§ 6.1-194.68. Trustees on loans secured by deed of trust
Any savings institution in connection with making loans secured by deed of trust is empowered to elect a trustee, which may be a service corporation as defined in § 6.1-194.2 or trustees at such times and for such terms as may be prescribed by its charter or bylaws. All the rights, titles, duties and obligations of such a trustee relating to loans secured by deed of trust shall pass by operation of law to his successor or successors in office. Every right of the savings institution required to be exercised by or through such trustee or trustees, whether it is the sale of property or some other act or acts, shall be done, enforced and carried out by the trustee or trustees in office at the time when such rights are exercised by or for the savings institution. All sales or conveyances heretofore or hereafter made by a trustee or trustees appointed in the manner designated above shall be as valid and binding as though the sale or sales, conveyance or conveyances had been made by the trustee or trustees named in the deed or deeds of trust. A majority of the trustees in office are empowered to conduct sales and make conveyances in pursuance thereof with the same force and effect as though all the trustees had acted; and when there are two trustees either one may act.
(1985, c. 425.)
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