CHAPTER 464

An Act to amend the Code of Virginia, by adding sections numbered
26-46.1, 26-46.2 and 26-46.8, relating to appointment and qualification
of trustees, and providing the jurisdiction for qualification of certain
trustees.

[H 423]

Approved March 31, 1964

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia be amended by adding sections numbered
26-46.1, 26-46.2 and 26-46.3 as follows:

§ 26-46.1. Subject to the provisions of § 26-50, the clerk of any
court having the jurisdiction of the probate of wills, or any duly qualified
deputy of such clerks, may qualify any trustee named in a wil, deed or
other writing, and require and take from them the necessary bonds in
the same manner and with like effect as the court could do if in session.

When the will, deed or other writing directs that a trustee shall not
give security, the clerk shall not require it of him, unless on the applica-
tion of any person interested or from his own knowledge he thinks security
ought to be required. This section shall not be construed to require security
where necessity therefor is dispensed with pursuant to § 6-95 or to affect
the present jurisdiction of the court to qualify trustees, and to require
security or not, as it sees fit.

Any qualification hereunder may be ex parte, and no prior notice to
the beneficiaries shall be required. If less than all the trustees named in
such deed, will or other writing desire to qualify, qualification shall be
only after reasonable notice to any other named trus

If less than all the trustees named in the will, deed or other writing
qualify, then the trust powers conferred by the trust instrument shall be
exercisable only by the trustees who have qualified hereunder or in any
other manner permitted by law.

§ 26-46.2. In the case of testamentary trusts, if the will has been
admitted to probate in this State, the jurisdiction where the will has been
probated shall be the exclusive jurisdiction for qualification of the trustee
or trustees under such will. If such will is the will of a nonresident, and
has not been admitted to probate, then the trustee or trustees thereunder
shall be permitted to qualify in any jurisdiction in which such will could
be probated, and if there be no such jurisdiction, then qualification shall
be as permitted in § 26-46.3.

§ 26-46.3. In the case of testamentary trusts for which there is no
jurisdiction for probate as provided in the foregoing section, and in the
case of any trust under any deed or other writing, other than a will, the
trustee or trustees may qualify in any jurisdiction where the trustees or
any of them reside, or if one trustee be a corporate trustee, then in the
jurisdiction where such corporate trustee has its registered office.

If any of the trust assets should be real estate located in Virginia,
qualification of the trustee or trustees under the provisions of this section
or the foregoing section, shall not be in lieu of any other recordation
required by law.