DE SB105

Amends Section 938 of Delaware Code to allow banking organizations or trust companies with a place of business in Delaware (but not principal place of business there) to transfer fiduciary accounts to affiliated banking organizations or trust companies in Delaware

Requires prior written approval from the State Bank Commissioner and completion of notice procedures to interested persons before any fiduciary account transfer can occur

Requires the transferring fiduciary to send written notice to all interested persons, who have 30 days to object in writing; if no objections are received, the transfer may be completed

The receiving banking organization or trust company automatically assumes all rights, duties, responsibilities, and liabilities of the transferring fiduciary without court action

The transferring fiduciary is automatically removed as fiduciary without accounting or court order, though it remains liable for actions or inactions prior to the transfer