{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/58.1-1215.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/58.1-1215.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/58.1-1215.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/58.1-1215.html"}],"law_id":81407,"edition_id":1,"section_id":81407,"structure_id":13696,"section_number":"58.1-1215","catch_line":"Banks in liquidation","history":"Code 1950, \u00a7 58-485.017; 1980, c. 578; 1984, c. 675.","full_text":"When the affairs of any bank are being wound up under \u00a7\u00a7 6.2-913, 6.2-916, and 6.2-1038 or the comparable sections of the National Banking Act, such bank will not be subject to tax under this chapter, except as provided in this section. Returns of such assets on January 1 of each year shall be made by those having custody or control thereof. If any surplus remains after payment of all creditors and depositors, the liquidating officer shall ascertain the net capital of such bank, just prior to each year-end during the period of liquidation and cause to be paid an appropriate tax thereon before any distribution of any such surplus, but any such tax on the bank, even though paid late, shall not be subject to penalty.","order_by":null,"text":{"0":{"id":291725,"text":"When the affairs of any bank are being wound up under \u00a7\u00a7 6.2-913, 6.2-916, and 6.2-1038 or the comparable sections of the National Banking Act, such bank will not be subject to tax under this chapter, except as provided in this section. Returns of such assets on January 1 of each year shall be made by those having custody or control thereof. If any surplus remains after payment of all creditors and depositors, the liquidating officer shall ascertain the net capital of such bank, just prior to each year-end during the period of liquidation and cause to be paid an appropriate tax thereon before any distribution of any such surplus, but any such tax on the bank, even though paid late, shall not be subject to penalty.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13696,"edition_id":1,"name":"Bank Franchise Tax","identifier":"12","label":"chapter","depth":3,"order_by":1,"parent_id":12837,"metadata":{},"date_created":"2026-06-26 03:45:35","date_modified":"2026-06-26 03:45:35","permalink":{"id":252449,"object_type":"structure","relational_id":13696,"identifier":"12","token":"58.1\/I\/12","url":"\/58.1\/I\/12\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12837,"edition_id":1,"name":"Taxes Administered by the Department of Taxation","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12703,"metadata":{},"date_created":"2026-06-26 03:43:55","date_modified":"2026-06-26 03:43:55","permalink":{"id":252075,"object_type":"structure","relational_id":12837,"identifier":"I","token":"58.1\/I","url":"\/58.1\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12703,"edition_id":1,"name":"Taxation","identifier":"58.1","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":251959,"object_type":"structure","relational_id":12703,"identifier":"58.1","token":"58.1","url":"\/58.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":54678,"structure_id":13696,"section_number":"58.1-1200","catch_line":"Title","url":"\/58.1-1200\/","token":"58.1\/I\/12\/58.1-1200","metadata":false},{"id":83617,"structure_id":13696,"section_number":"58.1-1201","catch_line":"Definitions","url":"\/58.1-1201\/","token":"58.1\/I\/12\/58.1-1201","metadata":false},{"id":87019,"structure_id":13696,"section_number":"58.1-1202","catch_line":"Bank capital assessable","url":"\/58.1-1202\/","token":"58.1\/I\/12\/58.1-1202","metadata":false},{"id":64855,"structure_id":13696,"section_number":"58.1-1203","catch_line":"Real and leased tangible personal property of banks to be assessed as other real and personal property","url":"\/58.1-1203\/","token":"58.1\/I\/12\/58.1-1203","metadata":false},{"id":62498,"structure_id":13696,"section_number":"58.1-1204","catch_line":"Rate of tax","url":"\/58.1-1204\/","token":"58.1\/I\/12\/58.1-1204","metadata":false},{"id":84538,"structure_id":13696,"section_number":"58.1-1204.1","catch_line":"Proration for new banks","url":"\/58.1-1204.1\/","token":"58.1\/I\/12\/58.1-1204.1","metadata":false},{"id":61811,"structure_id":13696,"section_number":"58.1-1205","catch_line":"Computation of net capital","url":"\/58.1-1205\/","token":"58.1\/I\/12\/58.1-1205","metadata":false},{"id":69371,"structure_id":13696,"section_number":"58.1-1206","catch_line":"(Effective July 1, 2025) Deductions from gross capital","url":"\/58.1-1206\/","token":"58.1\/I\/12\/58.1-1206","metadata":false},{"id":68247,"structure_id":13696,"section_number":"58.1-1207","catch_line":"(Effective July 1, 2025) Filing of return and payment of tax","url":"\/58.1-1207\/","token":"58.1\/I\/12\/58.1-1207","metadata":false},{"id":55757,"structure_id":13696,"section_number":"58.1-1208","catch_line":"City tax","url":"\/58.1-1208\/","token":"58.1\/I\/12\/58.1-1208","metadata":false},{"id":62525,"structure_id":13696,"section_number":"58.1-1209","catch_line":"Town tax","url":"\/58.1-1209\/","token":"58.1\/I\/12\/58.1-1209","metadata":false},{"id":73068,"structure_id":13696,"section_number":"58.1-1210","catch_line":"County tax","url":"\/58.1-1210\/","token":"58.1\/I\/12\/58.1-1210","metadata":false},{"id":68169,"structure_id":13696,"section_number":"58.1-1211","catch_line":"Branch banks","url":"\/58.1-1211\/","token":"58.1\/I\/12\/58.1-1211","metadata":false},{"id":84743,"structure_id":13696,"section_number":"58.1-1212","catch_line":"(Effective July 1, 2025) Record of deposits through branches required","url":"\/58.1-1212\/","token":"58.1\/I\/12\/58.1-1212","metadata":false},{"id":63356,"structure_id":13696,"section_number":"58.1-1213","catch_line":"Credit against state tax for amounts paid cities, towns and counties","url":"\/58.1-1213\/","token":"58.1\/I\/12\/58.1-1213","metadata":false},{"id":78742,"structure_id":13696,"section_number":"58.1-1214","catch_line":"Auditing of returns","url":"\/58.1-1214\/","token":"58.1\/I\/12\/58.1-1214","metadata":false},{"id":81407,"structure_id":13696,"section_number":"58.1-1215","catch_line":"Banks in liquidation","url":"\/58.1-1215\/","token":"58.1\/I\/12\/58.1-1215","metadata":false},{"id":80724,"structure_id":13696,"section_number":"58.1-1216","catch_line":"Penalty upon bank for failure to comply with chapter","url":"\/58.1-1216\/","token":"58.1\/I\/12\/58.1-1216","metadata":false},{"id":61598,"structure_id":13696,"section_number":"58.1-1217","catch_line":"State banks and national banks treated the same in matter of taxation","url":"\/58.1-1217\/","token":"58.1\/I\/12\/58.1-1217","metadata":false}],"previous_section":{"id":78742,"structure_id":13696,"section_number":"58.1-1214","catch_line":"Auditing of returns","url":"\/58.1-1214\/","token":"58.1\/I\/12\/58.1-1214","metadata":false},"next_section":{"id":80724,"structure_id":13696,"section_number":"58.1-1216","catch_line":"Penalty upon bank for failure to comply with chapter","url":"\/58.1-1216\/","token":"58.1\/I\/12\/58.1-1216","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/58.1-1215\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 2 times. 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. Those modifications are as follows: in 1980, chapter 578; in 1984, chapter 675.<\/p>","references":false,"refers_to":[{"id":67670,"section_number":"6.2-1038","catch_line":"Appointment of receiver","order_by":null,"url":"\/6.2-1038\/"},{"id":56799,"section_number":"6.2-913","catch_line":"Closing bank; appointment of receiver","order_by":null,"url":"\/6.2-913\/"},{"id":84969,"section_number":"6.2-916","catch_line":"Appointment of receiver","order_by":null,"url":"\/6.2-916\/"}],"permalink":{"id":252515,"object_type":"law","relational_id":81407,"identifier":"58.1-1215","token":"58.1\/I\/12\/58.1-1215","url":"\/58.1-1215\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/58.1-1215\/","token":"58.1\/I\/12\/58.1-1215","dublin_core":{"Title":"Banks in liquidation","Type":"Text","Format":"text\/html","Identifier":"\u00a7 58.1-1215","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

When the affairs of any bank<\/span> are being wound up under \u00a7\u00a7 6.2-913<\/a>, 6.2-916<\/a>, and 6.2-1038<\/a> or the comparable sections of the National Banking Act, such bank<\/span> will not be subject to tax under this chapter, except as provided in this section. Returns of such assets<\/span> on January 1 of each year shall be made by those having custody<\/span> or control thereof. If any surplus remains after payment of all creditors<\/span> and depositors, the liquidating officer shall ascertain the net capital of such bank<\/span>, just prior to each year-end during the period of liquidation<\/span> and cause to be paid an appropriate tax thereon before any distribution of any such surplus, but any such tax on the bank<\/span>, even though paid late, shall not be subject to penalty<\/span>.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBANKS IN LIQUIDATION (\u00a7 58.1-1215)\n\nWhen the affairs of any bank are being wound up under \u00a7\u00a7 6.2-913, 6.2-916, and\n6.2-1038 or the comparable sections of the National Banking Act, such bank will\nnot be subject to tax under this chapter, except as provided in this section.\nReturns of such assets on January 1 of each year shall be made by those having\ncustody or control thereof. If any surplus remains after payment of all\ncreditors and depositors, the liquidating officer shall ascertain the net\ncapital of such bank, just prior to each year-end during the period of\nliquidation and cause to be paid an appropriate tax thereon before any\ndistribution of any such surplus, but any such tax on the bank, even though paid\nlate, shall not be subject to penalty.\n\nHISTORY: Code 1950, \u00a7 58-485.017; 1980, c. 578; 1984, c. 675.","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}}