or action.
[ 2019 c 389 § 60; 2014 c 37 § 380.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.44A - State Trust Companies—Voluntary Dissolution and Liquidation. › 30B.44A.050 - Sale and transfer of property—Conditions for sale without shareholder approval.

RCW 30B.44A.050
Sale and transfer of property—Conditions for sale without shareholder approval.
(1) Any state trust company may sell and transfer to any other trust institution all of its assets of every kind upon such terms as may be agreed upon and approved by the director and by two-thirds vote of its shareholders.
(2) A copy of the minutes of any meeting at which such action is taken, together with a copy of the asset purchase agreement, shall be filed with the director.
(3) Notwithstanding any other provision of this title, the board of a state trust company, with the director's approval, may cause a state trust company to sell all or substantially all of its assets, including the right to control accounts established with the trust company, without shareholder or participant approval if the director finds:
(a) The interests of the state trust company's clients and creditors are jeopardized because of insolvency or imminent insolvency of the state trust company; and
(b) The sale is in the best interest of the state trust company's clients and creditors.
(4) A sale under this section must include an assumption and promise by the buyer to pay or otherwise discharge:
(a) All of the state trust company's liabilities to clients and depositors;
(b) All of the state trust company's liabilities for salaries of the state trust company's employees incurred before the date of the sale;
(c) Obligations incurred by the director arising out of the supervision or sale of the state trust company; and
(d) Fees and assessments due the department.
(5) This section does not limit the incidental power of a state trust company to buy and sell assets in the ordinary course of business.
(6) This section does not affect the director's authority to take action under state law.
[ 2019 c 389 § 62; 2014 c 37 § 381.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.44A - State Trust Companies—Voluntary Dissolution and Liquidation. › 30B.44A.060 - Procedures for voluntary liquidation.

RCW 30B.44A.060
Procedures for voluntary liquidation.
Except as set forth in this chapter to the contrary, the procedures for voluntary liquidation of a state trust company shall be consistent with Title 23B RCW, if the state trust company is a corporation, and chapter 25.15 RCW, if the state trust company is a limited liability company.
[ 2019 c 389 § 59.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.44A - State Trust Companies—Voluntary Dissolution and Liquidation. › 30B.44A.070 - Naming of successor trustee upon dissolution of state trust company—Contingency for director as statutory custodian.

RCW 30B.44A.070
Naming of successor trustee upon dissolution of state trust company—Contingency for director as statutory custodian.
(1) In the event of a voluntary dissolution of a trust company pursuant to this chapter, the provisions of RCW 11.98.039 (1), (2), and (3) shall apply, if applicable, to the selection of a successor trustee, subject to the director's option to approve a successor trustee as part of the director's approval of a voluntary liquidation under RCW 30B.44A.020.
(2) If, however, RCW 11.98.039(4) is applicable but a trust beneficiary, trustor, if alive, or trustee does not petition the superior court for appointment of successor trustee within thirty days of the last publication of notice of the voluntary dissolution of the trust company pursuant to RCW 30B.44A.020, then the director may:
(a) Appoint himself or herself as a custodian of any affected trust until such time as the superior court makes a determination of successor trustee; or
(b) At his or her option, bring before the superior court a petition for appointment of a successor trustee, other than an employee or independent contractor of the department, pursuant to chapter 11.96A RCW.
(3) In no event may the director or any employee or independent contractor of the department serve as a successor trustee under chapter 11.98 RCW or as a receiver of trust assets under chapter 7.60 RCW.
[ 2019 c 389 § 61.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.44A - State Trust Companies—Voluntary Dissolution and Liquidation. › 30B.44A.080 - Cancellation of state trust company's certificate of authority.

RCW 30B.44A.080
Cancellation of state trust company's certificate of authority.
Whenever voluntary liquidation is approved by the director or the sale and transfer of the assets of any state trust company is approved by the director pursuant to this chapter, a certified copy of such approval, filed in the office of the secretary of state, shall authorize the cancellation of the certificate of authority of such state trust company, subject, however, to its continued existence, as either a general corporation under Title 23B RCW or a general limited liability company under chapter 25.15 RCW.
[ 2019 c 389 § 63.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.44B - State Trust Companies—Involuntary Dissolution and Liquidation. › 30B.44B.005 - When director may take possession.

RCW 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.
[ 2014 c 37 § 382.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.44B - State Trust Companies—Involuntary Dissolution and Liquidation. › 30B.44B.010 - Mutual consent to dissolution and liquidation.

RCW 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.
[ 2014 c 37 § 383.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.44B - State Trust Companies—Involuntary Dissolution and Liquidation. › 30B.44B.030 - Possession of trust assets and company assets and property with the director—Bar against attachment proceedings.

RCW 30B.44B.030
Possession of trust assets and company assets and property with the director—Bar against attachment proceedings.
The taking of possession of any state trust company by the director pursuant to RCW 30B.44B.005 or 30B.44B.010 is sufficient to place all of the state trust company's fiduciary assets in the custody of the director and all of the nonfiduciary assets and property of every nature in the director's possession and bar all attachment proceedings.
[ 2019 c 389 § 64.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.44B - State Trust Companies—Involuntary Dissolution and Liquidation. › 30B.44B.040 - Director's right to take possession may be contested.

RCW 30B.44B.040
Director's right to take possession may be contested.
(1) Within ten days after the director takes possession of a state trust company pursuant to RCW 30B.44B.005, the state trust company may serve a notice upon the director to appear before the superior court of the county where the headquarters of the state trust company is located and at a time to be fixed by the court, which shall not be less than five nor more than fifteen days from the date of the service of such notice, to show cause why the director's action taking possession of the state trust company should not be affirmed.
(2) Upon the return day of such notice, or such further day as the matter may be continued to, the court shall summarily hear the show-cause petition and shall dismiss it, if the court finds that possession of the state trust company was taken by the director in good faith and for cause. If, however, the court finds that no cause existed for taking possession of the state trust company, the court shall require the director to restore the state trust company to possession of its assets and enjoin the director from further interference with the state trust company without cause.
[ 2019 c 389 § 65.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.44B - State Trust Companies—Involuntary Dissolution and Liquidation. › 30B.44B.060 - Notice to creditors—Claims.

RCW 30B.44B.060
Notice to creditors—Claims.
(1) The director shall publish on the department's public website and also once a week for four consecutive weeks in a newspaper of general circulation, which the director shall select, a notice requiring all persons having claims against the dissolved state trust company to make proof of claim to the department as specified in the notice not later than ninety days from the date of the first publication of such notice.
(2) The director shall mail similar notices to all persons whose names appeared as creditors upon the books of the state trust company as of the date and time of the director taking possession pursuant to RCW 30B.44B.005 or 30B.44B.010.
(3) The director may approve or reject any claims, but shall serve notice of rejection upon the claimant by mail or personally. A declaration of service of such notice, signed under penalty of perjury, shall be deemed a rebuttable presumption that notice has been given pursuant to this section.
(4) No action shall be brought on any claim after ninety days from the date of service of notice of rejection.
(5) After the expiration of the time fixed in the notice, the director shall have no power to accept any claim.
(6) Any claim that has not been filed with the department as required by this section is barred as a matter of law.
[ 2019 c 389 § 67.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.44B - State Trust Companies—Involuntary Dissolution and Liquidation. › 30B.44B.070 - Executory contract or unexpired lease—Permitted actions by director.

RCW 30B.44B.070
Executory contract or unexpired lease—Permitted actions by director.
Upon issuance of an order taking possession of a state trust company, the director may assume or reject any executory contract or unexpired lease of the state trust company upon written notice to the parties to such contract.
[ 2019 c 389 § 68.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.44B - State Trust Companies—Involuntary Dissolution and Liquidation. › 30B.44B.080 - Inventory—List of claims.

RCW 30B.44B.080
Inventory—List of claims.
(1) Upon taking possession of the dissolved state trust company, the director shall make an inventory of the nonfiduciary assets in duplicate, filing one with the department and one in the office of the superior court clerk.
(2) Upon the expiration of the time fixed for the presentation of claims, the director shall make a duplicate list of claims presented, segregating those approved and those rejected, and file this list with the clerk of the superior court.
[ 2019 c 389 § 69.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.44B - State Trust Companies—Involuntary Dissolution and Liquidation. › 30B.44B.090 - Objections to approved claims.

RCW 30B.44B.090
Objections to approved claims.
Objection may be made by any interested person to any claim approved by the director, which objection shall be determined by the superior court upon notice to the claimant and objector as the superior court shall prescribe.
[ 2019 c 389 § 70.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.44B - State Trust Companies—Involuntary Dissolution and Liquidation. › 30B.44B.100 - Temporary receiver—Prohibited except in emergency.

RCW 30B.44B.100
Temporary receiver—Prohibited except in emergency.
(1) A receiver shall not be appointed by any court for any state trust company, nor shall any assignment of any state trust company for the benefit of creditors be valid, except that, in addition to the director's authority to take possession of a state trust company pursuant to RCW 30B.44B.005 or 30B.44B.010, the superior court otherwise having jurisdiction may in case of imminent necessity appoint a temporary receiver to take possession of and preserve the assets of such state trust company.
(2) Immediately upon appointment of a person as temporary receiver, the clerk of the superior court shall notify the director in writing of such appointment and the director shall then take possession of the state trust company, as in case of insolvency, and the temporary receiver shall, upon demand of the director, surrender to the director possession of the state trust company and all assets which shall have come into the possession of such temporary receiver.
(3) The director shall in due course pay such temporary receiver out of the assets of the state trust company.
[ 2019 c 389 § 71.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.44B - State Trust Companies—Involuntary Dissolution and Liquidation. › 30B.44B.110 - Preferences prohibited—Penalty.

RCW 30B.44B.110
Preferences prohibited—Penalty.
(1) Any transfer of its property or assets by a state trust company, made (a) in contemplation of insolvency or after it shall have become insolvent, (b) within ninety days before the date the director takes possession of such state trust company, and (c) with a view to the preference of one creditor over another or to prevent the equal distribution of its property and assets among its creditors, shall be void.
(2) Every director, officer, or employee of a state trust company making any such transfer of assets is guilty of a class B felony punishable according to chapter 9A.20 RCW.
[ 2019 c 389 § 72.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.44B - State Trust Companies—Involuntary Dissolution and Liquidation. › 30B.44B.120 - Expense of liquidation—Priority for director's expenses.

RCW 30B.44B.120
Expense of liquidation—Priority for director's expenses.
(1) All expenses incurred by the director in taking possession, administering, and resolving any state trust company dissolved pursuant to this chapter, including the expenses of assistants or agents and reasonable fees for any attorney who may be employed in connection with such administration and resolution, and the reasonable compensation of any special assistant or agent placed in charge of such dissolved state trust company, shall be a priority charge upon the assets of the dissolved state trust company and shall be senior to any approved third-party claims.
(2) Such charges for expenses as set forth in subsection (1) of this section shall be fixed by the director, subject to the approval of the superior court.
[ 2019 c 389 § 73.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.44B - State Trust Companies—Involuntary Dissolution and Liquidation. › 30B.44B.130 - Liquidation after claims are paid.

RCW 30B.44B.130
Liquidation after claims are paid.
When all proper claims of creditors, excluding shareholders, have been paid, as well as all expenses of administration and liquidation, and proper provision has been made for unclaimed or unpaid property and dividends, and assets still remain in the director's possession, the director shall furnish written notice to all shareholders of record of the state trust company, as of the date and time the director took possession of the state trust company pursuant to RCW 30B.44B.005 or 30B.44B.010, of the existence of any remaining funds according to each shareholder's proportional beneficial interest in the state trust company.
[ 2019 c 389 § 74.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.44B - State Trust Companies—Involuntary Dissolution and Liquidation. › 30B.44B.140 - Disposition of unclaimed personal property.

RCW 30B.44B.140
Disposition of unclaimed personal property.
(1) If, at the conclusion of the liquidation of a state trust company, there remains unclaimed personal property, other than monetary deposit accounts, which had previously been left with it for safekeeping, including unclaimed trust assets, such property shall be inventoried by the director or his or her special assistant or agent and segregated and identified by the name and last known address of the person who appears on the books of the state trust company, as of the date and time of its closure, as being entitled to the property.
(2) Upon receiving possession of such unclaimed personal property, the director shall hold it for safekeeping. The liquidated state trust company, its directors, officers, managers, managing principals, and shareholders, and the director's special assistant or agent, if any, shall be relieved of responsibility and liability for the property so delivered to and received by the director.
(3) The director shall then send to each person who appears on the books and records of the liquidated state trust company as having the right to such property, at his or her last known address, a notice that the property listed will be held in his or her name for a period of not less than one year.
(4) At any time after the mailing of such notice, and before the expiration of one year, such person may require the delivery of the property so held, by properly identifying himself or herself and offering evidence of his or her right to such property, to the satisfaction of the director. The director may condition delivery of such property upon prior payment to the director of all storage costs and reasonable costs associated with such delivery.
[ 2019 c 389 § 75.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.44B - State Trust Companies—Involuntary Dissolution and Liquidation. › 30B.44B.150 - Disposition of unclaimed personal property—Final notice—Sale.

RCW 30B.44B.150
Disposition of unclaimed personal property—Final notice—Sale.
(1) After the expiration of one year from the time of giving notice under RCW 30B.44B.140(3), the director shall issue and serve by mail a final notice stating that one year has elapsed since the sending of the notice referred to in RCW 30B.44B.140(3), and that the director will sell all the property or articles of value set out in the notice, at a specified time and place, not less than thirty days after the time of the final notice. Unless the person shall, on or before such time and to the satisfaction of the director, claim the property, identify himself or herself, offer evidence of his or her right to such property, and remit payment to the director of all storage costs and reasonable costs associated with delivery to such person, the director may sell all the property or articles of value listed in the notice, at public auction, at the time and place stated in the final notice: PROVIDED, That a notice of the time and place of such sale has been published once within ten days prior to the sale in a newspaper of general circulation in the county where the headquarters of the state trust company was located.
(2) In addition to subsection (1) of this section, any such property held by the director, the owner of which is not known, may be sold at public auction after it has been held by the director for one year: PROVIDED, That a notice of the time and place of sale has been published once within ten days prior to the sale in a newspaper of general circulation in the county where the headquarters of the state trust company was located.
[ 2019 c 389 § 76.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.44B - State Trust Companies—Involuntary Dissolution and Liquidation. › 30B.44B.160 - Disposition of unclaimed personal property—Monetary funds.

RCW 30B.44B.160
Disposition of unclaimed personal property—Monetary funds.
(1) Any monetary funds, including funds obtained from sale of personal property at auction pursuant to this section, remaining unclaimed and unpaid in the possession of the director for six months after the superior court's order of final distribution, shall be deposited by the director in a bank to his or her credit, in trust for the benefit of the persons entitled to such funds and subject to the supervision of the superior court.
(2) Such monetary funds shall be paid by the director to the entitled persons upon receipt of satisfactory evidence of their right to such funds.
(3) All moneys so deposited remaining unclaimed for one year after deposit shall escheat to the state for the benefit of the state financial literacy and education programs as authorized by RCW 43.320.150 and administered by the department, or, in the absence of such programs, as otherwise directed by the state treasurer.
(4) It shall not be necessary to have the escheat adjudged in a suit or action.
[ 2019 c 389 § 77.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.44B - State Trust Companies—Involuntary Dissolution and Liquidation. › 30B.44B.170 - Destruction of records after liquidation.

RCW 30B.44B.170
Destruction of records after liquidation.
(1) Where any records of the state trust company have been taken over and are in the possession of the director in connection with the involuntary liquidation of a state trust company, the director may, in his or her discretion at any time after an order of final liquidation, or equivalent, by the superior court, destroy any of such records which may appear to the director to be obsolete or unnecessary for future reference as part of the liquidation and as files of the department.
(2) Such records are exempt from public disclosure, consistent with RCW 42.56.400(6), 30A.04.075, and 30B.04.060.
[ 2019 c 389 § 78.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.44B - State Trust Companies—Involuntary Dissolution and Liquidation. › 30B.44B.180 - Reopening—Conditions.

RCW 30B.44B.180
Reopening—Conditions.
(1) Notwithstanding any other provision of this chapter, the director may, at any time within ninety days after taking possession of a state trust company under RCW 30B.44B.005 or 30B.44B.010, permit such state trust company to reopen upon such terms and conditions as the director shall prescribe, if he or she has determined that:
(a) Sufficient remedy has been made of the state trust company's impairment and delinquencies; and
(b) It is in the best interest of trustors, beneficiaries, creditors, shareholders, and the general public that the state trust company be reopened rather than be liquidated.
(2) Before being permitted to reopen pursuant to this section, a state trust company shall pay all of the outstanding fees, assessment, and expenses of the director as provided for in this title.
[ 2019 c 389 § 79.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.46 - State Trust Companies—Supervisory Direction and Conservatorship. › 30B.46.003 - Definitions.

RCW 30B.46.003
Definitions.
The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.
(1) "Corrective action measures" refers collectively to supervisory agreements, memoranda of understanding, supervisory directives, corrective action orders, and orders of conservatorship.
(2) "Corrective action order" means a cease and desist order, consent order, order compelling action, or order of conservatorship, as prescribed by this chapter.
(3) "Exceeded its powers" includes, without limitation, the following circumstances:
(a) If a state trust company has engaged in unauthorized trust activity;
(b) If a state trust company has refused to permit examination of its books, papers, accounts, records, or affairs by the director, assistant director, or examiners; or
(c) If a state trust company has neglected or refused to observe an order of the director including, without limitation, an order to make good, within the time prescribed, any capital deficiency.
(4) "Order of conservatorship" means an order specifically authorized under this chapter for the appointment for a conservatory of a state trust company.
(5) "Supervisory agreement" or "memorandum of understanding" means a supervisory directive in which a state trust company has given its prior consent.
(6) "Supervisory directive" means a supervisory directive in which the state trust company has not given its prior consent.
(7) "Unsafe condition" shall mean and include, but not be limited to, any one or more of the following circumstances:
(a) If a state trust company is less than adequately capitalized as determined by the director;
(b) If a state trust company violates the applicable provisions of this title or any other law or regulation applicable to a state trust company in a manner that results or is likely to result in a significant increase in the state trust company's legal or operational risk;
(c) If a state trust company conducts a fraudulent or questionable practice in the conduct of its business that endangers its reputation, beneficiaries, shareholders, or trustors, or threatens its solvency;
(d) If a state trust company conducts its business in an unsafe or unsound manner;
(e) If a state trust company engages in unauthorized trust activity;
(f) If a state trust company violates any conditions of its certificate of authority or any agreement entered with the director; or
(g) If a state trust company willfully fails to carry out any authorized instruction or direction of the director.
[ 2019 c 389 § 80.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.46 - State Trust Companies—Supervisory Direction and Conservatorship. › 30B.46.030 - Supervisory directive.

RCW 30B.46.030
Supervisory directive.
(1) If, upon examination or investigation, or at any other time, it appears to the director that a state trust company is in an unsafe condition and its condition is such as to render the continuance of its business, without the director's supervisory directive, harmful to the public or to its beneficiaries, shareholders, or trustors, then the director may either negotiate and enter into a supervisory agreement or memorandum of understanding with the state trust company, or issue and deliver a supervisory directive or corrective action order without its consent, the contents of which shall contain:
(a) Notice to the state trust company of the director's supervisory determination; and
(b) A written list and description of the requirements necessary to abate the director's determination.
(2) If placed under a supervisory directive, with or without its consent, the state trust company shall comply with the director's lawful requirements as contained in the supervisory directive and within such time as provided in the supervisory directive.
(3) If the state trust company fails to comply with the supervisory directive within the time provided, the director may issue and deliver to the state trust company, with or without its consent, a corrective action order or an order of conservatorship.
[ 2019 c 389 § 82.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.46 - State Trust Companies—Supervisory Direction and Conservatorship. › 30B.46.040 - Supervisory directive or corrective action order—Appointment of representative.

RCW 30B.46.040
Supervisory directive or corrective action order—Appointment of representative.
During the period of a supervisory directive or corrective action order, the director may appoint a representative to supervise the state trust company.
[ 2019 c 389 § 83.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.46 - State Trust Companies—Supervisory Direction and Conservatorship. › 30B.46.050 - Supervisory directive or corrective action order—Restrictions on operations—Other requirements.

RCW 30B.46.050
Supervisory directive or corrective action order—Restrictions on operations—Other requirements.
A supervisory directive or corrective action order may provide that the state trust company not do any of the following during the period of supervisory direction, without the prior approval of the director or the appointed representative:
(1) Dispose of, convey, or encumber any of its assets;
(2) Acquire new trust assets under management;
(3) Dispose of existing trust assets under management;
(4) Withdraw any of its own funds from bank accounts;
(5) Lend any of its funds;
(6) Invest any of its funds;
(7) Transfer any of its property;
(8) Incur any debt, obligation, or liability;
(9) Change the composition of the board of directors or management; or
(10) Any other written restriction or requirement as determined by the director.
[ 2019 c 389 § 84.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.46 - State Trust Companies—Supervisory Direction and Conservatorship. › 30B.46.060 - Supervisory directive or corrective action order—Conservator.

RCW 30B.46.060
Supervisory directive or corrective action order—Conservator.
(1) If the director determines that a state trust company has failed to comply with the lawful requirements imposed by such supervisory directive or corrective action order, the director may by order, with or without consent of the state trust company, appoint a conservator for the state trust company, who shall immediately take charge of such state trust company and all of its property, books, records, and effects.
(2) The conservator shall conduct the business of the state trust company and take such steps toward the removal of the causes and conditions which necessitated such order of conservatorship, as the director may specify in the order.
(3) During the pendency of the conservatorship, the conservator shall make such reports to the director from time to time as may be required by the director, and shall be empowered to take all necessary measures to preserve, protect, and recover any assets or property of such state trust company, including claims or causes of actions belonging to or which may be asserted by such state trust company, and to deal with the same in his or her own name as conservator, and shall be empowered to file, prosecute, and defend any suit and suits which have been filed or which may be filed by or against such state trust company that are deemed by the conservator to be necessary to protect all of the interested parties for a property affected thereby.
(4) The director, an assistant director or other officer of the department, or an independent contractor appointed by the director may be appointed to serve as conservator.
(5) If, after issuance of the order of conservatorship, the director determines, after consultation with the conservator, that the state trust company is in an unsafe and unsound condition and ought not to continue business, the director may proceed to give advance notice to and take possession of the state trust company for involuntary liquidation pursuant to chapter 30B.44B RCW.
(6) The director, in his or her capacity as a conservator, or any other person appointed as conservator by the director, pursuant to this chapter is immune from criminal, civil, and administrative liability for any act done in good faith in the performance of the duties of conservator.
[ 2019 c 389 § 85.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.46 - State Trust Companies—Supervisory Direction and Conservatorship. › 30B.46.070 - Costs as charge against assets.

RCW 30B.46.070
Costs as charge against assets.
(1) All costs incident to supervisory direction and the conservatorship shall be fixed and determined by the director and shall be a charge against the assets of the state trust company to be allowed and paid as the director may determine.
(2) A member of the board of directors of a state trust company or, in the case of a limited liability trust company, a managing participant, may, pursuant to notice and adjudication under chapter 30B.10 RCW, be found liable for such costs incurred that have not been recouped by the director out of the assets of the state trust company.
[ 2019 c 389 § 86.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.46 - State Trust Companies—Supervisory Direction and Conservatorship. › 30B.46.080 - Request for review of action—Stay of action—Orders subject to review.

RCW 30B.46.080
Request for review of action—Stay of action—Orders subject to review.
(1) During the period of the supervisory direction or period of conservatorship, as applicable, the state trust company may request the director to review an action taken or proposed to be taken by a representative under a supervisory directive or by the conservator, specifying that the action complained of is believed not to be in the best interest of the state trust company.
(2) A request made under subsection (1) of this section shall stay the action of the representative or conservator pending review of such action by the director.
(3) An order by the director pursuant to this section, following the review of an action or proposed action of the representative or conservator, shall be subject to judicial review in accordance with RCW 30B.10.180.
[ 2019 c 389 § 87.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.46 - State Trust Companies—Supervisory Direction and Conservatorship. › 30B.46.090 - Suit against state trust company or conservator—Where brought—Suit by conservator.

RCW 30B.46.090
Suit against state trust company or conservator—Where brought—Suit by conservator.
(1) A suit filed against a state trust company or its conservator, after the issuance of an order by the director placing such state trust company in conservatorship and while such order is in effect, shall be brought in the superior court of Thurston county and not elsewhere.
(2) The conservator appointed for such state trust company may file suit in any superior court or other court of competent jurisdiction against any person for the purpose of preserving, protecting, or recovering any asset or property of such state trust company, including claims or causes of action belonging to or which may be asserted by such state trust company.
[ 2019 c 389 § 88.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.46 - State Trust Companies—Supervisory Direction and Conservatorship. › 30B.46.100 - Duration of conservator's term—Rehabilitated state trust company—Management.

RCW 30B.46.100
Duration of conservator's term—Rehabilitated state trust company—Management.
(1) The conservator shall serve for such time as is necessary to accomplish the purposes of the conservatorship as intended by this chapter.
(2) If rehabilitated, the rehabilitated state trust company shall be returned to preexisting management or new management under such conditions as are reasonable and necessary to prevent recurrence of the condition which occasioned the conservatorship.
[ 2019 c 389 § 89.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.46 - State Trust Companies—Supervisory Direction and Conservatorship. › 30B.46.110 - Plenary authority of director—Flexibility in use of remedies.

RCW 30B.46.110
Plenary authority of director—Flexibility in use of remedies.
(1) If the director determines to act under authority of this chapter, the sequence of his or her acts and proceedings shall be as set forth in this chapter.
(2) However, the director may, in the exercise of broad administrative discretion, proceed in lieu of this chapter and pursuant to other authority including, without limitation, notice and adjudication under chapter 30B.10 RCW or by means of seeking a direct judicial remedy in superior court.
[ 2019 c 389 § 90.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.46 - State Trust Companies—Supervisory Direction and Conservatorship. › 30B.46.120 - Rules.

RCW 30B.46.120
Rules.
The director is empowered to adopt and promulgate such rules as may be further necessary, if at all, for the implementation of this chapter and its purposes.
[ 2019 c 389 § 91.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.53 - State Trust Companies—Merger, Consolidation, and Conversion. › 30B.53.002 - Applicability of chapter.

RCW 30B.53.002
Applicability of chapter.
This chapter applies to any merger or change of control in which a state trust company is a party.
[ 2019 c 389 § 92; 2014 c 37 § 387.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.53 - State Trust Companies—Merger, Consolidation, and Conversion. › 30B.53.005 - Definitions.

RCW 30B.53.005
Definitions.
Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter.
(1) "Acquiring person" means a person acquiring or seeking to acquire control of a state trust company, directly or indirectly.
(2) "Control," "controls," "controlled," and "controlling" mean:
(a) The ownership of or ability or power to vote, directly, acting through one or more other persons, or otherwise indirectly, twenty-five percent or more of the outstanding shares of a class of voting securities of a state trust company or other company;
(b) The ability to control the election of a majority of the board of a state trust company or other company;
(c) The power to exercise, directly or indirectly, a controlling influence over the management or policies of the state trust company or other company as determined by the director after notice and an opportunity for hearing; or
(d) The conditioning of the transfer of twenty-five percent or more of the outstanding shares or participation shares of a class of voting securities of a state trust company on the transfer of twenty-five percent or more of the outstanding shares of a class of voting securities of another state trust company or other company.
(3) "Merger" includes consolidation.
(4) "Merging trust company" means a party to a merger.
(5) "Resulting trust company" means the trust company resulting from a merger.
[ 2019 c 389 § 93; 2014 c 37 § 388.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.53 - State Trust Companies—Merger, Consolidation, and Conversion. › 30B.53.010 - Approval by director—Required.

RCW 30B.53.010
Approval by director—Required.
Upon approval by the director consistent with this chapter, merging trust companies, one of which is a state trust company, may be merged to result in a resulting trust company.
[ 2019 c 389 § 96; 2014 c 37 § 389.]