                                 CODE OF VIRGINIA

SUBSTITUTION OF ANOTHER TRUSTEE BY CREDITORS (§ 8.01-525.2)

A majority of the unsecured creditors in number and amount of the assignor may
agree in writing upon a trustee different from the one named in the deed of
assignment, and upon petition to the court that would have jurisdiction if an
action were brought against the assignor, such agreed trustee may be substituted
in lieu of such named trustee with all of the rights, powers, and duties
conferred upon such named trustee in the deed of assignment. The clerk of the
court where the deed of assignment is recorded shall record such order presented
by one of the parties and shall include a reference to the order book and page
where such deed is recorded, together with the name of the substituted trustee,
and shall make proper indexing. The substitute trustee shall reside in the
county or city in which the property that is conveyed in the deed of assignment
or the greater portion thereof in value is located.

HISTORY: 1924, p. 657; Michie Code 1942, § 5278c; Code 1950, § 55-157; 2014,
c. 330; 2019, c. 712.