{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1058.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1058.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1058.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1058.html"}],"law_id":68595,"edition_id":1,"section_id":68595,"structure_id":13108,"section_number":"6.2-1058","catch_line":"Substitution of trust subsidiary as fiduciary","history":"1974, c. 286, \u00a7 6.1-32.9; 1987, c. 352; 1991, c. 282; 2010, c. 794.","full_text":"A\n\nUpon obtaining a certificate to engage in the trust business, a trust subsidiary may file an application in the circuit court of the jurisdiction in which its main office is located requesting that it be substituted, except as may be excluded in such application, in every fiduciary capacity for each of its owning banks, or, in the case of a Virginia bank holding company, for any one or more of its affiliate banks specified in the application.B\n\nUpon finding that (i) the trust subsidiary has obtained a certificate to engage in the trust business by the Commission, or by the Comptroller of the Currency if the trust subsidiary is a national banking association, the main office of which is in the Commonwealth and (ii) the requirements of § 6.2-1056 have been met, the court shall enter an order substituting the trust subsidiary in every fiduciary capacity for each of its specified affiliate banks, or specified owning banks, except as may be otherwise specified in the application.C\n\nUpon entry of such order, the trust subsidiary shall, without further act, be substituted in every fiduciary capacity. The substitution shall be evidenced by filing a copy of the order with the clerk of any circuit court in the Commonwealth. The order shall be indexed in each index in the records of such court in which substitutions of fiduciaries are otherwise indexed. The application may be made ex parte and need not list the fiduciary capacities in which substitution is made. If the requirements of § 6.2-1056 have been met, the order of substitution shall specify that the trust subsidiary shall be deemed without further act to have given bond with open penalty with respect to each fiduciary capacity in which there is substitution.D\n\nAny bond, with corporate surety, posted under this section or § 6.2-1056 may be a blanket bond conditioned as otherwise contemplated by law.E\n\nEach designation in a will or other instrument heretofore or hereafter executed of a bank as fiduciary shall be deemed a designation of the trust subsidiary substituted for such bank pursuant to this section except when the instrument is executed after such substitution and expressly negates the application of this section. No waiver of surety with respect to any fiduciary bond shall be effective except in such case when the bond would be otherwise sufficient as contemplated by § 6.2-1056 or 6.2-1059. Any grant in such an instrument of any discretionary power shall be deemed conferred upon the fiduciary deemed to have been nominated hereunder.F\n\nA bank shall account jointly with the trust subsidiary that has been substituted as fiduciary for such bank pursuant to this section for the accounting period during which the trust subsidiary is initially so substituted. Upon substitution pursuant to this section, the bank shall deliver to the trust subsidiary all assets held by the bank as fiduciary, except assets held for accounts to which there has been no substitution. Upon such substitution, all such assets shall become the property of the trust subsidiary as fiduciary without the necessity of any instrument of transfer or conveyance.","order_by":null,"text":{"0":{"id":248278,"text":"Upon obtaining a certificate to engage in the trust business, a trust subsidiary may file an application in the circuit court of the jurisdiction in which its main office is located requesting that it be substituted, except as may be excluded in such application, in every fiduciary capacity for each of its owning banks, or, in the case of a Virginia bank holding company, for any one or more of its affiliate banks specified in the application.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":248279,"text":"Upon finding that (i) the trust subsidiary has obtained a certificate to engage in the trust business by the Commission, or by the Comptroller of the Currency if the trust subsidiary is a national banking association, the main office of which is in the Commonwealth and (ii) the requirements of § 6.2-1056 have been met, the court shall enter an order substituting the trust subsidiary in every fiduciary capacity for each of its specified affiliate banks, or specified owning banks, except as may be otherwise specified in the application.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":248280,"text":"Upon entry of such order, the trust subsidiary shall, without further act, be substituted in every fiduciary capacity. The substitution shall be evidenced by filing a copy of the order with the clerk of any circuit court in the Commonwealth. The order shall be indexed in each index in the records of such court in which substitutions of fiduciaries are otherwise indexed. The application may be made ex parte and need not list the fiduciary capacities in which substitution is made. If the requirements of § 6.2-1056 have been met, the order of substitution shall specify that the trust subsidiary shall be deemed without further act to have given bond with open penalty with respect to each fiduciary capacity in which there is substitution.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":248281,"text":"Any bond, with corporate surety, posted under this section or § 6.2-1056 may be a blanket bond conditioned as otherwise contemplated by law.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":248282,"text":"Each designation in a will or other instrument heretofore or hereafter executed of a bank as fiduciary shall be deemed a designation of the trust subsidiary substituted for such bank pursuant to this section except when the instrument is executed after such substitution and expressly negates the application of this section. No waiver of surety with respect to any fiduciary bond shall be effective except in such case when the bond would be otherwise sufficient as contemplated by § 6.2-1056 or 6.2-1059. Any grant in such an instrument of any discretionary power shall be deemed conferred upon the fiduciary deemed to have been nominated hereunder.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":248283,"text":"A bank shall account jointly with the trust subsidiary that has been substituted as fiduciary for such bank pursuant to this section for the accounting period during which the trust subsidiary is initially so substituted. Upon substitution pursuant to this section, the bank shall deliver to the trust subsidiary all assets held by the bank as fiduciary, except assets held for accounts to which there has been no substitution. Upon such substitution, all such assets shall become the property of the trust subsidiary as fiduciary without the necessity of any instrument of transfer or conveyance.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E"}},"ancestry":[{"id":13108,"edition_id":1,"name":"Trust Subsidiaries","identifier":"3","label":"article","depth":4,"order_by":1,"parent_id":13001,"metadata":{},"date_created":"2026-06-26 03:44:17","date_modified":"2026-06-26 03:44:17","permalink":{"id":263881,"object_type":"structure","relational_id":13108,"identifier":"3","token":"6.2\/II\/10\/3","url":"\/6.2\/II\/10\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13001,"edition_id":1,"name":"Entities Conducting Trust Business","identifier":"10","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":263687,"object_type":"structure","relational_id":13001,"identifier":"10","token":"6.2\/II\/10","url":"\/6.2\/II\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13000,"edition_id":1,"name":"Depository Institutions and Trust Organizations","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":263685,"object_type":"structure","relational_id":13000,"identifier":"II","token":"6.2\/II","url":"\/6.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12852,"edition_id":1,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":263249,"object_type":"structure","relational_id":12852,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":65489,"structure_id":13108,"section_number":"6.2-1047","catch_line":"Definitions","url":"\/6.2-1047\/","token":"6.2\/II\/10\/3\/6.2-1047","metadata":false},{"id":70269,"structure_id":13108,"section_number":"6.2-1048","catch_line":"Organization of subsidiary trust companies","url":"\/6.2-1048\/","token":"6.2\/II\/10\/3\/6.2-1048","metadata":false},{"id":70720,"structure_id":13108,"section_number":"6.2-1049","catch_line":"Permissible business","url":"\/6.2-1049\/","token":"6.2\/II\/10\/3\/6.2-1049","metadata":false},{"id":80318,"structure_id":13108,"section_number":"6.2-1050","catch_line":"Directors","url":"\/6.2-1050\/","token":"6.2\/II\/10\/3\/6.2-1050","metadata":false},{"id":66973,"structure_id":13108,"section_number":"6.2-1051","catch_line":"Report to Commission of election of director","url":"\/6.2-1051\/","token":"6.2\/II\/10\/3\/6.2-1051","metadata":false},{"id":57130,"structure_id":13108,"section_number":"6.2-1052","catch_line":"Removal of director or officer; appeals; penalty","url":"\/6.2-1052\/","token":"6.2\/II\/10\/3\/6.2-1052","metadata":false},{"id":71808,"structure_id":13108,"section_number":"6.2-1053","catch_line":"Bonds required of officers and employees; blanket bond","url":"\/6.2-1053\/","token":"6.2\/II\/10\/3\/6.2-1053","metadata":false},{"id":59285,"structure_id":13108,"section_number":"6.2-1054","catch_line":"Certificate required","url":"\/6.2-1054\/","token":"6.2\/II\/10\/3\/6.2-1054","metadata":false},{"id":61502,"structure_id":13108,"section_number":"6.2-1055","catch_line":"Trust offices","url":"\/6.2-1055\/","token":"6.2\/II\/10\/3\/6.2-1055","metadata":false},{"id":54145,"structure_id":13108,"section_number":"6.2-1056","catch_line":"When security not required of trust subsidiaries","url":"\/6.2-1056\/","token":"6.2\/II\/10\/3\/6.2-1056","metadata":false},{"id":67776,"structure_id":13108,"section_number":"6.2-1057","catch_line":"Deposits held or received by trust subsidiaries or subsidiary bank with affiliate banks","url":"\/6.2-1057\/","token":"6.2\/II\/10\/3\/6.2-1057","metadata":false},{"id":68595,"structure_id":13108,"section_number":"6.2-1058","catch_line":"Substitution of trust subsidiary as fiduciary","url":"\/6.2-1058\/","token":"6.2\/II\/10\/3\/6.2-1058","metadata":false},{"id":65923,"structure_id":13108,"section_number":"6.2-1059","catch_line":"Substitution of subsidiary bank as fiduciary","url":"\/6.2-1059\/","token":"6.2\/II\/10\/3\/6.2-1059","metadata":false},{"id":58761,"structure_id":13108,"section_number":"6.2-1060","catch_line":"Trust subsidiaries to have same powers and restrictions as bank trust departments","url":"\/6.2-1060\/","token":"6.2\/II\/10\/3\/6.2-1060","metadata":false},{"id":62099,"structure_id":13108,"section_number":"6.2-1061","catch_line":"Reports; investigations and examinations; civil penalties","url":"\/6.2-1061\/","token":"6.2\/II\/10\/3\/6.2-1061","metadata":false},{"id":56552,"structure_id":13108,"section_number":"6.2-1062","catch_line":"Offenses by officer, director, agent or employee of trust subsidiary; penalties","url":"\/6.2-1062\/","token":"6.2\/II\/10\/3\/6.2-1062","metadata":false},{"id":80499,"structure_id":13108,"section_number":"6.2-1063","catch_line":"Officers, directors, agents and employees violating or causing trust subsidiary to violate laws; civil liability not affected","url":"\/6.2-1063\/","token":"6.2\/II\/10\/3\/6.2-1063","metadata":false},{"id":73097,"structure_id":13108,"section_number":"6.2-1064","catch_line":"Civil penalties for violation of Commission's orders","url":"\/6.2-1064\/","token":"6.2\/II\/10\/3\/6.2-1064","metadata":false}],"previous_section":{"id":67776,"structure_id":13108,"section_number":"6.2-1057","catch_line":"Deposits held or received by trust subsidiaries or subsidiary bank with affiliate banks","url":"\/6.2-1057\/","token":"6.2\/II\/10\/3\/6.2-1057","metadata":false},"next_section":{"id":65923,"structure_id":13108,"section_number":"6.2-1059","catch_line":"Substitution of subsidiary bank as fiduciary","url":"\/6.2-1059\/","token":"6.2\/II\/10\/3\/6.2-1059","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1058\/","history_text":"

This law was first created in 1974. The record of its establishment is cataloged in chapter 286 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1974 \u201cActs\u201d aren\u2019t available online. It has been modified 3 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1987, chapter 352; in 1991, chapter 282; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":[{"id":54145,"section_number":"6.2-1056","catch_line":"When security not required of trust subsidiaries","order_by":null,"url":"\/6.2-1056\/"},{"id":65923,"section_number":"6.2-1059","catch_line":"Substitution of subsidiary bank as fiduciary","order_by":null,"url":"\/6.2-1059\/"}],"permalink":{"id":263927,"object_type":"law","relational_id":68595,"identifier":"6.2-1058","token":"6.2\/II\/10\/3\/6.2-1058","url":"\/6.2-1058\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1058\/","token":"6.2\/II\/10\/3\/6.2-1058","dublin_core":{"Title":"Substitution of trust subsidiary as fiduciary","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1058","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Upon obtaining a certificate to engage in the trust business<\/span>, a trust subsidiary<\/span> may file an application in the circuit<\/span> court<\/span> of the jurisdiction<\/span> in which its main office is located requesting that it be substituted, except as may be excluded in such application, in every fiduciary capacity<\/span> for each of its owning banks<\/span>, or, in the case of a Virginia bank holding company<\/span>, for any one or more of its affiliate banks<\/span> specified in the application. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Upon finding<\/span> that (i) the trust subsidiary<\/span> has obtained a certificate to engage in the trust business<\/span> by the Commission<\/span>, or by the Comptroller of the Currency if the trust subsidiary<\/span> is a national banking association, the main office of which is in the Commonwealth and (ii) the requirements of § 6.2-1056<\/a> have been met, the court<\/span> shall enter an order<\/span> substituting the trust subsidiary<\/span> in every fiduciary capacity<\/span> for each of its specified affiliate banks<\/span>, or specified owning banks<\/span>, except as may be otherwise specified in the application. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Upon entry of such order<\/span>, the trust subsidiary<\/span> shall, without further act, be substituted in every fiduciary capacity<\/span>. The substitution shall be evidenced by filing a copy of the order<\/span> with the clerk of any circuit<\/span> court<\/span> in the Commonwealth. The order<\/span> shall be indexed in each index in the records of such court<\/span> in which substitutions of fiduciaries are otherwise indexed. The application may be made ex parte<\/span> and need not list the fiduciary capacities in which substitution is made. If the requirements of § 6.2-1056<\/a> have been met, the order<\/span> of substitution shall specify that the trust subsidiary<\/span> shall be deemed without further act to have given bond<\/span> with open penalty<\/span> with respect to each fiduciary capacity<\/span> in which there is substitution. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Any bond<\/span>, with corporate surety<\/span>, posted under this section or § 6.2-1056<\/a> may be a blanket bond<\/span> conditioned as otherwise contemplated by law<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> Each designation in a will or other instrument heretofore or hereafter executed of a bank as fiduciary shall be deemed a designation of the trust subsidiary<\/span> substituted for such bank pursuant to this section except when the instrument is executed after such substitution and expressly negates the application of this section. No waiver<\/span> of surety<\/span> with respect to any fiduciary bond<\/span> shall be effective except in such case when the bond<\/span> would be otherwise sufficient as contemplated by § 6.2-1056<\/a> or 6.2-1059<\/a>. Any grant in such an instrument of any discretionary power shall be deemed conferred upon the fiduciary deemed to have been nominated hereunder. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> A bank shall account jointly with the trust subsidiary<\/span> that has been substituted as fiduciary for such bank pursuant to this section for the accounting period during which the trust subsidiary<\/span> is initially so substituted. Upon substitution pursuant to this section, the bank shall deliver to the trust subsidiary<\/span> all assets<\/span> held by the bank as fiduciary, except assets<\/span> held for accounts to which there has been no substitution. Upon such substitution, all such assets<\/span> shall become the property of the trust subsidiary<\/span> as fiduciary without the necessity of any instrument of transfer or conveyance. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSUBSTITUTION OF TRUST SUBSIDIARY AS FIDUCIARY (\u00a7 6.2-1058)\n\nA. Upon obtaining a certificate to engage in the trust business, a trust\nsubsidiary may file an application in the circuit court of the jurisdiction in\nwhich its main office is located requesting that it be substituted, except as\nmay be excluded in such application, in every fiduciary capacity for each of its\nowning banks, or, in the case of a Virginia bank holding company, for any one or\nmore of its affiliate banks specified in the application.\n\nB. Upon finding that (i) the trust subsidiary has obtained a certificate to\nengage in the trust business by the Commission, or by the Comptroller of the\nCurrency if the trust subsidiary is a national banking association, the main\noffice of which is in the Commonwealth and (ii) the requirements of §\n6.2-1056 have been met, the court shall enter an order substituting the trust\nsubsidiary in every fiduciary capacity for each of its specified affiliate\nbanks, or specified owning banks, except as may be otherwise specified in the\napplication.\n\nC. Upon entry of such order, the trust subsidiary shall, without further act, be\nsubstituted in every fiduciary capacity. The substitution shall be evidenced by\nfiling a copy of the order with the clerk of any circuit court in the\nCommonwealth. The order shall be indexed in each index in the records of such\ncourt in which substitutions of fiduciaries are otherwise indexed. The\napplication may be made ex parte and need not list the fiduciary capacities in\nwhich substitution is made. If the requirements of § 6.2-1056 have been\nmet, the order of substitution shall specify that the trust subsidiary shall be\ndeemed without further act to have given bond with open penalty with respect to\neach fiduciary capacity in which there is substitution.\n\nD. Any bond, with corporate surety, posted under this section or § 6.2-1056\nmay be a blanket bond conditioned as otherwise contemplated by law.\n\nE. Each designation in a will or other instrument heretofore or hereafter\nexecuted of a bank as fiduciary shall be deemed a designation of the trust\nsubsidiary substituted for such bank pursuant to this section except when the\ninstrument is executed after such substitution and expressly negates the\napplication of this section. No waiver of surety with respect to any fiduciary\nbond shall be effective except in such case when the bond would be otherwise\nsufficient as contemplated by § 6.2-1056 or 6.2-1059. Any grant in such an\ninstrument of any discretionary power shall be deemed conferred upon the\nfiduciary deemed to have been nominated hereunder.\n\nF. A bank shall account jointly with the trust subsidiary that has been\nsubstituted as fiduciary for such bank pursuant to this section for the\naccounting period during which the trust subsidiary is initially so substituted.\nUpon substitution pursuant to this section, the bank shall deliver to the trust\nsubsidiary all assets held by the bank as fiduciary, except assets held for\naccounts to which there has been no substitution. Upon such substitution, all\nsuch assets shall become the property of the trust subsidiary as fiduciary\nwithout the necessity of any instrument of transfer or conveyance.\n\nHISTORY: 1974, c. 286, \u00a7 6.1-32.9; 1987, c. 352; 1991, c. 282; 2010, c. 794.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}