                                 CODE OF VIRGINIA

EFFECT ON TRUST ACCOUNTS OF APPOINTMENT OF RECEIVER FOR ASSOCIATION OR OF
VOLUNTARY DISSOLUTION OF ASSOCIATION (§ 6.2-1097)

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&#8217;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: 1984, c. 303, § 6.1-195.94; 2010, c. 794.