{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-2152.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-2152.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-2152.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-2152.html"}],"law_id":74718,"edition_id":1,"section_id":74718,"structure_id":15093,"section_number":"55.1-2152","catch_line":"Association as trustee","history":"1982, c. 277, \u00a7 55-475; 2019, c. 712.","full_text":"With respect to a third person dealing with the association in the association’s capacity as a trustee, the existence of trust powers and their proper exercise by the association may be assumed without inquiry. A third person is not bound to inquire whether the association has power to act as trustee or is properly exercising trust powers. A third person, without actual knowledge that the association is exceeding or improperly exercising its powers, is fully protected in dealing with the association as if it possessed and properly exercised the powers it purports to exercise. A third person is not bound to assure the proper application of trust assets paid or delivered to the association in its capacity as trustee.","order_by":null,"text":{"0":{"id":268537,"text":"With respect to a third person dealing with the association in the association’s capacity as a trustee, the existence of trust powers and their proper exercise by the association may be assumed without inquiry. A third person is not bound to inquire whether the association has power to act as trustee or is properly exercising trust powers. A third person, without actual knowledge that the association is exceeding or improperly exercising its powers, is fully protected in dealing with the association as if it possessed and properly exercised the powers it purports to exercise. A third person is not bound to assure the proper application of trust assets paid or delivered to the association in its capacity as trustee.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":15093,"edition_id":1,"name":"Management of Cooperatives","identifier":"3","label":"article","depth":4,"order_by":1,"parent_id":13509,"metadata":{},"date_created":"2026-06-26 03:52:06","date_modified":"2026-06-26 03:52:06","permalink":{"id":247243,"object_type":"structure","relational_id":15093,"identifier":"3","token":"55.1\/IV\/21\/3","url":"\/55.1\/IV\/21\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13509,"edition_id":1,"name":"Virginia Real Estate Cooperative Act","identifier":"21","label":"chapter","depth":3,"order_by":1,"parent_id":12914,"metadata":{},"date_created":"2026-06-26 03:45:06","date_modified":"2026-06-26 03:45:06","permalink":{"id":247109,"object_type":"structure","relational_id":13509,"identifier":"21","token":"55.1\/IV\/21","url":"\/55.1\/IV\/21\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12914,"edition_id":1,"name":"Common Interest Communities","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":12707,"metadata":{},"date_created":"2026-06-26 03:44:01","date_modified":"2026-06-26 03:44:01","permalink":{"id":246473,"object_type":"structure","relational_id":12914,"identifier":"IV","token":"55.1\/IV","url":"\/55.1\/IV\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12707,"edition_id":1,"name":"Property and Conveyances","identifier":"55.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":244769,"object_type":"structure","relational_id":12707,"identifier":"55.1","token":"55.1","url":"\/55.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":79353,"structure_id":15093,"section_number":"55.1-2132","catch_line":"Organization of the association","url":"\/55.1-2132\/","token":"55.1\/IV\/21\/3\/55.1-2132","metadata":false},{"id":74016,"structure_id":15093,"section_number":"55.1-2133","catch_line":"Powers of the association","url":"\/55.1-2133\/","token":"55.1\/IV\/21\/3\/55.1-2133","metadata":false},{"id":74697,"structure_id":15093,"section_number":"55.1-2133.1","catch_line":"Installation of solar energy collection devices","url":"\/55.1-2133.1\/","token":"55.1\/IV\/21\/3\/55.1-2133.1","metadata":false},{"id":58879,"structure_id":15093,"section_number":"55.1-2134","catch_line":"Executive board members and officers","url":"\/55.1-2134\/","token":"55.1\/IV\/21\/3\/55.1-2134","metadata":false},{"id":74321,"structure_id":15093,"section_number":"55.1-2135","catch_line":"Transfer of special declarant rights","url":"\/55.1-2135\/","token":"55.1\/IV\/21\/3\/55.1-2135","metadata":false},{"id":86214,"structure_id":15093,"section_number":"55.1-2136","catch_line":"Termination of contracts and leases of declarant","url":"\/55.1-2136\/","token":"55.1\/IV\/21\/3\/55.1-2136","metadata":false},{"id":57517,"structure_id":15093,"section_number":"55.1-2137","catch_line":"Bylaws","url":"\/55.1-2137\/","token":"55.1\/IV\/21\/3\/55.1-2137","metadata":false},{"id":74592,"structure_id":15093,"section_number":"55.1-2138","catch_line":"Upkeep of cooperative","url":"\/55.1-2138\/","token":"55.1\/IV\/21\/3\/55.1-2138","metadata":false},{"id":80840,"structure_id":15093,"section_number":"55.1-2139","catch_line":"Common elements; notice of pesticide application","url":"\/55.1-2139\/","token":"55.1\/IV\/21\/3\/55.1-2139","metadata":false},{"id":75581,"structure_id":15093,"section_number":"55.1-2139.1","catch_line":"Electric vehicle charging stations permitted","url":"\/55.1-2139.1\/","token":"55.1\/IV\/21\/3\/55.1-2139.1","metadata":false},{"id":71613,"structure_id":15093,"section_number":"55.1-2140","catch_line":"Meetings","url":"\/55.1-2140\/","token":"55.1\/IV\/21\/3\/55.1-2140","metadata":false},{"id":75116,"structure_id":15093,"section_number":"55.1-2141","catch_line":"Quorums","url":"\/55.1-2141\/","token":"55.1\/IV\/21\/3\/55.1-2141","metadata":false},{"id":68455,"structure_id":15093,"section_number":"55.1-2142","catch_line":"Voting; proxies","url":"\/55.1-2142\/","token":"55.1\/IV\/21\/3\/55.1-2142","metadata":false},{"id":63917,"structure_id":15093,"section_number":"55.1-2143","catch_line":"Tort and contract liability","url":"\/55.1-2143\/","token":"55.1\/IV\/21\/3\/55.1-2143","metadata":false},{"id":83581,"structure_id":15093,"section_number":"55.1-2144","catch_line":"Conveyance or encumbrance of the cooperative","url":"\/55.1-2144\/","token":"55.1\/IV\/21\/3\/55.1-2144","metadata":false},{"id":80965,"structure_id":15093,"section_number":"55.1-2145","catch_line":"Insurance","url":"\/55.1-2145\/","token":"55.1\/IV\/21\/3\/55.1-2145","metadata":false},{"id":86773,"structure_id":15093,"section_number":"55.1-2146","catch_line":"Assessments for common expenses","url":"\/55.1-2146\/","token":"55.1\/IV\/21\/3\/55.1-2146","metadata":false},{"id":64409,"structure_id":15093,"section_number":"55.1-2147","catch_line":"Annual budget; reserves for capital components","url":"\/55.1-2147\/","token":"55.1\/IV\/21\/3\/55.1-2147","metadata":false},{"id":60916,"structure_id":15093,"section_number":"55.1-2148","catch_line":"Remedies for nonpayment of assessments; lien; foreclosure","url":"\/55.1-2148\/","token":"55.1\/IV\/21\/3\/55.1-2148","metadata":false},{"id":83139,"structure_id":15093,"section_number":"55.1-2149","catch_line":"Other liens affecting the cooperative","url":"\/55.1-2149\/","token":"55.1\/IV\/21\/3\/55.1-2149","metadata":false},{"id":78680,"structure_id":15093,"section_number":"55.1-2150","catch_line":"Limitation of assumption of debt and encumbrances","url":"\/55.1-2150\/","token":"55.1\/IV\/21\/3\/55.1-2150","metadata":false},{"id":61430,"structure_id":15093,"section_number":"55.1-2151","catch_line":"Association records","url":"\/55.1-2151\/","token":"55.1\/IV\/21\/3\/55.1-2151","metadata":false},{"id":74718,"structure_id":15093,"section_number":"55.1-2152","catch_line":"Association as trustee","url":"\/55.1-2152\/","token":"55.1\/IV\/21\/3\/55.1-2152","metadata":false}],"previous_section":{"id":61430,"structure_id":15093,"section_number":"55.1-2151","catch_line":"Association records","url":"\/55.1-2151\/","token":"55.1\/IV\/21\/3\/55.1-2151","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-2152\/","history_text":"

This law was first created in 1982. The record of its establishment is cataloged in chapter 277 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1982 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2019, chapter 712<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":247333,"object_type":"law","relational_id":74718,"identifier":"55.1-2152","token":"55.1\/IV\/21\/3\/55.1-2152","url":"\/55.1-2152\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-2152\/","token":"55.1\/IV\/21\/3\/55.1-2152","dublin_core":{"Title":"Association as trustee","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-2152","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

With respect to a third person<\/span> dealing with the association<\/span> in the association<\/span>’s capacity as a trustee, the existence of trust powers and their proper exercise by the association<\/span> may be assumed without inquiry. A third person<\/span> is not bound to inquire whether the association<\/span> has power to act as trustee or is properly exercising trust powers. A third person<\/span>, without actual knowledge that the association<\/span> is exceeding or improperly exercising its powers, is fully protected in dealing with the association<\/span> as if it possessed and properly exercised the powers it purports to exercise. A third person<\/span> is not bound to assure the proper application of trust assets<\/span> paid or delivered to the association<\/span> in its capacity as trustee.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nASSOCIATION AS TRUSTEE (\u00a7 55.1-2152)\n\nWith respect to a third person dealing with the association in the\nassociation’s capacity as a trustee, the existence of trust powers and\ntheir proper exercise by the association may be assumed without inquiry. A third\nperson is not bound to inquire whether the association has power to act as\ntrustee or is properly exercising trust powers. A third person, without actual\nknowledge that the association is exceeding or improperly exercising its powers,\nis fully protected in dealing with the association as if it possessed and\nproperly exercised the powers it purports to exercise. A third person is not\nbound to assure the proper application of trust assets paid or delivered to the\nassociation in its capacity as trustee.\n\nHISTORY: 1982, c. 277, \u00a7 55-475; 2019, c. 712.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}