48.846 Substitution; application; notice; hearing; court 
  order; filing. 

    Subdivision 1.  Any bank or trust company may file an 
 application with the district court in the county in which an 
 affiliated bank or other bank or trust company for which it 
 seeks to be substituted is located requesting that it be 
 substituted, except as may be expressly excluded in the 
 application, in every fiduciary capacity held by the affiliated 
 bank or other bank or trust company for which substitution is 
 sought and which is specified in the application.  The 
 affiliated bank or other bank or trust company for which 
 substitution is sought shall join in the application.  The 
 application need not list the fiduciary capacities in which 
 substitution is requested.  

    Subd. 2.  When the application is filed with the district 
 court, the court shall make an order fixing a date and time for 
 hearing and directing that notice of the hearing be given as 
 provided in this subdivision.  The applicant shall cause a copy 
 of the notice to be published at least once a week for two 
 consecutive weeks in a legal newspaper in the county where the 
 hearing is to be held, the last publication of which is to be at 
 least ten days before the time set for the hearing.  The court 
 may require additional notice as it reasonably deems necessary.  
 No defect in giving notice shall limit or affect the validity of 
 any order entered pursuant to this section.  

    Subd. 3.  Upon finding that the applicant is duly 
 authorized to exercise fiduciary powers, the district court 
 shall enter an order substituting the applicant bank or trust 
 company in every fiduciary capacity held by the affiliated bank 
 or other bank or trust company for which substitution is sought 
 and which joined in the application, except as may be otherwise 
 specified in the application, and except for fiduciary 
 capacities in any account with respect to which a person 
 beneficially interested in the account has filed objection to 
 the substitution and has appeared and been heard in support of 
 the objection.  Upon entry of the order, or at a later date as 
 may be specified in the order, the applicant bank or trust 
 company shall, without further act, and notwithstanding any 
 other law to the contrary, be substituted in every such 
 fiduciary capacity.  The substitution may be made a matter of 
 record in any county of this state by filing a certified copy of 
 the order of substitution in the office of the court 
 administrator of any district, or county court in this state, or 
 by filing a certified copy of the order in the office of the 
 county recorder of any county in this state.  

    Subd. 4.  Each designation in a will or other instrument 
 heretofore or hereafter executed of an affiliated bank as 
 fiduciary shall be deemed a designation of the bank or trust 
 company substituted for the affiliated bank pursuant to this 
 section except where the will or other instrument is executed 
 after the substitution and expressly negates the application of 
 this section.  Except as otherwise provided in this subdivision 
 any grant in any will or other instrument of any discretionary 
 power shall be deemed conferred upon the bank or trust company 
 substituted as the fiduciary pursuant to this section.  

    Subd. 5.  An affiliated bank or other bank or trust 
 company shall account jointly with the substituted bank or trust 
 company for the accounting period during which the substitution 
 occurred.  Upon substitution pursuant to this section, the 
 affiliated bank or other bank or trust company shall deliver to 
 the substituted bank or trust company all assets held by the 
 affiliated bank or other bank or trust company as fiduciary, 
 except assets held for fiduciary accounts with respect to which 
 no substitution occurs pursuant to this section.  Upon 
 substitution all assets become the property of the substituted 
 bank or trust company without the necessity of any instrument of 
 transfer or conveyance.  

    HIST: 1980 c 383 s 2; 1Sp1986 c 3 art 1 s 82; 1995 c 189 s 8; 
 1996 c 277 s 1