26-46.1 - Authority to qualify trustee; necessity for security; notice of qualification; qualification by less than all of trustees named.
§ 26-46.1. Authority to qualify trustee; necessity for security; notice ofqualification; qualification by less than all of trustees named.
Subject to the provisions of § 26-50, the clerk of any court having thejurisdiction of the probate of wills, or any duly qualified deputy of suchclerks, may qualify any trustee named in a will, deed or other writing, andrequire and take from them the necessary bonds in the same manner and withlike effect as the court could do if in session.
Such clerk or deputy pursuant to the provisions of § 26-59, may appoint andqualify an individual or a corporation qualified under § 6.1-5. Appointmentmay be made in the same manner and subject to the provisions of § 64.1-116.
When the will, deed or other writing directs that a trustee shall not givesecurity, the clerk shall not require it of him, unless on the application ofany person interested or from his own knowledge he thinks security ought tobe required. This section shall not be construed to require security wherenecessity therefor is dispensed with pursuant to § 6.1-18 or § 26-46.2 or toaffect the present jurisdiction of the court to qualify trustees, and torequire security or not, as it sees fit.
Any qualification hereunder may be ex parte, and no prior notice to thebeneficiaries shall be required. If less than all the trustees named in suchdeed, will or other writing desire to qualify, qualification shall be onlyafter reasonable notice to any other named trustees.
If less than all the trustees named in the will, deed or other writingqualify, then the trust powers conferred by the trust instrument shall beexercisable only by the trustees who have qualified hereunder or in any othermanner permitted by law.
(1964, c. 464; 1977, c. 256; 1981, c. 239; 1997, c. 220.)