2006 Code of Virginia § 55-547.04 - Vacancy in trusteeship; appointment of successor.

55-547.04. Vacancy in trusteeship; appointment of successor.

A. A vacancy in a trusteeship occurs if:

1. A person designated as trustee rejects the trusteeship;

2. A person designated as trustee cannot be identified or does not exist;

3. A trustee resigns;

4. A trustee is disqualified or removed;

5. A trustee dies; or

6. An individual serving as trustee is adjudicated an incapacitated person.

B. If one or more cotrustees remain in office, a vacancy in a trusteeshipneed not be filled. A vacancy in a trusteeship shall be filled if the trusthas no remaining trustee.

C. A vacancy in a trusteeship of a noncharitable trust that is required to befilled shall be filled in the following order of priority:

1. By a person designated pursuant to the terms of the trust to act assuccessor trustee;

2. By a person appointed by unanimous agreement of the qualifiedbeneficiaries; or

3. By a person appointed by the court pursuant to 26-48 and 26-50, orpursuant to 55-542.05.

D. A vacancy in a trusteeship of a charitable trust that is required to befilled shall be filled in the following order of priority:

1. By a person designated pursuant to the terms of the trust to act assuccessor trustee;

2. By a person selected by the charitable organizations expressly designatedto receive distributions under the terms of the trust, subject, however, tothe concurrence of the Attorney General in any case in which he haspreviously requested of an organization so designated that he be consultedregarding the selection of successor; or

3. By a person appointed by the court pursuant to 26-48 and 26-50, orpursuant to 55-542.05.

E. Whether or not a vacancy in a trusteeship exists or is required to befilled, the court may appoint an additional trustee or special fiduciarywhenever the court considers the appointment necessary for the administrationof the trust.

F. A successor or surviving trustee shall succeed to all the rights, powers,and privileges, and shall be subject to all the duties, liabilities, andresponsibilities imposed upon the original trustee without regard to thenature of discretionary powers conferred by the instrument, unless the trustinstrument expressly provides to the contrary, or unless an order appointingthe successor trustee provides otherwise.

(2005, c. 935.)