§ 6.2-826. (Effective October 1, 2010) Effect of conversion of state bank tonational bank.
A. When a conversion of a state bank into a national banking associationunder the authority granted by § 6.2-825 becomes effective, all the propertyof the former state bank, including all its right, title, and interest in andto all property of every kind, whether real, personal, or mixed, and thingsin action, and every right, privilege, interest, and asset of any conceivablevalue or benefit then existing, belonging, or pertaining to it, or whichwould inure to it, shall immediately, by act of law and without anyconveyance or transfer, and without any further act or deed, be vested in andbecome the property of such national bank. The national bank shall have,hold, and enjoy the same in its own right as fully and to the same extent asif the same were possessed, held, or enjoyed by the state bank. The nationalbank shall be deemed to be a continuation of the entity and identity of thestate banking corporation that is operated under and pursuant to federal law.
B. All the rights, obligations, and relations of the converted state bank toor in respect to (i) any person, estate, creditor, depositor, trustee, orbeneficiary of any trust and (ii) any executorship or trusteeship or othertrust or fiduciary function, including appointments, designations, andnominations, shall remain unimpaired. The national bank, as of the beginningof its corporate existence, shall, by operation of this section, succeed toall such rights, obligations, relations, and trusts, including appointments,designations, and nominations, and the duties and liabilities connectedtherewith. The national bank shall execute and perform each and every suchtrust and relation in the same manner as if such national bank had itselfassumed the trust or relation, including the obligations and liabilitiesconnected therewith.
C. If the state banking corporation is acting as administrator,coadministrator, executor, coexecutor, trustee, or cotrustee of, or inrespect to, any estate or trust being administered under the laws of theCommonwealth, such relation, as well as any other or similar fiduciaryrelation, and all rights, privileges, duties, and obligations connectedtherewith, shall remain unimpaired and shall continue in such national bankfrom and as of the beginning of its corporate existence, irrespective of (i)the date when any such relation may have been created or established, (ii)the date of any trust agreement relating thereto, or (iii) the date of thedeath of any testator or decedent whose estate is being so administered.
D. Nothing done in connection with a conversion from a state to a nationalbank, in respect to any such executorship, trusteeship, or similar fiduciaryrelation, shall (i) be deemed to be or to effect, under the laws of theCommonwealth, a renunciation or revocation of any letters of administrationor letters testamentary pertaining to such relation or a removal orresignation from any such executorship or trusteeship or (ii) be deemed to beof the same effect as if the executor or trustee had died or otherwise becomeincompetent to act. Nothing in this section shall in any way affect anyprovisions of law if a national bank becomes a state bank.
(Code 1950, § 6-19; 1966, c. 584, § 6.1-36; 2010, c. 794.)
§ 6.2-826. (Effective October 1, 2010) Effect of conversion of state bank tonational bank.
A. When a conversion of a state bank into a national banking associationunder the authority granted by § 6.2-825 becomes effective, all the propertyof the former state bank, including all its right, title, and interest in andto all property of every kind, whether real, personal, or mixed, and thingsin action, and every right, privilege, interest, and asset of any conceivablevalue or benefit then existing, belonging, or pertaining to it, or whichwould inure to it, shall immediately, by act of law and without anyconveyance or transfer, and without any further act or deed, be vested in andbecome the property of such national bank. The national bank shall have,hold, and enjoy the same in its own right as fully and to the same extent asif the same were possessed, held, or enjoyed by the state bank. The nationalbank shall be deemed to be a continuation of the entity and identity of thestate banking corporation that is operated under and pursuant to federal law.
B. All the rights, obligations, and relations of the converted state bank toor in respect to (i) any person, estate, creditor, depositor, trustee, orbeneficiary of any trust and (ii) any executorship or trusteeship or othertrust or fiduciary function, including appointments, designations, andnominations, shall remain unimpaired. The national bank, as of the beginningof its corporate existence, shall, by operation of this section, succeed toall such rights, obligations, relations, and trusts, including appointments,designations, and nominations, and the duties and liabilities connectedtherewith. The national bank shall execute and perform each and every suchtrust and relation in the same manner as if such national bank had itselfassumed the trust or relation, including the obligations and liabilitiesconnected therewith.
C. If the state banking corporation is acting as administrator,coadministrator, executor, coexecutor, trustee, or cotrustee of, or inrespect to, any estate or trust being administered under the laws of theCommonwealth, such relation, as well as any other or similar fiduciaryrelation, and all rights, privileges, duties, and obligations connectedtherewith, shall remain unimpaired and shall continue in such national bankfrom and as of the beginning of its corporate existence, irrespective of (i)the date when any such relation may have been created or established, (ii)the date of any trust agreement relating thereto, or (iii) the date of thedeath of any testator or decedent whose estate is being so administered.
D. Nothing done in connection with a conversion from a state to a nationalbank, in respect to any such executorship, trusteeship, or similar fiduciaryrelation, shall (i) be deemed to be or to effect, under the laws of theCommonwealth, a renunciation or revocation of any letters of administrationor letters testamentary pertaining to such relation or a removal orresignation from any such executorship or trusteeship or (ii) be deemed to beof the same effect as if the executor or trustee had died or otherwise becomeincompetent to act. Nothing in this section shall in any way affect anyprovisions of law if a national bank becomes a state bank.
(Code 1950, § 6-19; 1966, c. 584, § 6.1-36; 2010, c. 794.)
§ 6.2-826. (Effective October 1, 2010) Effect of conversion of state bank tonational bank.
A. When a conversion of a state bank into a national banking associationunder the authority granted by § 6.2-825 becomes effective, all the propertyof the former state bank, including all its right, title, and interest in andto all property of every kind, whether real, personal, or mixed, and thingsin action, and every right, privilege, interest, and asset of any conceivablevalue or benefit then existing, belonging, or pertaining to it, or whichwould inure to it, shall immediately, by act of law and without anyconveyance or transfer, and without any further act or deed, be vested in andbecome the property of such national bank. The national bank shall have,hold, and enjoy the same in its own right as fully and to the same extent asif the same were possessed, held, or enjoyed by the state bank. The nationalbank shall be deemed to be a continuation of the entity and identity of thestate banking corporation that is operated under and pursuant to federal law.
B. All the rights, obligations, and relations of the converted state bank toor in respect to (i) any person, estate, creditor, depositor, trustee, orbeneficiary of any trust and (ii) any executorship or trusteeship or othertrust or fiduciary function, including appointments, designations, andnominations, shall remain unimpaired. The national bank, as of the beginningof its corporate existence, shall, by operation of this section, succeed toall such rights, obligations, relations, and trusts, including appointments,designations, and nominations, and the duties and liabilities connectedtherewith. The national bank shall execute and perform each and every suchtrust and relation in the same manner as if such national bank had itselfassumed the trust or relation, including the obligations and liabilitiesconnected therewith.
C. If the state banking corporation is acting as administrator,coadministrator, executor, coexecutor, trustee, or cotrustee of, or inrespect to, any estate or trust being administered under the laws of theCommonwealth, such relation, as well as any other or similar fiduciaryrelation, and all rights, privileges, duties, and obligations connectedtherewith, shall remain unimpaired and shall continue in such national bankfrom and as of the beginning of its corporate existence, irrespective of (i)the date when any such relation may have been created or established, (ii)the date of any trust agreement relating thereto, or (iii) the date of thedeath of any testator or decedent whose estate is being so administered.
D. Nothing done in connection with a conversion from a state to a nationalbank, in respect to any such executorship, trusteeship, or similar fiduciaryrelation, shall (i) be deemed to be or to effect, under the laws of theCommonwealth, a renunciation or revocation of any letters of administrationor letters testamentary pertaining to such relation or a removal orresignation from any such executorship or trusteeship or (ii) be deemed to beof the same effect as if the executor or trustee had died or otherwise becomeincompetent to act. Nothing in this section shall in any way affect anyprovisions of law if a national bank becomes a state bank.
(Code 1950, § 6-19; 1966, c. 584, § 6.1-36; 2010, c. 794.)
