55-157 - Substitution of another trustee by creditors. - Virginia Statutes

§ 55-157. Substitution of another trustee by creditors.

A majority of the unsecured creditors in number and amount of the assignormay agree in writing upon a trustee different from the one named in the deedof assignment, whereupon upon petition to the court, or the judge thereof invacation, which would have jurisdiction if suit were brought against theassignor, such agreed trustee may be substituted in lieu of such namedtrustee with all of the rights, powers and duties conferred upon such namedtrustee in the deed of assignment and the clerk of the court shall cause tobe entered upon the margin of the deed book where the deed of assignment isrecorded the fact of the entry of such order and a reference to the orderbook and page where the same is recorded, together with the name of thesubstituted trustee, and shall make proper indexing. The substitute trusteeshall reside in the county or city in which the property that is conveyed inthe deed of assignment or the greater portion thereof in value is located.

(1924, p. 657; Michie Code 1942, § 5278c.)