{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1007.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1007.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1007.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1007.html"}],"law_id":56787,"edition_id":1,"section_id":56787,"structure_id":14860,"section_number":"6.2-1007","catch_line":"Investment of trust funds","history":"Code 1950, \u00a7\u00a7 6-98, 6-101; 1966, c. 584, \u00a7 6.1-23; 1972, c. 740; 1974, c. 665; 1993, c. 432; 2010, c. 794.","full_text":"A\n\nFunds received or held by a trust institution awaiting investment or distribution shall be invested or distributed as soon as practicable and shall not be held uninvested by the trust institution any longer than is reasonably necessary.B\n\nIf the instrument creating the trust does not specify the character or class of investments to be made, and does not expressly grant to the trust institution, its officers or directors discretion in the matter of investments, funds held in trust shall be invested in any securities in which corporate or individual fiduciaries may lawfully invest.C\n\nIf the instrument under which a trust institution is serving as fiduciary or cofiduciary does authorize it to retain:1\n\nIts own stock or securities, it shall be authorized to retain in like manner the stock or securities of a bank holding company of which it is a subsidiary; or2\n\nThe stock or securities of a bank or trust company to the business of which the fiduciary has succeeded, or the stock or securities of a bank or trust company which has become a subsidiary of a bank holding company, such fiduciary shall be authorized in like manner to retain the stock of the successor bank or trust company or bank holding company.","order_by":null,"text":{"0":{"id":207798,"text":"Funds received or held by a trust institution awaiting investment or distribution shall be invested or distributed as soon as practicable and shall not be held uninvested by the trust institution any longer than is reasonably necessary.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":207799,"text":"If the instrument creating the trust does not specify the character or class of investments to be made, and does not expressly grant to the trust institution, its officers or directors discretion in the matter of investments, funds held in trust shall be invested in any securities in which corporate or individual fiduciaries may lawfully invest.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":207800,"text":"If the instrument under which a trust institution is serving as fiduciary or cofiduciary does authorize it to retain:","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"C1"},"3":{"id":207801,"text":"Its own stock or securities, it shall be authorized to retain in like manner the stock or securities of a bank holding company of which it is a subsidiary; or","type":"section","prefixes":["C","1"],"prefix":"1","entire_prefix":"C1","prefix_anchor":"C1","level":2,"prior_prefix":"C","next_prefix":"C2"},"4":{"id":207802,"text":"The stock or securities of a bank or trust company to the business of which the fiduciary has succeeded, or the stock or securities of a bank or trust company which has become a subsidiary of a bank holding company, such fiduciary shall be authorized in like manner to retain the stock of the successor bank or trust company or bank holding company.","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C1"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1007\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 5 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 1972, chapter 740; in 1974, chapter 665; in 1993, chapter 432; in 2010, chapter 794<\/a>.<\/p>","references":[{"id":82053,"section_number":"2.2-4519","catch_line":"Investment of funds by the Virginia Housing Development Authority and the Virginia Resources Authority","order_by":null,"url":"\/2.2-4519\/"}],"refers_to":false,"permalink":{"id":263719,"object_type":"law","relational_id":56787,"identifier":"6.2-1007","token":"6.2\/II\/10\/1\/6.2-1007","url":"\/6.2-1007\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1007\/","token":"6.2\/II\/10\/1\/6.2-1007","dublin_core":{"Title":"Investment of trust funds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1007","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Funds received or held by a trust institution<\/span> awaiting investment or distribution shall be invested or distributed as soon as practicable and shall not be held uninvested by the trust institution<\/span> any longer than is reasonably necessary. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If the instrument creating the trust does not specify the character or class of investments to be made, and does not expressly grant to the trust institution<\/span>, its officers or directors discretion in the matter of investments, funds held in trust shall be invested in any securities in which corporate or individual fiduciaries may lawfully invest. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> If the instrument under which a trust institution<\/span> is serving as fiduciary or cofiduciary does authorize it to retain: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Its own stock or securities, it shall be authorized to retain in like manner the stock or securities of a bank holding company of which it is a subsidiary; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The stock or securities of a bank or trust company<\/span> to the business of which the fiduciary has succeeded, or the stock or securities of a bank or trust company<\/span> which has become a subsidiary of a bank holding company, such fiduciary shall be authorized in like manner to retain the stock of the successor bank or trust company<\/span> or bank holding company. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nINVESTMENT OF TRUST FUNDS (\u00a7 6.2-1007)\n\nA. Funds received or held by a trust institution awaiting investment or\ndistribution shall be invested or distributed as soon as practicable and shall\nnot be held uninvested by the trust institution any longer than is reasonably\nnecessary.\n\nB. If the instrument creating the trust does not specify the character or class\nof investments to be made, and does not expressly grant to the trust\ninstitution, its officers or directors discretion in the matter of investments,\nfunds held in trust shall be invested in any securities in which corporate or\nindividual fiduciaries may lawfully invest.\n\nC. If the instrument under which a trust institution is serving as fiduciary or\ncofiduciary does authorize it to retain:\n\n 1. Its own stock or securities, it shall be authorized to retain in like\n manner the stock or securities of a bank holding company of which it is a\n subsidiary; or\n\n 2. The stock or securities of a bank or trust company to the business of which\n the fiduciary has succeeded, or the stock or securities of a bank or trust\n company which has become a subsidiary of a bank holding company, such\n fiduciary shall be authorized in like manner to retain the stock of the\n successor bank or trust company or bank holding company.\n\nHISTORY: Code 1950, \u00a7\u00a7 6-98, 6-101; 1966, c. 584, \u00a7 6.1-23; 1972, c. 740;\n1974, c. 665; 1993, c. 432; 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}}