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Bill would require conservators to notify banks and other financial institutions of court orders, proponents say
Summary
Senate Bill 412 would add a duty for conservators to notify non-parties, including financial institutions, of court orders affecting conservatee assets after a complaint about a bank not receiving a freeze order; sponsors and the Office of the State Bank Commissioner discussed scope and asked for narrower drafting on who counts as a 'non-party.'
The Senate Committee on Financial Institutions and Insurance took testimony on Senate Bill 412, which would amend the probate code to require conservators to notify non-parties — specifically including financial institutions — of any court order commanding performance or safekeeping of a conservatee’s assets.
Brock Rayler, general counsel for the Office of the State Bank Commissioner, described a recent complaint that prompted the proposal. Rayler said a joint account with…
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