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2001 SESSION
012259772Be it enacted by the General Assembly of Virginia:
1. That § 26-51 of the Code of Virginia is amended and reenacted as follows:
§ 26-51. Who to execute the trust until new trustee appointed.
If the The personal representative of a deceased sole trustee or of a deceased
trustee who at the time of his death was the only trustee qualified to act, or if
there is or the remaining trustee or trustees, if there were more than
one trustee, and one or more but less than all of them have died, resigned, or
become incapable of executing the trust on account of physical or mental
disability or confinement in prison or other institution, or have become
ineligible to continue to serve as trustee because of removal from the
Commonwealth of themselves where residency is statutorily required, or have
otherwise become ineligible to continue serving as trustee, or declined
to accept the trust, the remaining trustee or trustees, shall execute the
trust, or so much thereof as remained unexecuted at the death, removal,
ineligibiity, declination, or resignation aforesaid, or at the time such
incapacity lack of capacity to execute the trust or such ineligibility
came into being (whether the trust subject is real or personal property) until an appointment is made
pursuant to § 26-48 unless the instrument creating the trust directs otherwise,
or some other trustee is appointed for the purpose by a circuit court having
jurisdiction of the case. In the case of removal of the trust management
function by a corporate trustee, the corporate trustee shall continue to
execute the trust until such time as an appointment is made pursuant to §
26-48.
This section and §§ 26-48 through 26-50 shall not apply to any case provided for by § 55-29.