{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1002.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1002.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1002.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1002.html"}],"law_id":58739,"edition_id":1,"section_id":58739,"structure_id":14860,"section_number":"6.2-1002","catch_line":"Powers of trust institutions","history":"Code 1950, \u00a7\u00a7 6-30, 6-94, 6-104; 1966, c. 584, \u00a7\u00a7 6.1-12, 6.1-17; 1970, c. 15; 1974, c. 286, \u00a7 6.1-32.10; 1984, c. 172; 1993, c. 432; 1997, c. 801; 2010, c. 794.","full_text":"A\n\nAll banks that are authorized to do a trust business and all trust companies shall have the following rights, powers, and privileges, and shall be subject to the following regulations and restrictions:1\n\nTo act as agent for any person, corporation, municipality, or state, for the collection or disbursement of interest, or income or principal of securities;2\n\nTo act as the fiscal or transfer agent of any state, municipality, or body politic or corporate, and in such capacity to receive and disburse money; to transfer, register, and countersign certificates of stock, bonds, or other evidences of indebtedness;3\n\nTo act as agent of any corporation, foreign or domestic, for any lawful purpose;4\n\nTo act as trustee under any mortgage or bond issued by an individual, municipality, or body politic or corporate, and to accept and execute any other municipal or corporate trust not inconsistent with the laws of the Commonwealth;5\n\nTo act as guardian, receiver, or trustee of the estate of any minor and as depository of any money paid into court, whether for the benefit of any minor or other person;6\n\nTo take, accept, and execute any and all such lawful trusts, duties, and powers in regard to the holding and management and disposition of any estate, real and personal, and the rents and profits thereof, or the sale or lease thereof, as may be granted or confided to it by any circuit court, judge, or clerk, or by any person, corporation, municipality, or other authority, and it shall be accountable to all parties in interest for the faithful discharge of every such trust, duty, or power which it may so accept;7\n\nTo take, accept, and execute any and all such trusts and powers, of whatever nature and description, as may be conferred upon or entrusted or committed to it by any person, including any body politic or corporate or other authority, by grant, assignment, transfer, devise, bequest, or otherwise or as may be entrusted or committed or transferred to it or vested in it by order of any circuit court, judge, or clerk, and to receive and hold any property or estate, real or personal, which may be the subject of any such trust; and8\n\nTo act as:\n\t\t\t\ta. Executor under the last will and testament or administrator of the estate of any deceased person, under appointment of any circuit court, judge, or clerk thereof, having jurisdiction of the estate of such deceased person;\n\t\t\t\tb. Guardian of the person or of the estate of any infant, guardian or conservator of any incapacitated person, habitual drunkard, or person who by reason of advanced age or impaired health or physical disability has become mentally or physically incapable of taking proper care of his person or properly handling and managing his estate, under appointment of any circuit court, judge, or clerk thereof, having jurisdiction of the estate of such person; or\n\t\t\t\tc. Trustee or committee for any convict in the penitentiary, under appointment of any circuit court, judge, or clerk thereof, having jurisdiction of the estate of such person.B\n\nNothing in this section shall ever be construed as authorizing the creation of a trust not lawful as between individuals nor to prohibit the deposit of funds by court and fiduciaries in banks of deposit and discount and savings banks.C\n\nEvery trust company doing business in the Commonwealth is authorized temporarily to suspend its usual business during a period of actual or threatened enemy attack, civil insurrection, or riot, affecting the community in which such institution is doing business or other emergency justifying temporary closing, such as fire, flood, or hurricane.","order_by":null,"text":{"0":{"id":215261,"text":"All banks that are authorized to do a trust business and all trust companies shall have the following rights, powers, and privileges, and shall be subject to the following regulations and restrictions:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":215262,"text":"To act as agent for any person, corporation, municipality, or state, for the collection or disbursement of interest, or income or principal of securities;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":215263,"text":"To act as the fiscal or transfer agent of any state, municipality, or body politic or corporate, and in such capacity to receive and disburse money; to transfer, register, and countersign certificates of stock, bonds, or other evidences of indebtedness;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":215264,"text":"To act as agent of any corporation, foreign or domestic, for any lawful purpose;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":215265,"text":"To act as trustee under any mortgage or bond issued by an individual, municipality, or body politic or corporate, and to accept and execute any other municipal or corporate trust not inconsistent with the laws of the Commonwealth;","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":215266,"text":"To act as guardian, receiver, or trustee of the estate of any minor and as depository of any money paid into court, whether for the benefit of any minor or other person;","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"A6"},"6":{"id":215267,"text":"To take, accept, and execute any and all such lawful trusts, duties, and powers in regard to the holding and management and disposition of any estate, real and personal, and the rents and profits thereof, or the sale or lease thereof, as may be granted or confided to it by any circuit court, judge, or clerk, or by any person, corporation, municipality, or other authority, and it shall be accountable to all parties in interest for the faithful discharge of every such trust, duty, or power which it may so accept;","type":"section","prefixes":["A","6"],"prefix":"6","entire_prefix":"A6","prefix_anchor":"A6","level":2,"prior_prefix":"A5","next_prefix":"A7"},"7":{"id":215268,"text":"To take, accept, and execute any and all such trusts and powers, of whatever nature and description, as may be conferred upon or entrusted or committed to it by any person, including any body politic or corporate or other authority, by grant, assignment, transfer, devise, bequest, or otherwise or as may be entrusted or committed or transferred to it or vested in it by order of any circuit court, judge, or clerk, and to receive and hold any property or estate, real or personal, which may be the subject of any such trust; and","type":"section","prefixes":["A","7"],"prefix":"7","entire_prefix":"A7","prefix_anchor":"A7","level":2,"prior_prefix":"A6","next_prefix":"A8"},"8":{"id":215269,"text":"To act as:\n\t\t\t\ta. Executor under the last will and testament or administrator of the estate of any deceased person, under appointment of any circuit court, judge, or clerk thereof, having jurisdiction of the estate of such deceased person;\n\t\t\t\tb. Guardian of the person or of the estate of any infant, guardian or conservator of any incapacitated person, habitual drunkard, or person who by reason of advanced age or impaired health or physical disability has become mentally or physically incapable of taking proper care of his person or properly handling and managing his estate, under appointment of any circuit court, judge, or clerk thereof, having jurisdiction of the estate of such person; or\n\t\t\t\tc. Trustee or committee for any convict in the penitentiary, under appointment of any circuit court, judge, or clerk thereof, having jurisdiction of the estate of such person.","type":"section","prefixes":["A","8"],"prefix":"8","entire_prefix":"A8","prefix_anchor":"A8","level":2,"prior_prefix":"A7","next_prefix":"B"},"9":{"id":215270,"text":"Nothing in this section shall ever be construed as authorizing the creation of a trust not lawful as between individuals nor to prohibit the deposit of funds by court and fiduciaries in banks of deposit and discount and savings banks.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A8","next_prefix":"C"},"10":{"id":215271,"text":"Every trust company doing business in the Commonwealth is authorized temporarily to suspend its usual business during a period of actual or threatened enemy attack, civil insurrection, or riot, affecting the community in which such institution is doing business or other emergency justifying temporary closing, such as fire, flood, or hurricane.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"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}],"previous_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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1002\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 7 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 1966, chapter 584; in 1970, chapter 15; in 1974, chapter 286; in 1984, chapter 172; in 1993, chapter 432; in 1997, chapter 801<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":[{"id":65489,"section_number":"6.2-1047","catch_line":"Definitions","order_by":null,"url":"\/6.2-1047\/"},{"id":70720,"section_number":"6.2-1049","catch_line":"Permissible business","order_by":null,"url":"\/6.2-1049\/"},{"id":59929,"section_number":"6.2-1076","catch_line":"Operation and powers","order_by":null,"url":"\/6.2-1076\/"}],"refers_to":false,"permalink":{"id":263699,"object_type":"law","relational_id":58739,"identifier":"6.2-1002","token":"6.2\/II\/10\/1\/6.2-1002","url":"\/6.2-1002\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1002\/","token":"6.2\/II\/10\/1\/6.2-1002","dublin_core":{"Title":"Powers of trust institutions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1002","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> All banks that are authorized to do a trust business<\/span> and all trust companies shall have the following rights, powers, and privileges<\/span>, and shall be subject to the following regulations and restrictions: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> To act as agent for any person<\/span>, corporation, municipality, or state, for the collection or disbursement of interest, or income or principal of securities; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> To act as the fiscal or transfer agent of any state, municipality, or body politic or corporate, and in such capacity to receive and disburse money; to transfer, register, and countersign certificates of stock, bonds<\/span>, or other evidences<\/span> of indebtedness; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> To act as agent of any corporation, foreign or domestic, for any lawful purpose; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> To act as trustee under any mortgage or bond<\/span> issued by an individual, municipality, or body politic or corporate, and to accept and execute any other municipal or corporate trust not inconsistent with the laws<\/span> of the Commonwealth; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> To act as guardian, receiver, or trustee of the estate of any minor<\/span> and as depository of any money paid into court<\/span>, whether for the benefit of any minor<\/span> or other person<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> To take, accept, and execute any and all such lawful trusts, duties, and powers in regard to the holding and management and disposition<\/span> of any estate, real and personal, and the rents and profits thereof, or the sale or lease thereof, as may be granted or confided to it by any circuit<\/span> court<\/span>, judge<\/span>, or clerk, or by any person<\/span>, corporation, municipality, or other authority, and it shall be accountable to all parties in interest for the faithful discharge of every such trust, duty, or power which it may so accept; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> To take, accept, and execute any and all such trusts and powers, of whatever nature and description, as may be conferred upon or entrusted or committed to it by any person<\/span>, including any body politic or corporate or other authority, by grant, assignment, transfer, devise, bequest, or otherwise or as may be entrusted or committed or transferred to it or vested in it by order<\/span> of any circuit<\/span> court<\/span>, judge<\/span>, or clerk, and to receive and hold any property or estate, real or personal, which may be the subject of any such trust; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> To act as:\n\t\t\t\ta. Executor under the last will and testament or administrator of the estate of any deceased person<\/span>, under appointment of any circuit<\/span> court<\/span>, judge<\/span>, or clerk thereof, having jurisdiction<\/span> of the estate of such deceased person<\/span>;\n\t\t\t\tb. Guardian of the person<\/span> or of the estate of any infant, guardian or conservator of any incapacitated person<\/span>, habitual drunkard, or person<\/span> who by reason of advanced age or impaired health or physical disability has become mentally or physically incapable of taking proper care of his person<\/span> or properly handling and managing his estate, under appointment of any circuit<\/span> court<\/span>, judge<\/span>, or clerk thereof, having jurisdiction<\/span> of the estate of such person<\/span>; or\n\t\t\t\tc. Trustee or committee for any convict in the penitentiary, under appointment of any circuit<\/span> court<\/span>, judge<\/span>, or clerk thereof, having jurisdiction<\/span> of the estate of such person<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Nothing in this section shall ever be construed as authorizing the creation of a trust not lawful as between individuals nor to prohibit the deposit of funds by court<\/span> and fiduciaries in banks of deposit and discount and savings banks. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Every trust company<\/span> doing business in the Commonwealth is authorized temporarily to suspend its usual business during a period of actual or threatened enemy attack, civil insurrection, or riot, affecting the community in which such institution is doing business or other emergency justifying temporary closing, such as fire, flood, or hurricane. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWERS OF TRUST INSTITUTIONS (\u00a7 6.2-1002)\n\nA. All banks that are authorized to do a trust business and all trust companies\nshall have the following rights, powers, and privileges, and shall be subject to\nthe following regulations and restrictions:\n\n 1. To act as agent for any person, corporation, municipality, or state, for\n the collection or disbursement of interest, or income or principal of\n securities;\n\n 2. To act as the fiscal or transfer agent of any state, municipality, or body\n politic or corporate, and in such capacity to receive and disburse money; to\n transfer, register, and countersign certificates of stock, bonds, or other\n evidences of indebtedness;\n\n 3. To act as agent of any corporation, foreign or domestic, for any lawful\n purpose;\n\n 4. To act as trustee under any mortgage or bond issued by an individual,\n municipality, or body politic or corporate, and to accept and execute any\n other municipal or corporate trust not inconsistent with the laws of the\n Commonwealth;\n\n 5. To act as guardian, receiver, or trustee of the estate of any minor and as\n depository of any money paid into court, whether for the benefit of any minor\n or other person;\n\n 6. To take, accept, and execute any and all such lawful trusts, duties, and\n powers in regard to the holding and management and disposition of any estate,\n real and personal, and the rents and profits thereof, or the sale or lease\n thereof, as may be granted or confided to it by any circuit court, judge, or\n clerk, or by any person, corporation, municipality, or other authority, and it\n shall be accountable to all parties in interest for the faithful discharge of\n every such trust, duty, or power which it may so accept;\n\n 7. To take, accept, and execute any and all such trusts and powers, of\n whatever nature and description, as may be conferred upon or entrusted or\n committed to it by any person, including any body politic or corporate or\n other authority, by grant, assignment, transfer, devise, bequest, or otherwise\n or as may be entrusted or committed or transferred to it or vested in it by\n order of any circuit court, judge, or clerk, and to receive and hold any\n property or estate, real or personal, which may be the subject of any such\n trust; and\n\n 8. To act as:\n \t\t\t\ta. Executor under the last will and testament or administrator of the\n estate of any deceased person, under appointment of any circuit court, judge,\n or clerk thereof, having jurisdiction of the estate of such deceased person;\n \t\t\t\tb. Guardian of the person or of the estate of any infant, guardian or\n conservator of any incapacitated person, habitual drunkard, or person who by\n reason of advanced age or impaired health or physical disability has become\n mentally or physically incapable of taking proper care of his person or\n properly handling and managing his estate, under appointment of any circuit\n court, judge, or clerk thereof, having jurisdiction of the estate of such\n person; or\n \t\t\t\tc. Trustee or committee for any convict in the penitentiary, under\n appointment of any circuit court, judge, or clerk thereof, having jurisdiction\n of the estate of such person.\n\nB. Nothing in this section shall ever be construed as authorizing the creation\nof a trust not lawful as between individuals nor to prohibit the deposit of\nfunds by court and fiduciaries in banks of deposit and discount and savings\nbanks.\n\nC. Every trust company doing business in the Commonwealth is authorized\ntemporarily to suspend its usual business during a period of actual or\nthreatened enemy attack, civil insurrection, or riot, affecting the community in\nwhich such institution is doing business or other emergency justifying temporary\nclosing, such as fire, flood, or hurricane.\n\nHISTORY: Code 1950, \u00a7\u00a7 6-30, 6-94, 6-104; 1966, c. 584, \u00a7\u00a7 6.1-12, 6.1-17;\n1970, c. 15; 1974, c. 286, \u00a7 6.1-32.10; 1984, c. 172; 1993, c. 432; 1997, c.\n801; 2010, c. 794.","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}}