                                 CODE OF VIRGINIA

SUBSTITUTION OF TRUST SUBSIDIARY AS FIDUCIARY (§ 6.2-1058)

A. 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.

B. 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 &#xA7;
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. 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 &#xA7; 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. Any bond, with corporate surety, posted under this section or &#xA7; 6.2-1056
may be a blanket bond conditioned as otherwise contemplated by law.

E. 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 &#xA7; 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. 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.

HISTORY: 1974, c. 286, § 6.1-32.9; 1987, c. 352; 1991, c. 282; 2010, c. 794.