{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-1018","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-1018","heading":"Voluntary or involuntary liquidation or receivership","body":"A. Successor trustee upon liquidation or receivership;\n\nappointment and qualification; petition by Commissioner. Whenever\n\nany bank or national banking association doing a trust business or\n\ntrust company goes into voluntary or involuntary liquidation or\n\nreceivership, successor trustee or trustees shall be appointed and\n\nshall qualify in the following manner:\n\n(1) After the Commissioner has taken possession of any such\n\nbank or trust company, he shall file in the liquidation proceedings\n\nof the bank or trust company a petition setting forth in general\n\nterms that the bank or trust company is trustee under certain trusts\n\nand that it is desirable and necessary that a successor trustee or\n\ntrustees be appointed under such trusts. It is not necessary for\n\nsuch petition to designate the parties to any such trust or the\n\nnature, purpose or extent of the trusts or the trust properties.\n\n(2) Upon the filing of the petition, the court shall make and\n\nenter an order requiring all persons interested in any and all such\n\ntrusts either to designate and provide and take all necessary steps\n\nto appoint successor trustee or trustees within a time to be fixed\n\nin the order, or to show cause why a successor trustee or trustees\n\nshould not be appointed by the court. Such order may be general in\n\nits terms and need not designate the trusts involved or the nature,\n\npurpose or extent thereof, or give the name of any of the\n\nbeneficiaries or others interested therein.\n\n(3) In all trusts where all persons interested, or the court\n\nhaving jurisdiction of court trusts, take the steps to provide for\n\nthe appointment and qualification of a successor trustee or trustees\n\nwithin the time limited in such order, or such further time as the\n\ncourt may allow, the successor trustee or trustees shall, with\n\nrelation to such trusts, succeed to all the rights, powers,\n\nprivileges, and obligations of the bank or trust company in\n\nliquidation, except claims or liabilities arising out of the\n\nmanagement of the trust prior to the date of transfer.\n\n(4) In any trust where those interested therein fail to cause a\n\nsuccessor trustee or trustees to be appointed prior to the time\n\nfixed in such order, the court shall, by order and decree, appoint a\n\nsuccessor trustee or trustees, and such successor trustee or\n\ntrustees shall, with relation to such trusts, succeed to all the\n\nrights, powers, privileges and obligations of the bank or trust\n\ncompany in liquidation, except claims or liabilities arising out of\n\nthe management of the trust prior to the date of transfer.\n\n(5) A copy of the order provided for in paragraph (2) of this\n\nsubsection shall be published once a week for four (4) successive\n\nweeks in a newspaper of general circulation to be designated by the\n\ncourt and published in the county in which the liquidation\n\nproceedings of the bank or trust company are carried on. If there\n\nis no newspaper published in such county, publication shall be made\n\nin a newspaper of general circulation in the State of Oklahoma\n\ndesignated by the court. Proof of publication shall be made in the\n\nsame manner as proof of publication of summons is made.\nsignated by the\n\ncourt and published in the county in which the liquidation\n\nproceedings of the bank or trust company are carried on. If there\n\nis no newspaper published in such county, publication shall be made\n\nin a newspaper of general circulation in the State of Oklahoma\n\ndesignated by the court. Proof of publication shall be made in the\n\nsame manner as proof of publication of summons is made.\n\n(6) The filing of such petition and the making and entering of\n\nsuch order and the giving of notice of such order as required by\n\nthis subsection gives the court full jurisdiction of the trusts and\n\nall parties interested therein. The court having jurisdiction in\n\nsuch matter shall require the Commissioner to mail, by registered\n\nmail postage prepaid, a copy of such order to each living trustor of\n\nall private trusts in which such bank or trust company is trustee or\n\nto the then directly participating beneficiaries of all private\n\ntrusts in which there is no living trustor. Such notice shall be\n\nmailed to the last-known address of each such trustor or\n\nparticipating beneficiary as shown by or as may be ascertained by\n\nreasonably diligent efforts from the records of the bank or trust\n\ncompany. Proof of mailing shall be in such form as the court shall\n\nrequire.\n\nB. Successor trustee; petition by liquidating agent or\n\nreceiver; National banking associations. Whenever a national\n\nbanking association doing a trust business goes into voluntary or\n\ninvoluntary liquidation, the liquidating agent or the receiver\n\nthereof may file a petition in the district court of the county in\n\nwhich the national banking association has or had its principal\n\noffice and place of business, setting forth the same matters as are\n\nrequired to be set forth in the petition filed by the Commissioner\n\nunder subsection A of this section. Thereafter, successor trustee\n\nor trustees for the trusts of such national banking association\n\nshall be appointed in the same manner and the same procedure\n\nfollowed and the same jurisdiction acquired as set forth in\n\nsubsection A of this section.\n\nC. Successor trustee; petition by bank or trust company. When\n\nany bank or trust company doing a trust business going into\n\nvoluntary liquidation, such bank or trust company may file a\n\npetition in the district court of the county in which it has its\n\nprincipal office or place of business, setting forth the same\n\nmatters as are required to be set forth in the petition filed by the\n\nCommissioner under subsection A of this section. Thereafter\n\nsuccessor trustee or trustees for the trusts of such bank or trust\n\ncompany shall be appointed in the same manner and the same procedure\n\nfollowed and the same jurisdiction obtained as set forth in said\n\nsubsection A of this section. Provided, however, with respect to\n\nthose trust accounts for which those interested therein fail to\n\ncause a successor trustee or trustees to be appointed, the\n\nliquidating bank or trust company shall be responsible for mailing,\n\nby registered mail postage prepaid, a copy of the court’s order to\n\neach living trustor of all private trusts in which such bank or\n\ntrust company is trustee or to the then directly participating\n\nbeneficiaries of all private trusts in which there is no living\n\ntrustor. Such notice shall be mailed to the last-known address of\n\neach such trustor or participating beneficiary as shown by or as may\n\nbe ascertained by reasonably diligent efforts from the records of\n\nthe bank or trust company. Proof of mailing shall be in such form\n\nas the court shall require.\n\nD. Transfer of trust property to successor trustee. Upon the\n\nappointment of any successor trustee or trustees, in the manner\n\nprovided in this section, the Commissioner, the liquidating agent,\n\nthe receiver or the bank or trust company in voluntary liquidation,\nle 6. Banks and Trust Companies Page 137\n\nthe bank or trust company. Proof of mailing shall be in such form\n\nas the court shall require.\n\nD. Transfer of trust property to successor trustee. Upon the\n\nappointment of any successor trustee or trustees, in the manner\n\nprovided in this section, the Commissioner, the liquidating agent,\n\nthe receiver or the bank or trust company in voluntary liquidation,\n\nas the case may be, may execute such deeds, conveyances, transfers\n\nand assignments as are necessary to transfer to and vest in the\n\nsuccessor trustee or trustees all right, title, interest, power and\n\nauthority in, over and to the trust property theretofore vested in\n\nthe bank or trust company or national banking association so in\n\nliquidation.\n\nE. Discontinuance of trust business; determination of claims\n\nagainst deposit of securities. (1) Whenever a bank, trust company\n\nor national banking association doing a trust business discontinues\n\nsuch trust business, all claims of whatsoever kind and nature\n\nagainst the pledged or purchased security of such trust company,\n\nbank or national banking association required by law to be made with\n\nthe Commissioner shall be determined, established and adjudicated in\n\nthe manner provided in this section. If not so determined,\n\nestablished and adjudicated, such claims shall forever be barred and\n\nforeclosed.\n\n(2) The method of determining, establishing and adjudicating\n\nsuch claims shall be as follows: The Commissioner shall file in the\n\ndistrict court for the county in which is located the principal\n\noffice and the place of business in the State of Oklahoma of such\n\ntrust company, bank or national banking association a verified\n\npetition setting forth:\n\n(a) that such trust company, bank or national banking\n\nassociation desires to retire from the trust\n\nbusiness, dissolve or transfer its trust\n\nbusiness, or that it is in process of voluntary\n\nor involuntary liquidation;\n\n(b) that it is necessary that claims, if any, against\n\nthe pledged or purchased security made by such\n\ntrust company, bank or national banking\n\nassociation with the Commissioner be determined.\n\nF. Order to bring suit; publication of order; jurisdiction over\n\nsecurities; notice to trustor; appearance of minors and incompetents\n\nunnecessary. (1) Upon the filing of the petition mentioned in\n\nsubsection E of this section, the court shall make an order\n\nrequiring all persons, partnerships, associations or corporations\n\nhaving claims against the pledged or purchased security to commence\n\naction or suit thereon in such district court within six (6) months\n\nfrom the date of the order, or forever be barred and foreclosed of\n\nany claim on such security. It is not necessary that either the\n\npetition or the order give the names of any beneficiary or the\n\nnature of the trusts protected by the security.\n\n(2) A copy of the order shall be published in a newspaper\n\ndesignated by the court, having a general circulation in the county\n\nof the principal office and place of business in the State of\n\nOklahoma of such trust company, bank or national banking\n\nassociation, at least once a week for as many consecutive weeks as\n\nthe court shall determine, not less than four (4) weeks nor more\n\nthan twelve (12) weeks. If no newspaper is published in such\n\ncounty, the copy of the order shall be published in such newspaper\n\nin this state as the court designates. Upon completion of\n\npublication, proof thereof shall be made in the same manner as proof\n\nof publication of summons is made and such proof shall be filed with\n\nthe clerk of such court.\nermine, not less than four (4) weeks nor more\n\nthan twelve (12) weeks. If no newspaper is published in such\n\ncounty, the copy of the order shall be published in such newspaper\n\nin this state as the court designates. Upon completion of\n\npublication, proof thereof shall be made in the same manner as proof\n\nof publication of summons is made and such proof shall be filed with\n\nthe clerk of such court.\n\n(3) The filing of the petition, the making and entering of the\n\norder, and the giving of notice of such petition as required by this\n\nsubsection, gives the court full jurisdiction of the security\n\npledged or purchased under Section 1004 of this title and of all\n\nparties having an interest in or claim upon such security. The\n\ncourt so having jurisdiction in such matter shall require the\n\nCommissioner to mail, by registered mail postage prepaid, a copy of\n\nsuch order to each living trustor of all private trusts in which the\n\nbank or trust company is trustee and which have not been closed or\n\nto the then directly participating beneficiaries of all such private\n\ntrusts in which there is no living trustor. Such notice shall be\n\nmailed to the last-known address of each such trustor or\n\nparticipating beneficiary as shown by or as may be ascertained by\n\nreasonably diligent efforts from the records of the bank or trust\n\ncompany. Proof of mailing shall be in such form as the court\n\nrequires.\n\nG. Termination of right to do trust business. The filing by\n\nthe Commissioner of the proceedings provided for in subsection E of\n\nthis section shall operate to terminate the right of the bank or\n\ntrust company or national bank affected thereby to do a trust\n\nbusiness, except such business as may be necessary to wind up then\n\nexisting trusts.\n\nH. Actions or suits on claims; limitation of actions; service\n\nof summons; preference on calendars. (1) All persons,\n\npartnerships, associations or corporations, including minors,\n\nincompetents and all others under any legal disability, having any\n\nclaim against the pledged or purchased security mentioned in\n\nsubsection E of this section, shall file action or suit within six\n\n(6) months from the date of the court order, and in default thereof\n\nshall be forever barred and foreclosed of any and all claim and\n\ninterest in, to or against the security.\n\n(2) The district court making the order shall have exclusive\n\njurisdiction of all actions or suits brought to determine claims to\n\nthe pledged or purchased security.\n\n(3) In all actions or suits filed pursuant to this action, the\n\nCommissioner shall be a necessary party defendant.\n\n(4) No action or suit shall be deemed to have been commenced\n\nwithin the time required by the order unless, in the case of\n\ndefendants within the state, summons is actually served within sixty\n\n(60) days from the time limited in the order.\n\n(5) Actions or suits filed pursuant to this section shall have\n\npreference upon the calendar of both the trial court and the Supreme\n\nCourt, and shall be tried by such courts without unnecessary delay.\n\nI. Release or payment of security pending suit; distribution of\n\nsecurity upon determination of suit. (1) If any actions or suits\n\non claims against the pledged or purchased security mentioned in\n\nsubsection E of this section are commenced within the time limited\n\nby the court order, the Commissioner shall not release or cancel the\n\nsecurity, or any part thereof, nor shall the court order the release\n\nor cancellation thereof nor the payment of any part thereof until\n\nsuch time as all such actions or suits are determined by final\n\njudgment or decree.\nedged or purchased security mentioned in\n\nsubsection E of this section are commenced within the time limited\n\nby the court order, the Commissioner shall not release or cancel the\n\nsecurity, or any part thereof, nor shall the court order the release\n\nor cancellation thereof nor the payment of any part thereof until\n\nsuch time as all such actions or suits are determined by final\n\njudgment or decree.\n\n(2) When such actions or suits are finally determined, so much\n\nof the security as is necessary shall be paid over to such of the\n\nclaimants as have established their rights thereto in the sums\n\nallowed by the court, or if not sufficient the security shall be\n\ndistributed pro rata among such claimants as have established, by\n\nfinal judgment or decree, their claims thereto.\n\n(3) The court, in the proceeding to be commenced by the\n\nCommissioner, shall decree that the balance, if any, or the entire\n\nsecurity, in case no claims are established in the manner provided,\n\nbe cancelled or paid over and delivered to the trust company, bank\n\nor national banking association pledging the security or its\n\nsuccessors or assigns, except that, in the case of any such trust\n\ncompany, bank or national banking association which is in process of\n\nvoluntary or involuntary liquidation, the security or balance\n\nthereof, if any, shall be paid over to the official lawfully in\n\ncharge of the liquidation.\n\nJ. Commissioner's charges and assessments as a prior lien on\n\nsecurity. All unpaid charges and assessments owing to the\n\nCommissioner for expenses and services rendered in connection with\n\nthe pledged or purchased security mentioned in subsection E of this\n\nsection, and all expenditures incurred or made by the Commissioner,\n\nincluding services rendered by the Commissioner, attorney fees and\n\nnecessary court expenses in connection with the determination of\n\nclaims against the security, shall be a first and prior lien on the\n\nsecurity, and be first paid before the security, or any part\n\nthereof, is released or paid over to any claimant or trust company,\n\nbank or national banking association.\n\nK. Sale and disposition of security to pay expenses, costs,\n\nattorney fees and claims. The court having jurisdiction of the\n\nproceedings instituted by the Commissioner may, upon such terms as\n\nthe court shall fix, authorize and order the Commissioner to sell,\n\ndispose of and reduce to cash such portion of the security pledged\n\nor purchased by such bank or trust company or national banking\n\nassociation as may be necessary to pay for the services rendered and\n\nexpenses incurred by the Commissioner in connection with such\n\nsecurity and the proceedings contemplated by subsections E to L,\n\ninclusive, of this section, including attorney fees and court costs,\n\nand to pay claims established against such security.\n\nL. Application of subsections E to K, inclusive, of this\n\nsection. Subsections E to K, inclusive, of this section apply to\n\npledges of security by banks, trust companies and national banking\n\nassociations which retire from the trust business, transfer such\n\nbusiness or go into voluntary or involuntary liquidation or\n\nreceivership, or other method of liquidation. Provided, however,\n\nthe provisions of subsections E through K of this section shall not\n\napply to any bank or trust company desiring to relinquish its trust\n\npowers and receive a return or cancellation of its pledged security\n\nand which has not maintained any active trust accounts or acted in a\n\nfiduciary capacity within the most recent six (6) months prior to\n\nits filing with the Commissioner pursuant to Section 1017 of this\n\ntitle a certified copy of a resolution of its board of directors\n\nsignifying such desire to relinquish its trust powers and evidence\n\nof its release and discharge from all obligations and trusts\n\nprovided for in this article.","path":["OK Code","Title 6"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os6.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"097c21df214e8bde99709dbd0d56a129e297ea2a18fab18ac973da48dc484db1","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-1017","next":"us-ok/okla.-stat.-tit.-6-6-1019"},"notice":"GroundRules: Original legal text. Not legal advice."}