Section 1111.07 - No transferring or assigning license.

Ohio Rev Code § 1111.07 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

(A) A trust company's license to solicit or engage in trust business in this state is not transferable or assignable.

(B) Subject to section 2109.28 of the Revised Code, if any trust company enters into a merger or consolidation in which the trust company is not the surviving corporation, or transfers all or substantially all of its assets and liabilities to another corporation, the resulting, surviving, or transferee corporation shall succeed the trust company as fiduciary as a matter of law and without necessity to do anything further, if the resulting, surviving, or transferee corporation is a trust company or a national bank or federal savings association authorized to accept and execute trusts and doing business under authority granted by the office of the comptroller of the currency . If the trust company is not the surviving corporation of a merger, enters a consolidation, or after transferring substantially all of its assets and liabilities ceases to solicit or engage in trust business in this state, the trust company shall surrender its trust company license in accordance with section 1111.31 of the Revised Code.

Amended by 132nd General Assembly File No. TBD, HB 49, §130.21, eff. 1/1/2018.

Effective Date: 01-01-1997; 04-06-2007 .

Previous Section

Section 1111.06 - Applying for trust company license.

Next Section

Section 1111.08 - Transferring fiduciary account or relationship.