                                 CODE OF VIRGINIA

RECEIVERSHIP PROCEDURES INVOLVING ASSETS HELD BY CLOSED BANK AS FIDUCIARY (§
6.2-934)

The FDIC as receiver, with the approval of the receivership court, has the
authority to appoint a successor to all rights, obligations, assets, deposits,
agreements, and trusts held by the closed bank as trustee, administrator,
executor, guardian, agent, or in any other fiduciary or representative capacity.
The successor&#8217;s duties and obligations commence upon appointment and are
to the same extent binding upon the former bank as though the successor had
originally assumed such duties and obligations. Specifically, the successor
shall succeed to and be entitled to administer all trusteeships,
administrations, executorships, guardianships, agencies, and all other fiduciary
or representative proceedings to which the closed bank is named or appointed in
wills, whenever probated, or to which it is appointed by any other instrument,
court order, or by operation of law. Nothing in this section shall be construed
to impair any right of the grantor or beneficiary of trust assets to secure the
appointment of a substitute trustee or manager. Within 30 days after
appointment, the successor shall (i) give written notice, insofar as
practicable, to all interested parties named in the books and records of the
bank or in trust documents held by it that such successor has been appointed in
accordance with state law and (ii) cause the fact of its appointment to be
recorded in appropriate courts of record.

HISTORY: 1983, c. 507, § 6.1-110.10; 2010, c. 794.