§ 6.2-1058. (Effective October 1, 2010) Substitution of trust subsidiary asfiduciary.
A. Upon obtaining a certificate to engage in the trust business, a trustsubsidiary may file an application in the circuit court of the jurisdictionin which its main office is located requesting that it be substituted, exceptas may be excluded in such application, in every fiduciary capacity for eachof its owning banks, or, in the case of a Virginia bank holding company, forany one or more of its affiliate banks specified in the application.
B. Upon finding that (i) the trust subsidiary has obtained a certificate toengage in the trust business by the Commission, or by the Comptroller of theCurrency if the trust subsidiary is a national banking association, the mainoffice of which is in the Commonwealth and (ii) the requirements of §6.2-1056 have been met, the court shall enter an order substituting the trustsubsidiary in every fiduciary capacity for each of its specified affiliatebanks, or specified owning banks, except as may be otherwise specified in theapplication.
C. Upon entry of such order, the trust subsidiary shall, without further act,be substituted in every fiduciary capacity. The substitution shall beevidenced by filing a copy of the order with the clerk of any circuit courtin the Commonwealth. The order shall be indexed in each index in the recordsof such court in which substitutions of fiduciaries are otherwise indexed.The application may be made ex parte and need not list the fiduciarycapacities in which substitution is made. If the requirements of § 6.2-1056have been met, the order of substitution shall specify that the trustsubsidiary shall be deemed without further act to have given bond with openpenalty with respect to each fiduciary capacity in which there issubstitution.
D. Any bond, with corporate surety, posted under this section or § 6.2-1056may be a blanket bond conditioned as otherwise contemplated by law.
E. Each designation in a will or other instrument heretofore or hereafterexecuted of a bank as fiduciary shall be deemed a designation of the trustsubsidiary substituted for such bank pursuant to this section except when theinstrument is executed after such substitution and expressly negates theapplication of this section. No waiver of surety with respect to anyfiduciary bond shall be effective except in such case when the bond would beotherwise sufficient as contemplated by § 6.2-1056 or 6.2-1059. Any grant insuch an instrument of any discretionary power shall be deemed conferred uponthe fiduciary deemed to have been nominated hereunder.
F. A bank shall account jointly with the trust subsidiary that has beensubstituted as fiduciary for such bank pursuant to this section for theaccounting period during which the trust subsidiary is initially sosubstituted. Upon substitution pursuant to this section, the bank shalldeliver to the trust subsidiary all assets held by the bank as fiduciary,except assets held for accounts to which there has been no substitution. Uponsuch substitution, all such assets shall become the property of the trustsubsidiary as fiduciary without the necessity of any instrument of transferor conveyance.
(1974, c. 286, § 6.1-32.9; 1987, c. 352; 1991, c. 282; 2010, c. 794.)
§ 6.2-1058. (Effective October 1, 2010) Substitution of trust subsidiary asfiduciary.
A. Upon obtaining a certificate to engage in the trust business, a trustsubsidiary may file an application in the circuit court of the jurisdictionin which its main office is located requesting that it be substituted, exceptas may be excluded in such application, in every fiduciary capacity for eachof its owning banks, or, in the case of a Virginia bank holding company, forany one or more of its affiliate banks specified in the application.
B. Upon finding that (i) the trust subsidiary has obtained a certificate toengage in the trust business by the Commission, or by the Comptroller of theCurrency if the trust subsidiary is a national banking association, the mainoffice of which is in the Commonwealth and (ii) the requirements of §6.2-1056 have been met, the court shall enter an order substituting the trustsubsidiary in every fiduciary capacity for each of its specified affiliatebanks, or specified owning banks, except as may be otherwise specified in theapplication.
C. Upon entry of such order, the trust subsidiary shall, without further act,be substituted in every fiduciary capacity. The substitution shall beevidenced by filing a copy of the order with the clerk of any circuit courtin the Commonwealth. The order shall be indexed in each index in the recordsof such court in which substitutions of fiduciaries are otherwise indexed.The application may be made ex parte and need not list the fiduciarycapacities in which substitution is made. If the requirements of § 6.2-1056have been met, the order of substitution shall specify that the trustsubsidiary shall be deemed without further act to have given bond with openpenalty with respect to each fiduciary capacity in which there issubstitution.
D. Any bond, with corporate surety, posted under this section or § 6.2-1056may be a blanket bond conditioned as otherwise contemplated by law.
E. Each designation in a will or other instrument heretofore or hereafterexecuted of a bank as fiduciary shall be deemed a designation of the trustsubsidiary substituted for such bank pursuant to this section except when theinstrument is executed after such substitution and expressly negates theapplication of this section. No waiver of surety with respect to anyfiduciary bond shall be effective except in such case when the bond would beotherwise sufficient as contemplated by § 6.2-1056 or 6.2-1059. Any grant insuch an instrument of any discretionary power shall be deemed conferred uponthe fiduciary deemed to have been nominated hereunder.
F. A bank shall account jointly with the trust subsidiary that has beensubstituted as fiduciary for such bank pursuant to this section for theaccounting period during which the trust subsidiary is initially sosubstituted. Upon substitution pursuant to this section, the bank shalldeliver to the trust subsidiary all assets held by the bank as fiduciary,except assets held for accounts to which there has been no substitution. Uponsuch substitution, all such assets shall become the property of the trustsubsidiary as fiduciary without the necessity of any instrument of transferor conveyance.
(1974, c. 286, § 6.1-32.9; 1987, c. 352; 1991, c. 282; 2010, c. 794.)
§ 6.2-1058. (Effective October 1, 2010) Substitution of trust subsidiary asfiduciary.
A. Upon obtaining a certificate to engage in the trust business, a trustsubsidiary may file an application in the circuit court of the jurisdictionin which its main office is located requesting that it be substituted, exceptas may be excluded in such application, in every fiduciary capacity for eachof its owning banks, or, in the case of a Virginia bank holding company, forany one or more of its affiliate banks specified in the application.
B. Upon finding that (i) the trust subsidiary has obtained a certificate toengage in the trust business by the Commission, or by the Comptroller of theCurrency if the trust subsidiary is a national banking association, the mainoffice of which is in the Commonwealth and (ii) the requirements of §6.2-1056 have been met, the court shall enter an order substituting the trustsubsidiary in every fiduciary capacity for each of its specified affiliatebanks, or specified owning banks, except as may be otherwise specified in theapplication.
C. Upon entry of such order, the trust subsidiary shall, without further act,be substituted in every fiduciary capacity. The substitution shall beevidenced by filing a copy of the order with the clerk of any circuit courtin the Commonwealth. The order shall be indexed in each index in the recordsof such court in which substitutions of fiduciaries are otherwise indexed.The application may be made ex parte and need not list the fiduciarycapacities in which substitution is made. If the requirements of § 6.2-1056have been met, the order of substitution shall specify that the trustsubsidiary shall be deemed without further act to have given bond with openpenalty with respect to each fiduciary capacity in which there issubstitution.
D. Any bond, with corporate surety, posted under this section or § 6.2-1056may be a blanket bond conditioned as otherwise contemplated by law.
E. Each designation in a will or other instrument heretofore or hereafterexecuted of a bank as fiduciary shall be deemed a designation of the trustsubsidiary substituted for such bank pursuant to this section except when theinstrument is executed after such substitution and expressly negates theapplication of this section. No waiver of surety with respect to anyfiduciary bond shall be effective except in such case when the bond would beotherwise sufficient as contemplated by § 6.2-1056 or 6.2-1059. Any grant insuch an instrument of any discretionary power shall be deemed conferred uponthe fiduciary deemed to have been nominated hereunder.
F. A bank shall account jointly with the trust subsidiary that has beensubstituted as fiduciary for such bank pursuant to this section for theaccounting period during which the trust subsidiary is initially sosubstituted. Upon substitution pursuant to this section, the bank shalldeliver to the trust subsidiary all assets held by the bank as fiduciary,except assets held for accounts to which there has been no substitution. Uponsuch substitution, all such assets shall become the property of the trustsubsidiary as fiduciary without the necessity of any instrument of transferor conveyance.
(1974, c. 286, § 6.1-32.9; 1987, c. 352; 1991, c. 282; 2010, c. 794.)
