6.2-1097 - (Effective October 1, 2010) Effect on trust accounts of appointment of receiver for association or of voluntary dissolution of association. - Virginia Statutes

§ 6.2-1097. (Effective October 1, 2010) Effect on trust accounts ofappointment of receiver for association or of voluntary dissolution ofassociation.

A. If a receiver is appointed for an association, the receiver shall,pursuant to the orders of the Commission and of any court havingjurisdiction, proceed to close such of the association's trust accounts ascan be closed promptly and shall promptly transfer all other such accounts tosubstitute fiduciaries.

B. If an association exercising trust powers commences a voluntarydissolution, the liquidating agent shall proceed at once to liquidate theaffairs of the trust department as follows:

1. All trusts and estates over which a court is exercising jurisdiction shallbe closed or disposed of as soon as practicable in accordance with the ordersor instructions of such court;

2. All other trust accounts which can be closed promptly shall be closed assoon as practicable and final accountings made therefor; and

3. All remaining trust accounts shall be transferred by appropriate legalproceedings to substitute fiduciaries.

(1984, c. 303, § 6.1-195.94; 2010, c. 794.)