1. (a) The department may appoint a conservator for a corporate fiduciary if the department determines that:

   1. (1) one (1) or more grounds for the appointment of a receiver under IC 28-1-3.1-2 (a) exist with respect to the corporate fiduciary; or

   2. (2) the appointment of a conservator is necessary to conserve the assets of the corporate fiduciary for the benefit of:

      1. (A) creditors of the corporate fiduciary;
      2. (B) the beneficiaries of trusts and other fiduciary accounts administered by the corporate fiduciary; or
      3. (C) other persons for whom the corporate fiduciary acts in a fiduciary capacity.
2. (b) A conservator appointed under this section shall give any bond or security that the department considers appropriate.
3. (c) The department may appoint any competent and disinterested person as a conservator under this section.

As added by P.L.10-2006, SEC.78 and P.L.57-2006, SEC.78.