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Current as of January 01, 2025 | Updated by Findlaw Staff
(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.
Cite this article: FindLaw.com - Washington Revised Code Title 30B. Washington Trust Institutions Act § 30B.44B.180. Reopening--Conditions - last updated January 01, 2025 | https://codes.findlaw.com/wa/title-30b-washington-trust-institutions-act/wa-rev-code-30b-44b-180/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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