§ 6.2-1056. (Effective October 1, 2010) When security not required of trustsubsidiaries.
No trust subsidiary with combined unimpaired capital stock and surplus of$200,000 or more shall be required by any officer or court of theCommonwealth to give security upon appointment to or acceptance of any officeor trust that it may, by law, be authorized to execute. No trust subsidiaryshall qualify in a fiduciary capacity on an estate that has a value in excessof its combined unimpaired capital and surplus, without giving security forsuch excess, unless:
1. The requirement that the trust subsidiary give security for such excess iswaived by the person creating such fiduciary relationship;
2. A Virginia bank holding company or a bank owning, directly or indirectlythrough a subsidiary bank, 100 percent of the stock, exclusive of directors'qualifying shares, of the trust subsidiary files with the Commission and withthe circuit court for the jurisdiction in which the main office of the bankholding company or bank is located an undertaking to be fully responsible forthe existing and future fiduciary acts and omissions of its trust subsidiary.If such undertaking is filed, a trust subsidiary may qualify in a fiduciarycapacity without giving security if the assets it is to receive in suchcapacity have a value not greater than the combined and unimpaired capitaland surplus of the parent Virginia bank holding company or parent bank thathas undertaken to be responsible for the acts of such trust subsidiary. If nosuch undertaking shall have been filed, and corporate surety is provided, thepremium thereof shall be borne by the trust subsidiary and not the fiduciaryestate; or
3. If an affiliate bank shall already have qualified in any fiduciarycapacity and given bond, without security, and the trust subsidiary orsubsidiary bank shall qualify as successor fiduciary, then, if the order ofsubstitution so provides, and the fiduciary for which there is to besubstitution consents, the predecessor fiduciary shall remain liable on itsbond for the acts of its named successor and no security shall be required ofthe successor fiduciary, if the bond of the fiduciary for which there is tobe substitution is otherwise sufficient.
§ 6.2-1056. (Effective October 1, 2010) When security not required of trustsubsidiaries.
No trust subsidiary with combined unimpaired capital stock and surplus of$200,000 or more shall be required by any officer or court of theCommonwealth to give security upon appointment to or acceptance of any officeor trust that it may, by law, be authorized to execute. No trust subsidiaryshall qualify in a fiduciary capacity on an estate that has a value in excessof its combined unimpaired capital and surplus, without giving security forsuch excess, unless:
1. The requirement that the trust subsidiary give security for such excess iswaived by the person creating such fiduciary relationship;
2. A Virginia bank holding company or a bank owning, directly or indirectlythrough a subsidiary bank, 100 percent of the stock, exclusive of directors'qualifying shares, of the trust subsidiary files with the Commission and withthe circuit court for the jurisdiction in which the main office of the bankholding company or bank is located an undertaking to be fully responsible forthe existing and future fiduciary acts and omissions of its trust subsidiary.If such undertaking is filed, a trust subsidiary may qualify in a fiduciarycapacity without giving security if the assets it is to receive in suchcapacity have a value not greater than the combined and unimpaired capitaland surplus of the parent Virginia bank holding company or parent bank thathas undertaken to be responsible for the acts of such trust subsidiary. If nosuch undertaking shall have been filed, and corporate surety is provided, thepremium thereof shall be borne by the trust subsidiary and not the fiduciaryestate; or
3. If an affiliate bank shall already have qualified in any fiduciarycapacity and given bond, without security, and the trust subsidiary orsubsidiary bank shall qualify as successor fiduciary, then, if the order ofsubstitution so provides, and the fiduciary for which there is to besubstitution consents, the predecessor fiduciary shall remain liable on itsbond for the acts of its named successor and no security shall be required ofthe successor fiduciary, if the bond of the fiduciary for which there is tobe substitution is otherwise sufficient.
§ 6.2-1056. (Effective October 1, 2010) When security not required of trustsubsidiaries.
No trust subsidiary with combined unimpaired capital stock and surplus of$200,000 or more shall be required by any officer or court of theCommonwealth to give security upon appointment to or acceptance of any officeor trust that it may, by law, be authorized to execute. No trust subsidiaryshall qualify in a fiduciary capacity on an estate that has a value in excessof its combined unimpaired capital and surplus, without giving security forsuch excess, unless:
1. The requirement that the trust subsidiary give security for such excess iswaived by the person creating such fiduciary relationship;
2. A Virginia bank holding company or a bank owning, directly or indirectlythrough a subsidiary bank, 100 percent of the stock, exclusive of directors'qualifying shares, of the trust subsidiary files with the Commission and withthe circuit court for the jurisdiction in which the main office of the bankholding company or bank is located an undertaking to be fully responsible forthe existing and future fiduciary acts and omissions of its trust subsidiary.If such undertaking is filed, a trust subsidiary may qualify in a fiduciarycapacity without giving security if the assets it is to receive in suchcapacity have a value not greater than the combined and unimpaired capitaland surplus of the parent Virginia bank holding company or parent bank thathas undertaken to be responsible for the acts of such trust subsidiary. If nosuch undertaking shall have been filed, and corporate surety is provided, thepremium thereof shall be borne by the trust subsidiary and not the fiduciaryestate; or
3. If an affiliate bank shall already have qualified in any fiduciarycapacity and given bond, without security, and the trust subsidiary orsubsidiary bank shall qualify as successor fiduciary, then, if the order ofsubstitution so provides, and the fiduciary for which there is to besubstitution consents, the predecessor fiduciary shall remain liable on itsbond for the acts of its named successor and no security shall be required ofthe successor fiduciary, if the bond of the fiduciary for which there is tobe substitution is otherwise sufficient.
