6.1-36 - (Repealed effective October 1, 2010) General effect of change of state bank to national bank.
§ 6.1-36. (Repealed effective October 1, 2010) General effect of change ofstate bank to national bank.
At the time when such a conversion of a state bank into a national bankingassociation under the authority granted by the preceding section (§ 6.1-35)becomes effective, all the property of the former state bank, including allits right, title and interest in and to all property of whatsoever kind,whether real, personal or mixed, and things in action, and every right,privilege, interest and asset of any conceivable value or benefit thenexisting, belonging or pertaining to it, or which would inure to it, shallimmediately, by act of law and without any conveyance or transfer, andwithout any further act or deed, be vested in and become the property of suchnational bank, which shall have, hold and enjoy the same in its own right asfully and to the same extent as if the same were possessed, held or enjoyedby such state bank; and such national bank shall be deemed to be acontinuation of the entity and identity of such state banking corporation,operated under and pursuant to the laws of the United States, and all therights, obligations and relations of such state banking corporation to or inrespect to any person, estate, creditor, depositor, trustee or beneficiary ofany trust, and in or in respect to any executorship or trusteeship or othertrust or fiduciary function, including appointments, designations andnominations, shall remain unimpaired. And such national bank, as of thebeginning of its corporate existence, shall, by operation of this section,succeed to all such rights, obligations, relations and trusts, includingappointments, designations and nominations, and the duties and liabilitiesconnected therewith, and shall execute and perform each and every such trustand relation in the same manner as if such national bank had itself assumedthe trust or relation, including the obligations and liabilities connectedtherewith. If such state banking corporation be acting as administrator,coadministrator, executor, coexecutor, trustee, or cotrustee of, or inrespect to, any estate or trust being administered under the laws of thisCommonwealth, such relation, as well as any other or similar fiduciaryrelation, and all rights, privileges, duties and obligations connectedtherewith shall remain unimpaired and shall continue into and in suchnational bank from and as of the beginning of its corporate existence,irrespective of the date when any such relation may have been created orestablished, and irrespective of the date of any trust agreement relatingthereto or the date of the death of any testator or decedent whose estate isbeing so administered.
Nothing done in connection with the change from a state to a national bankshall, in respect to any such executorship, trusteeship or similar fiduciaryrelation, be deemed to be or to effect, under the laws of this Commonwealth,a renunciation or revocation of any letters of administration or letterstestamentary pertaining to such relation, nor a removal or resignation fromany such executorship or trusteeship, nor shall such act or any other thingdone be deemed to be of the same effect as if the executor or trustee haddied or otherwise become incompetent to act; provided, however, that nothingin this section shall in any way affect any provisions of law in case of anational bank becoming a state bank.
(Code 1950, § 6-19; 1966, c. 584.)