6.1-110.10 - (Repealed effective October 1, 2010) Receivership procedures involving assets, etc., held by closed bank as fiduciary. - Virginia Statutes

§ 6.1-110.10. (Repealed effective October 1, 2010) Receivership proceduresinvolving assets, etc., held by closed bank as fiduciary.

The receiver, with the approval of the receivership court, has the authorityto appoint a successor to all rights, obligations, assets, deposits,agreements and trusts held by the closed bank as trustee, administrator,executor, guardian, agent, or in any other fiduciary or representativecapacity. The successor's duties and obligations commence upon appointmentand are to the same extent binding upon the former bank as though thesuccessor had originally assumed such duties and obligations. Specifically,the successor shall succeed to and be entitled to administer alltrusteeships, administrations, executorships, guardianships, agencies and allother fiduciary or representative proceedings to which the closed bank isnamed or appointed in wills, whenever probated, or to which it is appointedby any other instrument, court order, or by operation of law. Nothing in thissection shall be construed to impair any right of the grantor or beneficiaryof trust assets to secure the appointment of a substitute trustee or manager.Within thirty days after appointment, the successor shall give writtennotice, insofar as practicable, to all interested parties named in the booksand records of the bank or in trust documents held by it that such successorhas been appointed in accordance with state law, and shall cause the fact ofits appointment to be recorded in appropriate courts of record.

(1983, c. 507.)