6.2-1185 - (Effective October 1, 2010) Trustees on loans secured by deed of trust.
§ 6.2-1185. (Effective October 1, 2010) Trustees on loans secured by deed oftrust.
Any savings institution in connection with making loans secured by deed oftrust is empowered to elect a trustee, which may be a service corporation, atsuch 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 toloans secured by deed of trust shall pass by operation of law to hissuccessor in office. Every right of the savings institution required to beexercised by or through such trustee, whether it is the sale of property orsome other act, shall be done, enforced and carried out by the trustee inoffice at the time when such rights are exercised by or for the savingsinstitution. All sales or conveyances heretofore or hereafter made by atrustee appointed in the manner designated in this section shall be as validand binding as though the sale or conveyance had been made by the trusteenamed in the deed of trust. A majority of the trustees in office areempowered to conduct sales and make conveyances in pursuance thereof with thesame force and effect as though all the trustees had acted; and when thereare two trustees either one may act.
(1985, c. 425, § 6.1-194.68; 2010, c. 794.)