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Current as of January 01, 2025 | Updated by FindLaw Staff
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.
Cite this article: FindLaw.com - Virginia Code Title 8.01. Civil Remedies and Procedure § 8.01-525.2. Substitution of another trustee by creditors - last updated January 01, 2025 | https://codes.findlaw.com/va/title-8-01-civil-remedies-and-procedure/va-code-sect-8-01-525-2/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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