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1998 SESSION
Be it enacted by the General Assembly of Virginia:
1. That §§ 26-48 and 26-51 of the Code of Virginia are amended and reenacted as follows:
§ 26-48. Court may appoint trustee in place of one dead, resigned, etc.
When a trustee in a will, deed or other writing (1) dies, (2) becomes incapable
of executing the trust on account of physical or mental disability or
confinement in prison, (3) removes beyond the limits of the Commonwealth, (4)
declines to accept the trust, (5) having accepted, resigns the same, as he may
be allowed to do, (6) if such trustee be is a
corporation, be and such corporation is adjudicated a
bankrupt, or for any reason lose loses its charter, or
(7) for any other good cause shown, the circuit court of the
county, or the circuit, corporation or other court of the
city in which such will was admitted to probate, or such deed or other writing
is or might have been recorded, or if the trustee is a corporation,
in which its principal office in the Commonwealth is located, or in
which the trustee resides, or the judge thereof in vacation, may on motion of
any party interested, and upon satisfactory evidence of such death, incapacity,
confinement, removal, declination, resignation, bankruptcy, loss of charter, or
of such other good cause, appoint a trustee or trustees in place of the trustee
or trustees named in such instrument.
In addition, the court may appoint a substitute corporate trustee whenever a corporate trustee removes the management function over an existing trust which was previously managed in the Commonwealth to a jurisdiction outside of the Commonwealth if the court finds that the management of such trust after such removal results in good cause for the substitution of such trustee. A corporate trustee that maintains a place of business in the Commonwealth where one or more trust officers are available on a regular basis for personal contact with trust customers or beneficiaries shall not be deemed to have removed such management function.
Where the only courts of record in a city are a corporation court and a
circuit court and both have the same clerk, then each of said courts shall have
all the powers herein provided and any such decree or order of substitution
heretofore made by such city, corporation, or city circuit court is hereby
validated.
§ 26-51. Who to execute the trust until new trustee appointed.
Until such appointment is made under § 26-48, If 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 be is 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 removed removal from the
Commonwealth of themselves, 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, declination, or resignation
aforesaid, or at the time such incapacity came into being (whether the trust
subject be 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 be
is appointed for the purpose by a circuit court of
chancery 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.