CODE OF VIRGINIA

VACANCY IN TRUSTEESHIP; APPOINTMENT OF SUCCESSOR (§ 64.2-757)

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 trusteeship need
not be filled. A vacancy in a trusteeship shall be filled if the trust has no
remaining trustee.

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

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

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

   3.  By a person appointed by the court pursuant to §§ 64.2-1405 and
   64.2-1406, or pursuant to § 64.2-712.

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

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

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

   3.  By a person appointed by the court pursuant to §§ 64.2-1405 and
   64.2-1406, or pursuant to § 64.2-712.

E. Whether or not a vacancy in a trusteeship exists or is required to be filled,
the court may appoint an additional trustee or special fiduciary whenever the
court considers the appointment necessary for the administration of 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, and
responsibilities imposed upon the original trustee without regard to the nature
of discretionary powers conferred by the instrument, unless the trust instrument
expressly provides to the contrary, or unless an order appointing the successor
trustee provides otherwise.

HISTORY: 2005, c. 935, § 55-547.04; 2012, c. 614.