On March 14, 2011, Governor McDonnell signed into law House Bill 2366, which
confirms that a national banking association supervised and regulated by the
federal Comptroller of the Currency may serve in Virginia as a trustee,
executor, administrator, or other fiduciary without a Virginia office. The bill
makes changes to Virginia Code section 6.2-1001 to codify a 2003 Virginia
Attorney General Opinion (No. 03-122).
Virginia Attorney General Opinion 03-122 provided that the National Banking
Act preempts any Virginia law that prohibited a bank regulated by the federal
Comptroller of the Currency from serving as a Virginia fiduciary. This measure
also follows a recent change to Virginia Code section 6.2-1003 that confirms
that out-of-state banks or trust companies will not be treated differently than
in-state institutions with respect to a statutory exemption from providing
security on their bond when serving as executor or trustee in Virginia.
House Bill 2366 has an effective date of July 1, 2011.
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