Land trusts; beneficiaries shall name a successor trustee. (SB109)
Introduced By
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Land trusts; successor trustee. Provides that the beneficiaries of a land trust, by majority decision, shall name a successor trustee when the trustee named in the deed of conveyance creating the trust is unable to serve if no successor trustee is named in the deed or designated by the trust instrument or no procedure to designate a successor trustee is set forth in the deed or trust instrument. Amends § 55-17.1 (“Trusts not to fail because no beneficiaries are specified by name and no duties laid on trustee; when interest of beneficiaries deemed personal property; liens.”), of the Code of Virginia. View Full Text »
Outcome
Bill Has Passed
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