Trust companies may merge across state lines with approval

The State Bank Commissioner may approve banks and trust companies with all or some powers allowed by this chapter. This applies to banks and trust companies established under this chapter, except where Chapters 15 or 16 provide otherwise. The Commissioner may set different application requirements based on the risks of the proposed activities. This section takes effect immediately, but implementation begins when final regulations are published or one year after enactment, whichever comes first.

The law provides routes for out-of-state trust companies to merge with or convert into Delaware trust companies, and for Delaware trust companies to operate branches outside Delaware. Out-of-state trust companies may merge into Delaware trust companies or convert into limited-purpose trust companies. Delaware trust companies may establish branches or other business locations in another state through an approved merger or conversion. The Commissioner must give written approval for the specified mergers, conversions, and out-of-state branches. Institutions must follow applicable state and federal rules. Some conversions may be treated as approved if the Commissioner does not act within 30 days after receiving a complete application. In a merger or conversion, fiduciary roles generally transfer to the resulting institution; an interested party may ask a court or tribunal to decide whether it should continue in that role. For certain conversions, the 30-day period starts when the Commissioner receives a complete application.

The law counts digital assets as personal property for the purposes of specified banking subchapters. This definition applies for the purposes of the cited subchapters covering banks and savings banks. These sections take effect immediately.