6.1-194.68 - (Repealed effective October 1, 2010) Trustees on loans secured by deed of trust. - Virginia Statutes

§ 6.1-194.68. (Repealed effective October 1, 2010) Trustees on loans securedby deed of trust.

Any savings institution in connection with making loans secured by deed oftrust is empowered to elect a trustee, which may be a service corporation asdefined in § 6.1-194.2 or trustees at such times and for such terms as may beprescribed by its charter or bylaws. All the rights, titles, duties andobligations of such a trustee relating to loans secured by deed of trustshall pass by operation of law to his successor or successors in office.Every right of the savings institution required to be exercised by or throughsuch trustee or trustees, whether it is the sale of property or some otheract or acts, shall be done, enforced and carried out by the trustee ortrustees in office at the time when such rights are exercised by or for thesavings institution. All sales or conveyances heretofore or hereafter madeby a trustee or trustees appointed in the manner designated above shall be asvalid and binding as though the sale or sales, conveyance or conveyances hadbeen made by the trustee or trustees named in the deed or deeds of trust. Amajority of the trustees in office are empowered to conduct sales and makeconveyances in pursuance thereof with the same force and effect as though allthe trustees had acted; and when there are two trustees either one may act.

(1985, c. 425.)