Section 15-113 - Joint and several liability of trust company affiliates.
§ 15-113. Joint and several liability of trust company affiliates.
An entity that controls, is controlled by, or is under common control with a trust company shall be jointly and severally liable for claims against the trust company when the trust company is acting as a trustee of bond indentures or similar debt issuances, if the trust company:
(1) May exercise trust or fiduciary powers in the State; and
(2) Meets the qualifications under 12 U.S.C. § 1841 (c) (2) (D).
[1993, ch. 440.]