26-51 - Who to execute the trust until new trustee appointed. - Virginia Statutes

§ 26-51. Who to execute the trust until new trustee appointed.

The personal representative of a deceased sole trustee or the remainingtrustee or trustees, if there were more than one trustee, and one or more butless than all of them have died, resigned, or become incapable of executingthe trust on account of physical or mental disability or confinement inprison or other institution, or have become ineligible to continue to serveas trustee because of removal from the Commonwealth of themselves whereresidency is statutorily required, or have otherwise become ineligible tocontinue serving as trustee, shall execute the trust, or so much thereof asremained unexecuted at the death or resignation or at the time such lack ofcapacity to execute the trust or such ineligibility came into being (whetherthe trust subject is real or personal property) until an appointment is madepursuant to § 26-48 unless the instrument creating the trust directsotherwise, or some other trustee is appointed for the purpose by a circuitcourt having jurisdiction of the case. In the case of removal of the trustmanagement function by a corporate trustee, the corporate trustee shallcontinue to execute the trust until such time as an appointment is madepursuant to § 26-48.

The provisions of this section shall not apply to any trust governed by theUniform Trust Code (§ 55-541.01 et seq.).

(Code 1919, § 6300; 1930, p. 350; 1940, p. 302; 1942, p. 168; 1998, cc. 392,410; 2001, c. 38; 2005, c. 935.)