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Virginia Code Title 6.2. Financial Institutions and Services § 6.2-1097. Effect on trust accounts of appointment of receiver for association or of voluntary dissolution of association

Current as of January 01, 2025 | Updated by FindLaw Staff

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'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.

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Cite this article: FindLaw.com - Virginia Code Title 6.2. Financial Institutions and Services § 6.2-1097. Effect on trust accounts of appointment of receiver for association or of voluntary dissolution of association - last updated January 01, 2025 | https://codes.findlaw.com/va/title-6-2-financial-institutions-and-services/va-code-sect-6-2-1097/

Read this complete Virginia Code Title 6.2. Financial Institutions and Services § 6.2-1097. Effect on trust accounts of appointment of receiver for association or of voluntary dissolution of association on Westlaw. Westlaw subscription required.

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