{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-1739","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-1739","heading":"Acquisition of state trust company or trust institution","body":"A. Subject to the provisions of this section, a trust\n\ninstitution may purchase assets of a state trust company or trust-\n\nrelated assets of another trust institution, including the right to\n\ncontrol accounts established with the trust institution. Except as\n\notherwise expressly provided by this section or any other law, the\n\npurchase of all or part of the assets of the trust institution does\n\nnot make the purchasing trust institution responsible for any\n\nliability or obligation of the selling trust institution that the\n\npurchasing trust institution does not expressly assume. Except as\n\notherwise provided by this act, this section does not govern or\n\nprohibit the purchase by a state trust institution of all or part of\n\nthe assets of a corporation or other entity that is not a trust\n\ninstitution.\n\nB. If the acquiring institution is a state bank, a state trust\n\ncompany, an out-of-state trust institution which maintains neither a\n\nbranch nor a trust office in this state, or a savings association\n\nchartered under the laws of this state, an application in the form\n\nrequired by the Commissioner shall be filed with the Commissioner\n\nfor any acquisition of all or substantially all of:\n\n1. The assets of a state trust company; or\n\n2. The trust assets of another trust institution.\n\nC. The Commissioner shall investigate the condition of the\n\npurchaser and seller and may require the submission of additional\n\ninformation as considered necessary to make an informed decision.\n\nThe Commissioner shall approve the purchase if:\n\n1. The acquiring trust institution will be solvent and have\n\nsufficient capitalization for its business and location;\n\n2. The acquiring trust institution has complied with all\n\napplicable statutes and rules including without limitation any\n\napplicable requirements of Sections 26 through 35 of this act;\n\n3. All fiduciary obligations and liabilities of the parties\n\nhave been properly discharged or otherwise assumed by the acquiring\n\ntrust institution;\n\n4. All conditions imposed by the Commissioner have been\n\nsatisfied or otherwise resolved; and\n\n5. All fees and costs have been paid.\n\nD. A purchase requiring an application pursuant to subsection B\n\nof this section is effective on the date of approval, unless the\n\npurchase agreement provides for, and the Commissioner consents to, a\n\ndifferent effective date.\n\nE. The acquiring trust institution shall succeed by operation\n\nof law to all of the rights, privileges and obligations of the\n\nselling trust institution under each account included in the assets\n\nacquired.","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":"c92a52a58a1d1a8ccfc1b9d1bcf05f8eaafde1d3528d692d4b2f271f8318942a","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-1738","next":"us-ok/okla.-stat.-tit.-6-6-1740"},"notice":"GroundRules: Original legal text. Not legal advice."}