Virginia § 6.2-1097 - Effect on trust accounts of appointment of receiver for association or of voluntary dissolution of association
Full text of Virginia Code of Virginia § 6.2-1097 — Effect on trust accounts of appointment of receiver for association or of voluntary dissolution of association, with citation guidance and answers to common questions.
§ 6.2-1097. Effect on trust accounts of appointment of receiver for association or of voluntary dissolution of association
A. If a receiver is appointed for an association, the receiver shall, pursuant to the orders of the Commission and of any court having jurisdiction, proceed to close such of the association's trust accounts as can be closed promptly and shall promptly transfer all other such accounts to substitute fiduciaries.
B. If an association exercising trust powers commences a voluntary dissolution, the liquidating agent shall proceed at once to liquidate the affairs of the trust department as follows:
1. All trusts and estates over which a court is exercising jurisdiction shall be closed or disposed of as soon as practicable in accordance with the orders or instructions of such court;
2. All other trust accounts which can be closed promptly shall be closed as soon as practicable and final accountings made therefor; and
3. All remaining trust accounts shall be transferred by appropriate legal proceedings to substitute fiduciaries.
1984, c. 303, § 6.1-195.94; 2010, c. 794.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 6.2-1097
What does Code of Virginia § 6.2-1097 cover?
Section 6.2-1097 ("Effect on trust accounts of appointment of receiver for association or of voluntary dissolution of association") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 6.2-1097?
A common citation format is "Code of Virginia § 6.2-1097" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 6.2-1097 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.