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1998 SESSION
988550726Be 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
or, in the case of a corporate trustee, removes the
management function over an existing trust to
a jurisdiction outside of the Commonwealth, (4) declines to accept the
trust, (5) having accepted, resigns the same, as he may be allowed to do,
or (6) if such trustee be
is a corporation, be 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, or whenever the management
function is moved by a corporate trustee pursuant to
clause (3), shall, 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 the case a corporate trustee
who removes the management function over the trust, the
court shall appoint a trustee who is a resident of the
Commonwealth.
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 beis 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
beis 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.