55-547.07 - Delivery of property by former trustee. - Virginia Statutes

§ 55-547.07. Delivery of property by former trustee.

A. Unless a cotrustee remains in office or the court otherwise orders, anduntil the trust property is delivered to a successor trustee or other personentitled to it, a trustee who has resigned or been removed has the duties ofa trustee and the powers necessary to protect the trust property.

B. A trustee who has resigned or been removed shall proceed expeditiously todeliver the trust property within the trustee's possession to the cotrustee,successor trustee, or other person entitled to it.

C. Title to all trust property shall be owned and vested in any successortrustee, upon acceptance of the trusteeship, without any conveyance, transferor assignment by the prior trustee.

(2005, c. 935.)