{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1000.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1000.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1000.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1000.html"}],"law_id":61391,"edition_id":1,"section_id":61391,"structure_id":14860,"section_number":"6.2-1000","catch_line":"Definitions","history":"1974, c. 286, \u00a7 6.1-32.2; 1991, c. 282; 1993, c. 432, \u00a7\u00a7 6.1-32.11, 6.1-32.12; 1994, c. 524; 1995, c. 140; 1997, c. 801; 2001, c. 717; 2004, c. 781; 2010, c. 794; 2022, c. 323.","full_text":"As used in this chapter, unless the context requires otherwise:\n\t\t“Affiliated trust company” means a trust company that is controlled by a trust company holding company.\n\t\t“Trust business” means the holding out by a person or legal entity to the public at large by advertising, solicitation or other means that the person or legal entity is available to act as a fiduciary in the Commonwealth or is accepting and undertaking to perform the duties of a fiduciary in the regular course of its business. A person does not engage in trust business by:\n\n1\n\nRendering services as an attorney at law, either individually or through an entity wholly owned by attorneys at law, in the performance of duties as a fiduciary;2\n\nRendering services as a certified or registered public accountant in the performance of duties as such;3\n\nActing as trustee under a deed of trust made only as security for the payment of money or for the performance of another act;4\n\nActing as a trustee in bankruptcy or as a receiver;5\n\nHolding trusts of real estate for the primary purpose of subdivision, development or sale, or to facilitate any business transaction with respect to such real estate;6\n\nEngaging in the business of an escrow agent;7\n\nHolding assets as trustee of a trust created for charitable purposes if:\n\t\t\ta. The trustee is an entity exempt from federal income tax under § 501(c) (3) of the Internal Revenue Code; and\n\t\t\tb. The trust is (i) exempt from federal income taxes under § 501(c) (3) of the Internal Revenue Code; (ii) a charitable remainder trust described in § 664 of the Internal Revenue Code; (iii) a pooled income fund described in § 642(c) (5) of the Internal Revenue Code; or (iv) a trust the charitable interest in which is either a guaranteed annuity or a fixed percentage distributed yearly of the fair market value of the trust property, described in § 2055(e) (2) (B) or § 2522(c) (2) (B) of the Internal Revenue Code;8\n\nReceiving rents and proceeds of sale as a licensed real estate broker on behalf of the principal; or9\n\nEngaging in securities transactions as a broker-dealer or salesman.\n\t\t\t“Trust company” means a corporation, including an affiliated trust company, that is authorized to engage in the trust business under Article 2 (§ 6.2-1013 et seq.) of this chapter, the powers of which are expressly restricted to the conduct of trust business.\n\t\t\t“Trust company holding company” means a corporation that controls a trust company. A trust company holding company shall not be deemed a financial institution holding company for any purpose under this title unless it controls a financial institution other than an affiliated trust company or another financial institution holding company.\n\t\t\t“Trust institution” means any (i) bank authorized to engage in the trust business, (ii) trust company, or (iii) trust subsidiary.\n\t\t\t“Trust subsidiary” or “subsidiary trust company” means a corporation organized under Chapter 9 (§ 13.1-601 et seq.) of Title 13.1, or an association organized under the National Banking Act with its main office located in the Commonwealth, that is authorized to transact trust business and business incidental thereto, but not to accept deposits except as incidental to such trust business.","order_by":null,"text":{"0":{"id":224259,"text":"As used in this chapter, unless the context requires otherwise:\n\t\t“Affiliated trust company” means a trust company that is controlled by a trust company holding company.\n\t\t“Trust business” means the holding out by a person or legal entity to the public at large by advertising, solicitation or other means that the person or legal entity is available to act as a fiduciary in the Commonwealth or is accepting and undertaking to perform the duties of a fiduciary in the regular course of its business. A person does not engage in trust business by:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":224260,"text":"Rendering services as an attorney at law, either individually or through an entity wholly owned by attorneys at law, in the performance of duties as a fiduciary;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":224261,"text":"Rendering services as a certified or registered public accountant in the performance of duties as such;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":224262,"text":"Acting as trustee under a deed of trust made only as security for the payment of money or for the performance of another act;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":224263,"text":"Acting as a trustee in bankruptcy or as a receiver;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":224264,"text":"Holding trusts of real estate for the primary purpose of subdivision, development or sale, or to facilitate any business transaction with respect to such real estate;","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":224265,"text":"Engaging in the business of an escrow agent;","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":224266,"text":"Holding assets as trustee of a trust created for charitable purposes if:\n\t\t\ta. The trustee is an entity exempt from federal income tax under § 501(c) (3) of the Internal Revenue Code; and\n\t\t\tb. The trust is (i) exempt from federal income taxes under § 501(c) (3) of the Internal Revenue Code; (ii) a charitable remainder trust described in § 664 of the Internal Revenue Code; (iii) a pooled income fund described in § 642(c) (5) of the Internal Revenue Code; or (iv) a trust the charitable interest in which is either a guaranteed annuity or a fixed percentage distributed yearly of the fair market value of the trust property, described in § 2055(e) (2) (B) or § 2522(c) (2) (B) of the Internal Revenue Code;","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6","next_prefix":"8"},"8":{"id":224267,"text":"Receiving rents and proceeds of sale as a licensed real estate broker on behalf of the principal; or","type":"section","prefixes":["8"],"prefix":"8","entire_prefix":"8","prefix_anchor":"8","level":1,"prior_prefix":"7","next_prefix":"9"},"9":{"id":224268,"text":"Engaging in securities transactions as a broker-dealer or salesman.\n\t\t\t“Trust company” means a corporation, including an affiliated trust company, that is authorized to engage in the trust business under Article 2 (§ 6.2-1013 et seq.) of this chapter, the powers of which are expressly restricted to the conduct of trust business.\n\t\t\t“Trust company holding company” means a corporation that controls a trust company. A trust company holding company shall not be deemed a financial institution holding company for any purpose under this title unless it controls a financial institution other than an affiliated trust company or another financial institution holding company.\n\t\t\t“Trust institution” means any (i) bank authorized to engage in the trust business, (ii) trust company, or (iii) trust subsidiary.\n\t\t\t“Trust subsidiary” or “subsidiary trust company” means a corporation organized under Chapter 9 (§ 13.1-601 et seq.) of Title 13.1, or an association organized under the National Banking Act with its main office located in the Commonwealth, that is authorized to transact trust business and business incidental thereto, but not to accept deposits except as incidental to such trust business.","type":"section","prefixes":["9"],"prefix":"9","entire_prefix":"9","prefix_anchor":"9","level":1,"prior_prefix":"8"}},"ancestry":[{"id":14860,"edition_id":1,"name":"Trust Powers and Trust Business","identifier":"1","label":"article","depth":4,"order_by":1,"parent_id":13001,"metadata":{},"date_created":"2026-06-26 03:50:27","date_modified":"2026-06-26 03:50:27","permalink":{"id":263689,"object_type":"structure","relational_id":14860,"identifier":"1","token":"6.2\/II\/10\/1","url":"\/6.2\/II\/10\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13001,"edition_id":1,"name":"Entities Conducting Trust Business","identifier":"10","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":263687,"object_type":"structure","relational_id":13001,"identifier":"10","token":"6.2\/II\/10","url":"\/6.2\/II\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13000,"edition_id":1,"name":"Depository Institutions and Trust Organizations","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":263685,"object_type":"structure","relational_id":13000,"identifier":"II","token":"6.2\/II","url":"\/6.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12852,"edition_id":1,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":263249,"object_type":"structure","relational_id":12852,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":61391,"structure_id":14860,"section_number":"6.2-1000","catch_line":"Definitions","url":"\/6.2-1000\/","token":"6.2\/II\/10\/1\/6.2-1000","metadata":false},{"id":62570,"structure_id":14860,"section_number":"6.2-1001","catch_line":"Entities authorized to engage in trust business","url":"\/6.2-1001\/","token":"6.2\/II\/10\/1\/6.2-1001","metadata":false},{"id":58739,"structure_id":14860,"section_number":"6.2-1002","catch_line":"Powers of trust institutions","url":"\/6.2-1002\/","token":"6.2\/II\/10\/1\/6.2-1002","metadata":false},{"id":75287,"structure_id":14860,"section_number":"6.2-1003","catch_line":"When security not required; payment of probate taxes and fees","url":"\/6.2-1003\/","token":"6.2\/II\/10\/1\/6.2-1003","metadata":false},{"id":63080,"structure_id":14860,"section_number":"6.2-1004","catch_line":"Who may take oath for corporate fiduciary","url":"\/6.2-1004\/","token":"6.2\/II\/10\/1\/6.2-1004","metadata":false},{"id":86464,"structure_id":14860,"section_number":"6.2-1005","catch_line":"Deposit or other use of trust funds","url":"\/6.2-1005\/","token":"6.2\/II\/10\/1\/6.2-1005","metadata":false},{"id":63490,"structure_id":14860,"section_number":"6.2-1006","catch_line":"Custody of trust securities to be kept separate; federal securities and obligations","url":"\/6.2-1006\/","token":"6.2\/II\/10\/1\/6.2-1006","metadata":false},{"id":56787,"structure_id":14860,"section_number":"6.2-1007","catch_line":"Investment of trust funds","url":"\/6.2-1007\/","token":"6.2\/II\/10\/1\/6.2-1007","metadata":false},{"id":75720,"structure_id":14860,"section_number":"6.2-1008","catch_line":"Dealings with self or affiliates","url":"\/6.2-1008\/","token":"6.2\/II\/10\/1\/6.2-1008","metadata":false},{"id":83711,"structure_id":14860,"section_number":"6.2-1009","catch_line":"Common trust and collective investment funds","url":"\/6.2-1009\/","token":"6.2\/II\/10\/1\/6.2-1009","metadata":false},{"id":75450,"structure_id":14860,"section_number":"6.2-1010","catch_line":"Holding stock or other securities as fiduciary","url":"\/6.2-1010\/","token":"6.2\/II\/10\/1\/6.2-1010","metadata":false},{"id":57294,"structure_id":14860,"section_number":"6.2-1011","catch_line":"Voting of bank shares held by trust institution as fiduciary; when disqualified","url":"\/6.2-1011\/","token":"6.2\/II\/10\/1\/6.2-1011","metadata":false},{"id":82343,"structure_id":14860,"section_number":"6.2-1012","catch_line":"Suspension or prohibition of trust institutions","url":"\/6.2-1012\/","token":"6.2\/II\/10\/1\/6.2-1012","metadata":false}],"next_section":{"id":62570,"structure_id":14860,"section_number":"6.2-1001","catch_line":"Entities authorized to engage in trust business","url":"\/6.2-1001\/","token":"6.2\/II\/10\/1\/6.2-1001","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1000\/","history_text":"

This law was first created in 1974. The record of its establishment is cataloged in chapter 286 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 1974 \u201cActs\u201d aren\u2019t available online. It has been modified 9 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 1991, chapter 282; in 1993, chapter 432; in 1994, chapter 524<\/a>; in 1995, chapter 140<\/a>; in 1997, chapter 801<\/a>; in 2001, chapter 717<\/a>; in 2004, chapter 781<\/a>; in 2010, chapter 794<\/a>; in 2022, chapter 323<\/a>.<\/p>","references":[{"id":86656,"section_number":"6.2-800","catch_line":"Definitions","order_by":null,"url":"\/6.2-800\/"},{"id":85620,"section_number":"6.2-819","catch_line":"Authority to engage in trust business; permission of Commission required","order_by":null,"url":"\/6.2-819\/"},{"id":60766,"section_number":"6.2-820","catch_line":"Powers of national banks as fiduciaries","order_by":null,"url":"\/6.2-820\/"},{"id":82541,"section_number":"6.2-874","catch_line":"Prohibited uses of bank's own stock; other investments or loans","order_by":null,"url":"\/6.2-874\/"}],"refers_to":[{"id":62759,"section_number":"13.1-601","catch_line":"Short title","order_by":null,"url":"\/13.1-601\/"},{"id":64748,"section_number":"6.2-1013","catch_line":"Definitions","order_by":null,"url":"\/6.2-1013\/"}],"permalink":{"id":263691,"object_type":"law","relational_id":61391,"identifier":"6.2-1000","token":"6.2\/II\/10\/1\/6.2-1000","url":"\/6.2-1000\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1000\/","token":"6.2\/II\/10\/1\/6.2-1000","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1000","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this chapter, unless the context requires otherwise:\n\t\t“Affiliated trust company<\/span>” means a trust company that is controlled by a trust company holding company<\/span>.\n\t\t“Trust business<\/span>” means the holding out by a person<\/span> or legal entity<\/span> to the public at large by advertising, solicitation or other means that the person<\/span> or legal entity<\/span> is available to act as a fiduciary in the Commonwealth or is accepting and undertaking to perform the duties of a fiduciary in the regular course of its business. A person<\/span> does not engage in trust business<\/span> by:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Rendering services as an attorney at law<\/span>, either individually or through an entity<\/span> wholly owned by attorneys at law, in the performance of duties as a fiduciary; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Rendering services as a certified or registered public accountant in the performance of duties as such; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Acting as trustee under a deed of trust made only as security for the payment of money or for the performance of another act; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Acting as a trustee in bankruptcy<\/span> or as a receiver; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Holding trusts of real estate for the primary purpose of subdivision, development or sale, or to facilitate any business transaction with respect to such real estate; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Engaging in the business of an escrow agent; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> Holding assets<\/span> as trustee of a trust created for charitable purposes if:\n\t\t\ta. The trustee is an entity<\/span> exempt from federal income tax under § 501(c) (3) of the Internal Revenue Code; and\n\t\t\tb. The trust is (i) exempt from federal income taxes under § 501(c) (3) of the Internal Revenue Code; (ii) a charitable remainder trust described in § 664 of the Internal Revenue Code; (iii) a pooled income fund described in § 642(c) (5) of the Internal Revenue Code; or (iv) a trust the charitable interest in which is either a guaranteed annuity or a fixed percentage distributed yearly of the fair market value of the trust property, described in § 2055(e) (2) (B) or § 2522(c) (2) (B) of the Internal Revenue Code; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> Receiving rents and proceeds of sale as a licensed real estate broker on behalf of the principal; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> Engaging in securities transactions as a broker-dealer or salesman.\n\t\t\t“Trust company” means a corporation, including an affiliated trust company<\/span>, that is authorized to engage in the trust business<\/span> under Article 2 (§ 6.2-1013<\/a> et seq.) of this chapter, the powers of which are expressly restricted to the conduct of trust business<\/span>.\n\t\t\t“Trust company holding company<\/span>” means a corporation that controls a trust company. A trust company holding company<\/span> shall not be deemed a financial institution<\/span> holding company for any purpose under this title unless it controls a financial institution<\/span> other than an affiliated trust company<\/span> or another financial institution<\/span> holding company.\n\t\t\t“Trust institution<\/span>” means any (i) bank authorized to engage in the trust business<\/span>, (ii) trust company, or (iii) trust subsidiary<\/span>.\n\t\t\t“Trust subsidiary<\/span>” or “subsidiary trust company<\/span>” means a corporation organized under Chapter 9 (§ 13.1-601<\/a> et seq.) of Title 13.1, or an association organized under the National Banking Act with its main office located in the Commonwealth, that is authorized to transact trust business<\/span> and business incidental thereto, but not to accept deposits except as incidental to such trust business<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 6.2-1000)\n\nAs used in this chapter, unless the context requires otherwise:\n\t\t“Affiliated trust company” means a trust company that is\ncontrolled by a trust company holding company.\n\t\t“Trust business” means the holding out by a person or legal entity\nto the public at large by advertising, solicitation or other means that the\nperson or legal entity is available to act as a fiduciary in the Commonwealth or\nis accepting and undertaking to perform the duties of a fiduciary in the regular\ncourse of its business. A person does not engage in trust business by:\n\n1. Rendering services as an attorney at law, either individually or through an\nentity wholly owned by attorneys at law, in the performance of duties as a\nfiduciary;\n\n2. Rendering services as a certified or registered public accountant in the\nperformance of duties as such;\n\n3. Acting as trustee under a deed of trust made only as security for the payment\nof money or for the performance of another act;\n\n4. Acting as a trustee in bankruptcy or as a receiver;\n\n5. Holding trusts of real estate for the primary purpose of subdivision,\ndevelopment or sale, or to facilitate any business transaction with respect to\nsuch real estate;\n\n6. Engaging in the business of an escrow agent;\n\n7. Holding assets as trustee of a trust created for charitable purposes if:\n\t\t\ta. The trustee is an entity exempt from federal income tax under §\n501(c) (3) of the Internal Revenue Code; and\n\t\t\tb. The trust is (i) exempt from federal income taxes under § 501(c) (3)\nof the Internal Revenue Code; (ii) a charitable remainder trust described in\n§ 664 of the Internal Revenue Code; (iii) a pooled income fund described in\n§ 642(c) (5) of the Internal Revenue Code; or (iv) a trust the charitable\ninterest in which is either a guaranteed annuity or a fixed percentage\ndistributed yearly of the fair market value of the trust property, described in\n§ 2055(e) (2) (B) or § 2522(c) (2) (B) of the Internal Revenue Code;\n\n8. Receiving rents and proceeds of sale as a licensed real estate broker on\nbehalf of the principal; or\n\n9. Engaging in securities transactions as a broker-dealer or salesman.\n\t\t\t“Trust company” means a corporation, including an affiliated\ntrust company, that is authorized to engage in the trust business under Article\n2 (§ 6.2-1013 et seq.) of this chapter, the powers of which are expressly\nrestricted to the conduct of trust business.\n\t\t\t“Trust company holding company” means a corporation that controls\na trust company. A trust company holding company shall not be deemed a financial\ninstitution holding company for any purpose under this title unless it controls\na financial institution other than an affiliated trust company or another\nfinancial institution holding company.\n\t\t\t“Trust institution” means any (i) bank authorized to engage in\nthe trust business, (ii) trust company, or (iii) trust subsidiary.\n\t\t\t“Trust subsidiary” or “subsidiary trust company”\nmeans a corporation organized under Chapter 9 (§ 13.1-601 et seq.) of Title\n13.1, or an association organized under the National Banking Act with its main\noffice located in the Commonwealth, that is authorized to transact trust\nbusiness and business incidental thereto, but not to accept deposits except as\nincidental to such trust business.\n\nHISTORY: 1974, c. 286, \u00a7 6.1-32.2; 1991, c. 282; 1993, c. 432, \u00a7\u00a7 6.1-32.11,\n6.1-32.12; 1994, c. 524; 1995, c. 140; 1997, c. 801; 2001, c. 717; 2004, c. 781;\n2010, c. 794; 2022, c. 323.","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}}