Virginia § 6.2-1097 Effect on trust accounts of appointment of receiver for association or of voluntary dissolution of association

Virginia Statutes

§ 6.2-1097 — Effect on trust accounts of appointment of receiver for association or of voluntary dissolution of association

Virginia § 6.2-1097

JurisdictionVirginia

Title 6.2FINANCIAL INSTITUTIONS AND SERVICES

Subtitle IIDEPOSITORY INSTITUTIONS AND TRUST ORGANIZATIONS

Ch. 10ENTITIES CONDUCTING TRUST BUSINESS

Art. 6TRUST POWERS OF SAVINGS INSTITUTIONS

This text of Virginia § 6.2-1097 (Effect on trust accounts of appointment of receiver for association or of voluntary dissolution of association) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 6.2-1097 (2026).

Text

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 account

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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.