§ 6.2-872 For what purpose banks may purchase, hold, and convey real estate
A. In addition to the authority provided in § 6.2-873, every bank incorporated under the laws of the Commonwealth may purchase, hold, and convey the following real estate for the purposes stated and for no other:
1. Real estate that is desirable and prudent for its present or future accommodation in the transaction of its business;
2. Real estate that is mortgaged or otherwise encumbered to it in good faith by way of security for debts contracted;
3. Real estate that is conveyed to it in satisfaction of debts previously contracted in the course of its dealings; and
4. Real estate it purchased at sales under judgments, decrees, mortgages, or deeds of trust held by it, in whole or in part, or purchased to secure debts due to it.
B. Nothing in this section shall affect the validity of the title to any such real estate conveyed or transferred by a bank.
History
The record of this law’s original creation isn’t available online. It has been modified 4 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1966, chapter 584; in 1988, chapter 296; in 2010, chapter 794; in 2012, chapters 59 and 157.
Code 1950, § 6-50; 1966, c. 584, § 6.1-59; 1988, c. 296; 2010, c. 794; 2012, cc. 59, 157.