Appointment of successor fiduciary and representative proceedings
N.D. Cent. Code § 6-07.2-12
in effect6-07.2-12. Appointment of successor fiduciary and representative proceedings
1. The receiver may appoint one or more successors to any or all of the rights,
obligations, assets, deposits, agreements, and trusts held by the closed institution as
trustee, administrator, executor, guardian, agent, and all other fiduciary or
representative capacities. The approval may be obtained in connection with the
proceedings authorized under section 6-07.2-06.
2. A successor's duties and obligations begin upon appointment to the same extent
binding upon the closed institution and as though the successor had originally
assumed the duties and obligations. Specifically, a successor must be appointed to
administer trusteeships, administrations, executorships, guardianships, agencies, and
other fiduciary or representative proceedings to which the closed institution is named
or appointed in wills, whenever probated, or to which it is appointed by any other
instrument or court order, or by operation of law.
3. This section does not impair any right of the grantor or beneficiaries of trust assets to
secure the appointment of a substituted trustee or manager.
4. Within thirty days after appointment, a successor shall give written notice, insofar as
practical, that the successor has been appointed in accordance with applicable law to
all interested parties named in:
a. The books and records of the closed institution; and
b. Trust documents held by the successor.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t06c07-2.pdf#nameddest=6-07p2-12Fetched: 10/16/2026