Okla. Stat. tit. 6, § 6-1018

A. Successor trustee upon liquidation or receivership;

appointment and qualification; petition by Commissioner. Whenever

any bank or national banking association doing a trust business or

trust company goes into voluntary or involuntary liquidation or

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 135

receivership, successor trustee or trustees shall be appointed and

shall qualify in the following manner:

(1) After the Commissioner has taken possession of any such

bank or trust company, he shall file in the liquidation proceedings

of the bank or trust company a petition setting forth in general

terms that the bank or trust company is trustee under certain trusts

and that it is desirable and necessary that a successor trustee or

trustees be appointed under such trusts. It is not necessary for

such petition to designate the parties to any such trust or the

nature, purpose or extent of the trusts or the trust properties.

(2) Upon the filing of the petition, the court shall make and

enter an order requiring all persons interested in any and all such

trusts either to designate and provide and take all necessary steps

to appoint successor trustee or trustees within a time to be fixed

in the order, or to show cause why a successor trustee or trustees

should not be appointed by the court. Such order may be general in

its terms and need not designate the trusts involved or the nature,

purpose or extent thereof, or give the name of any of the

beneficiaries or others interested therein.

(3) In all trusts where all persons interested, or the court

having jurisdiction of court trusts, take the steps to provide for

the appointment and qualification of a successor trustee or trustees

within the time limited in such order, or such further time as the

court may allow, the successor trustee or trustees shall, with

relation to such trusts, succeed to all the rights, powers,

privileges, and obligations of the bank or trust company in

liquidation, except claims or liabilities arising out of the

management of the trust prior to the date of transfer.

(4) In any trust where those interested therein fail to cause a

successor trustee or trustees to be appointed prior to the time

fixed in such order, the court shall, by order and decree, appoint a

successor trustee or trustees, and such successor trustee or

trustees shall, with relation to such trusts, succeed to all the

rights, powers, privileges and obligations of the bank or trust

company in liquidation, except claims or liabilities arising out of

the management of the trust prior to the date of transfer.

(5) A copy of the order provided for in paragraph (2) of this

subsection shall be published once a week for four (4) successive

weeks in a newspaper of general circulation to be designated by the

court and published in the county in which the liquidation

proceedings of the bank or trust company are carried on. If there

is no newspaper published in such county, publication shall be made

in a newspaper of general circulation in the State of Oklahoma

designated by the court. Proof of publication shall be made in the

same manner as proof of publication of summons is made.
signated by the

court and published in the county in which the liquidation

proceedings of the bank or trust company are carried on. If there

is no newspaper published in such county, publication shall be made

in a newspaper of general circulation in the State of Oklahoma

designated by the court. Proof of publication shall be made in the

same manner as proof of publication of summons is made.

(6) The filing of such petition and the making and entering of

such order and the giving of notice of such order as required by

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 136

this subsection gives the court full jurisdiction of the trusts and

all parties interested therein. The court having jurisdiction in

such matter shall require the Commissioner to mail, by registered

mail postage prepaid, a copy of such order to each living trustor of

all private trusts in which such bank or trust company is trustee or

to the then directly participating beneficiaries of all private

trusts in which there is no living trustor. Such notice shall be

mailed to the last-known address of each such trustor or

participating beneficiary as shown by or as may be ascertained by

reasonably diligent efforts from the records of the bank or trust

company. Proof of mailing shall be in such form as the court shall

require.

B. Successor trustee; petition by liquidating agent or

receiver; National banking associations. Whenever a national

banking association doing a trust business goes into voluntary or

involuntary liquidation, the liquidating agent or the receiver

thereof may file a petition in the district court of the county in

which the national banking association has or had its principal

office and place of business, setting forth the same matters as are

required to be set forth in the petition filed by the Commissioner

under subsection A of this section. Thereafter, successor trustee

or trustees for the trusts of such national banking association

shall be appointed in the same manner and the same procedure

followed and the same jurisdiction acquired as set forth in

subsection A of this section.

C. Successor trustee; petition by bank or trust company. When

any bank or trust company doing a trust business going into

voluntary liquidation, such bank or trust company may file a

petition in the district court of the county in which it has its

principal office or place of business, setting forth the same

matters as are required to be set forth in the petition filed by the

Commissioner under subsection A of this section. Thereafter

successor trustee or trustees for the trusts of such bank or trust

company shall be appointed in the same manner and the same procedure

followed and the same jurisdiction obtained as set forth in said

subsection A of this section. Provided, however, with respect to

those trust accounts for which those interested therein fail to

cause a successor trustee or trustees to be appointed, the

liquidating bank or trust company shall be responsible for mailing,

by registered mail postage prepaid, a copy of the court’s order to

each living trustor of all private trusts in which such bank or

trust company is trustee or to the then directly participating

beneficiaries of all private trusts in which there is no living

trustor. Such notice shall be mailed to the last-known address of

each such trustor or participating beneficiary as shown by or as may

be ascertained by reasonably diligent efforts from the records of

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 137

the bank or trust company. Proof of mailing shall be in such form

as the court shall require.

D. Transfer of trust property to successor trustee. Upon the

appointment of any successor trustee or trustees, in the manner

provided in this section, the Commissioner, the liquidating agent,

the receiver or the bank or trust company in voluntary liquidation,
le 6. Banks and Trust Companies Page 137

the bank or trust company. Proof of mailing shall be in such form

as the court shall require.

D. Transfer of trust property to successor trustee. Upon the

appointment of any successor trustee or trustees, in the manner

provided in this section, the Commissioner, the liquidating agent,

the receiver or the bank or trust company in voluntary liquidation,

as the case may be, may execute such deeds, conveyances, transfers

and assignments as are necessary to transfer to and vest in the

successor trustee or trustees all right, title, interest, power and

authority in, over and to the trust property theretofore vested in

the bank or trust company or national banking association so in

liquidation.

E. Discontinuance of trust business; determination of claims

against deposit of securities. (1) Whenever a bank, trust company

or national banking association doing a trust business discontinues

such trust business, all claims of whatsoever kind and nature

against the pledged or purchased security of such trust company,

bank or national banking association required by law to be made with

the Commissioner shall be determined, established and adjudicated in

the manner provided in this section. If not so determined,

established and adjudicated, such claims shall forever be barred and

foreclosed.

(2) The method of determining, establishing and adjudicating

such claims shall be as follows: The Commissioner shall file in the

district court for the county in which is located the principal

office and the place of business in the State of Oklahoma of such

trust company, bank or national banking association a verified

petition setting forth:

(a) that such trust company, bank or national banking

association desires to retire from the trust

business, dissolve or transfer its trust

business, or that it is in process of voluntary

or involuntary liquidation;

(b) that it is necessary that claims, if any, against

the pledged or purchased security made by such

trust company, bank or national banking

association with the Commissioner be determined.

F. Order to bring suit; publication of order; jurisdiction over

securities; notice to trustor; appearance of minors and incompetents

unnecessary. (1) Upon the filing of the petition mentioned in

subsection E of this section, the court shall make an order

requiring all persons, partnerships, associations or corporations

having claims against the pledged or purchased security to commence

action or suit thereon in such district court within six (6) months

from the date of the order, or forever be barred and foreclosed of

any claim on such security. It is not necessary that either the

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 138

petition or the order give the names of any beneficiary or the

nature of the trusts protected by the security.

(2) A copy of the order shall be published in a newspaper

designated by the court, having a general circulation in the county

of the principal office and place of business in the State of

Oklahoma of such trust company, bank or national banking

association, at least once a week for as many consecutive weeks as

the court shall determine, not less than four (4) weeks nor more

than twelve (12) weeks. If no newspaper is published in such

county, the copy of the order shall be published in such newspaper

in this state as the court designates. Upon completion of

publication, proof thereof shall be made in the same manner as proof

of publication of summons is made and such proof shall be filed with

the clerk of such court.
ermine, not less than four (4) weeks nor more

than twelve (12) weeks. If no newspaper is published in such

county, the copy of the order shall be published in such newspaper

in this state as the court designates. Upon completion of

publication, proof thereof shall be made in the same manner as proof

of publication of summons is made and such proof shall be filed with

the clerk of such court.

(3) The filing of the petition, the making and entering of the

order, and the giving of notice of such petition as required by this

subsection, gives the court full jurisdiction of the security

pledged or purchased under Section 1004 of this title and of all

parties having an interest in or claim upon such security. The

court so having jurisdiction in such matter shall require the

Commissioner to mail, by registered mail postage prepaid, a copy of

such order to each living trustor of all private trusts in which the

bank or trust company is trustee and which have not been closed or

to the then directly participating beneficiaries of all such private

trusts in which there is no living trustor. Such notice shall be

mailed to the last-known address of each such trustor or

participating beneficiary as shown by or as may be ascertained by

reasonably diligent efforts from the records of the bank or trust

company. Proof of mailing shall be in such form as the court

requires.

G. Termination of right to do trust business. The filing by

the Commissioner of the proceedings provided for in subsection E of

this section shall operate to terminate the right of the bank or

trust company or national bank affected thereby to do a trust

business, except such business as may be necessary to wind up then

existing trusts.

H. Actions or suits on claims; limitation of actions; service

of summons; preference on calendars. (1) All persons,

partnerships, associations or corporations, including minors,

incompetents and all others under any legal disability, having any

claim against the pledged or purchased security mentioned in

subsection E of this section, shall file action or suit within six

(6) months from the date of the court order, and in default thereof

shall be forever barred and foreclosed of any and all claim and

interest in, to or against the security.

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 139

(2) The district court making the order shall have exclusive

jurisdiction of all actions or suits brought to determine claims to

the pledged or purchased security.

(3) In all actions or suits filed pursuant to this action, the

Commissioner shall be a necessary party defendant.

(4) No action or suit shall be deemed to have been commenced

within the time required by the order unless, in the case of

defendants within the state, summons is actually served within sixty

(60) days from the time limited in the order.

(5) Actions or suits filed pursuant to this section shall have

preference upon the calendar of both the trial court and the Supreme

Court, and shall be tried by such courts without unnecessary delay.

I. Release or payment of security pending suit; distribution of

security upon determination of suit. (1) If any actions or suits

on claims against the pledged or purchased security mentioned in

subsection E of this section are commenced within the time limited

by the court order, the Commissioner shall not release or cancel the

security, or any part thereof, nor shall the court order the release

or cancellation thereof nor the payment of any part thereof until

such time as all such actions or suits are determined by final

judgment or decree.
edged or purchased security mentioned in

subsection E of this section are commenced within the time limited

by the court order, the Commissioner shall not release or cancel the

security, or any part thereof, nor shall the court order the release

or cancellation thereof nor the payment of any part thereof until

such time as all such actions or suits are determined by final

judgment or decree.

(2) When such actions or suits are finally determined, so much

of the security as is necessary shall be paid over to such of the

claimants as have established their rights thereto in the sums

allowed by the court, or if not sufficient the security shall be

distributed pro rata among such claimants as have established, by

final judgment or decree, their claims thereto.

(3) The court, in the proceeding to be commenced by the

Commissioner, shall decree that the balance, if any, or the entire

security, in case no claims are established in the manner provided,

be cancelled or paid over and delivered to the trust company, bank

or national banking association pledging the security or its

successors or assigns, except that, in the case of any such trust

company, bank or national banking association which is in process of

voluntary or involuntary liquidation, the security or balance

thereof, if any, shall be paid over to the official lawfully in

charge of the liquidation.

J. Commissioner's charges and assessments as a prior lien on

security. All unpaid charges and assessments owing to the

Commissioner for expenses and services rendered in connection with

the pledged or purchased security mentioned in subsection E of this

section, and all expenditures incurred or made by the Commissioner,

including services rendered by the Commissioner, attorney fees and

necessary court expenses in connection with the determination of

claims against the security, shall be a first and prior lien on the

security, and be first paid before the security, or any part

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 140

thereof, is released or paid over to any claimant or trust company,

bank or national banking association.

K. Sale and disposition of security to pay expenses, costs,

attorney fees and claims. The court having jurisdiction of the

proceedings instituted by the Commissioner may, upon such terms as

the court shall fix, authorize and order the Commissioner to sell,

dispose of and reduce to cash such portion of the security pledged

or purchased by such bank or trust company or national banking

association as may be necessary to pay for the services rendered and

expenses incurred by the Commissioner in connection with such

security and the proceedings contemplated by subsections E to L,

inclusive, of this section, including attorney fees and court costs,

and to pay claims established against such security.

L. Application of subsections E to K, inclusive, of this

section. Subsections E to K, inclusive, of this section apply to

pledges of security by banks, trust companies and national banking

associations which retire from the trust business, transfer such

business or go into voluntary or involuntary liquidation or

receivership, or other method of liquidation. Provided, however,

the provisions of subsections E through K of this section shall not

apply to any bank or trust company desiring to relinquish its trust

powers and receive a return or cancellation of its pledged security

and which has not maintained any active trust accounts or acted in a

fiduciary capacity within the most recent six (6) months prior to

its filing with the Commissioner pursuant to Section 1017 of this

title a certified copy of a resolution of its board of directors

signifying such desire to relinquish its trust powers and evidence

of its release and discharge from all obligations and trusts

provided for in this article.