§ 6.1-36. General effect of change of state bank to national bank
At the time when such a conversion of a state bank into a national banking association under the authority granted by the preceding section (§ 6.1-35) becomes effective, all the property of the former state bank, including all its right, title and interest in and to all property of whatsoever kind, whether real, personal or mixed, and things in action, and every right, privilege, interest and asset of any conceivable value or benefit then existing, belonging or pertaining to it, or which would inure to it, shall immediately, by act of law and without any conveyance or transfer, and without any further act or deed, be vested in and become the property of such national bank, which shall have, hold and enjoy the same in its own right as fully and to the same extent as if the same were possessed, held or enjoyed by such state bank; and such national bank shall be deemed to be a continuation of the entity and identity of such state banking corporation, operated under and pursuant to the laws of the United States, and all the rights, obligations and relations of such state banking corporation to or in respect to any person, estate, creditor, depositor, trustee or beneficiary of any trust, and in or in respect to any executorship or trusteeship or other trust or fiduciary function, including appointments, designations and nominations, shall remain unimpaired. And such national bank, as of the beginning of its corporate existence, shall, by operation of this section, succeed to all such rights, obligations, relations and trusts, including appointments, designations and nominations, and the duties and liabilities connected therewith, and shall execute and perform each and every such trust and relation in the same manner as if such national bank had itself assumed the trust or relation, including the obligations and liabilities connected therewith. If such state banking corporation be acting as administrator, coadministrator, executor, coexecutor, trustee, or cotrustee of, or in respect to, any estate or trust being administered under the laws of this Commonwealth, such relation, as well as any other or similar fiduciary relation, and all rights, privileges, duties and obligations connected therewith shall remain unimpaired and shall continue into and in such national bank from and as of the beginning of its corporate existence, irrespective of the date when any such relation may have been created or established, and irrespective of the date of any trust agreement relating thereto or the date of the death of any testator or decedent whose estate is being so administered.
Nothing done in connection with the change from a state to a national bank shall, in respect to any such executorship, trusteeship or similar fiduciary relation, be deemed to be or to effect, under the laws of this Commonwealth, a renunciation or revocation of any letters of administration or letters testamentary pertaining to such relation, nor a removal or resignation from any such executorship or trusteeship, nor shall such act or any other thing done be deemed to be of the same effect as if the executor or trustee had died or otherwise become incompetent to act; provided, however, that nothing in this section shall in any way affect any provisions of law in case of a national bank becoming a state bank.
(Code 1950, § 6-19; 1966, c. 584.)
Sections: Previous 6.1-32.42 6.1-32.43 6.1-32.44 6.1-32.45 6.1-33 6.1-34 6.1-35 6.1-36 6.1-37 6.1-38 6.1-39 6.1-39.3 6.1-39.4 6.1-39.4:1 6.1-39.5 NextLast modified: April 16, 2009