Virginia Code 54.1-2337: Transfer of trust funds to another trustee
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The seller may, upon notification in writing to the trustee, and upon such other terms and conditions as the agreement between them may specify, transfer its account funds to another trustee qualified under the provisions of this chapter. The trustee may, upon notification in writing to the seller, and upon such other terms and conditions as the agreement between them may specify, transfer the trust funds to another trustee qualified under the provisions of this chapter. No seller’s account funds or trustee’s trust funds may be transferred to another trustee unless the seller provides written notice at least five days prior to such transfer to the Board.
Terms Used In Virginia Code 54.1-2337
- Board: means the Cemetery Board. See Virginia Code 54.1-2310
- in writing: include any representation of words, letters, symbols, numbers, or figures, whether (i) printed or inscribed on a tangible medium or (ii) stored in an electronic or other medium and retrievable in a perceivable form and whether an electronic signature authorized by Chapter 42. See Virginia Code 1-257
- Seller: means the cemetery company. See Virginia Code 54.1-2310
- Trustee: A person or institution holding and administering property in trust.