6.2-934 - (Effective October 1, 2010) Receivership procedures involving assets held by closed bank as fiduciary. - Virginia Statutes

§ 6.2-934. (Effective October 1, 2010) Receivership procedures involvingassets held by closed bank as fiduciary.

The FDIC as receiver, with the approval of the receivership court, has theauthority to 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 orrepresentative capacity. The successor's duties and obligations commence uponappointment and are to the same extent binding upon the former bank as thoughthe successor had originally assumed such duties and obligations.Specifically, the successor shall succeed to and be entitled to administerall trusteeships, administrations, executorships, guardianships, agencies,and all other fiduciary or representative proceedings to which the closedbank is named or appointed in wills, whenever probated, or to which it isappointed by any other instrument, court order, or by operation of law.Nothing in this section shall be construed to impair any right of the grantoror beneficiary of trust assets to secure the appointment of a substitutetrustee or manager. Within 30 days after appointment, the successor shall (i)give written notice, insofar as practicable, to all interested parties namedin the books and records of the bank or in trust documents held by it thatsuch successor has been appointed in accordance with state law and (ii) causethe fact of its appointment to be recorded in appropriate courts of record.

(1983, c. 507, § 6.1-110.10; 2010, c. 794.)