§ 6.2-1097 Effect on trust accounts of appointment of receiver for association or of voluntary dissolution of association
A. If a receiver is appointed for an association, the receiver shall, pursuant to the orders of the Commission and of any court having jurisdiction, proceed to close such of the association’s trust accounts as can be closed promptly and shall promptly transfer all other such accounts to substitute fiduciaries.
B. If an association exercising trust powers commences a voluntary dissolution, the liquidating agent shall proceed at once to liquidate the affairs of the trust department as follows:
1. All trusts and estates over which a court is exercising jurisdiction shall be closed or disposed of as soon as practicable in accordance with the orders or instructions of such court;
2. All other trust accounts which can be closed promptly shall be closed as soon as practicable and final accountings made therefor; and
3. All remaining trust accounts shall be transferred by appropriate legal proceedings to substitute fiduciaries.
History
This law was first created in 1984. The record of its establishment is cataloged in chapter 303 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1984 “Acts” aren’t available online. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 2010, chapter 794.
1984, c. 303, § 6.1-195.94; 2010, c. 794.