CHAPTER 244

An Act to amend and reenact § 26-49 of the Code of Virginia, relating to
appointment of substitute trustees in deeds of trust or trust agree-
ments. |

[S 79]

Approved March 31, 1964

Be it enacted by the General Assembly of Virginia:
to That § 26-49 of the Code of Virginia be amended and reenacted as

ollows:

§ 26-49. In any deed of trust, or trust agreement, the maker or
makers or grantor or grantors may grant to the beneficiary or benefi-
ciaries, or a majority in amount of the holders of the obligations secured
thereunder, the right and power to appoint a substitute trustee or
trustees, in event of the resignation, death, incapacity, disability, removal
or absence from the State of the trustee or trustees.

When such power is so granted the beneficiary may designate and
appoint a substitute trustee or trustees, in accordance with the deed of
trust or other instrument creating or granting the power of appointment,
by an instrument duly executed and acknowledged. * When such instru-
ment of appointment shall have been * executed, the substitute trustee
or trustees named therein shall be vested with all the powers, rights,
authority and duties vested in the trustee or trustees in the original deed
of trust or trust agreement, and prior to or at the time of recordation of any
instrument in which such power, right, authority or duty is exercised, shall
record such instrument in the office of the clerk of the court wherein the
original deed of trust or trust agreement is recorded. The clerk of the court
in whose office such instrument is recorded shall note on the margin of
the deed book where the original deed of trust, or trust agreement, is
recorded the fact of the substitution of a trustee or trustees and the
place where the same is recorded.

All acts done prior to July one, nineteen hundred sixty-four in con-
formity with the provisions of this section, are hereby validated.