This section is from the book "Banking Principles And Practice", by Ray B. Westerfield. Also available from Amazon: Banking principles and practice.
The procedure to be followed in converting a trust company in New York is the same as in converting a state bank, except with regard to funds held by a trust company as executor, trustee, or administrator, by decree of court. Before converting, a trust company must divest itself of such funds through court procedure. When this is done, the usual procedure is followed.
 
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