{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1008.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1008.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1008.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1008.html"}],"law_id":75720,"edition_id":1,"section_id":75720,"structure_id":14860,"section_number":"6.2-1008","catch_line":"Dealings with self or affiliates","history":"Code 1950, \u00a7 6-102; 1966, c. 584, \u00a7 6.1-24; 1974, c. 665; 1991, c. 252; 2010, c. 794.","full_text":"A\n\nNo trust institution shall buy any property for a trust or estate from itself, or a department or branch thereof, or from an affiliate or subsidiary corporation, or from a director, officer, or employee of such trust institution. Any such purchase shall be voidable at the election of any beneficiary or successor trustee, unless (i) approved by an appropriate court, (ii) consented to by all beneficiaries after full and fair disclosure, (iii) authorized by the instrument creating the fiduciary relationship, or (iv) permitted by ruling of the Commissioner.B\n\nA sale of any trust or fiduciary property by a trust institution to itself, or a department or branch of such trust institution, or to an affiliate or subsidiary corporation, or to a director, officer, or employee of such trust institution, except as (i) approved by an appropriate court, (ii) consented to by all beneficiaries after full and fair disclosure, (iii) authorized by the instrument creating the fiduciary relationship, or (iv) permitted by ruling of the Commissioner, shall be a breach of trust and voidable at the election of any beneficiary or successor trustee.C\n\nNotwithstanding the provisions of subsections A and B, a trust institution, as fiduciary of one estate or trust, may buy or sell from or to itself, as fiduciary of another estate or trust, assets which at the time of sale are permissible fiduciary investments under Part A (§ 64.2-1200 et seq.) of Subtitle IV of Title 64.2, if the transaction is fair to both estates or trusts and is not prohibited by the terms of any instrument under which the fiduciary is acting.","order_by":null,"text":{"0":{"id":271898,"text":"No trust institution shall buy any property for a trust or estate from itself, or a department or branch thereof, or from an affiliate or subsidiary corporation, or from a director, officer, or employee of such trust institution. Any such purchase shall be voidable at the election of any beneficiary or successor trustee, unless (i) approved by an appropriate court, (ii) consented to by all beneficiaries after full and fair disclosure, (iii) authorized by the instrument creating the fiduciary relationship, or (iv) permitted by ruling of the Commissioner.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":271899,"text":"A sale of any trust or fiduciary property by a trust institution to itself, or a department or branch of such trust institution, or to an affiliate or subsidiary corporation, or to a director, officer, or employee of such trust institution, except as (i) approved by an appropriate court, (ii) consented to by all beneficiaries after full and fair disclosure, (iii) authorized by the instrument creating the fiduciary relationship, or (iv) permitted by ruling of the Commissioner, shall be a breach of trust and voidable at the election of any beneficiary or successor trustee.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":271900,"text":"Notwithstanding the provisions of subsections A and B, a trust institution, as fiduciary of one estate or trust, may buy or sell from or to itself, as fiduciary of another estate or trust, assets which at the time of sale are permissible fiduciary investments under Part A (§ 64.2-1200 et seq.) of Subtitle IV of Title 64.2, if the transaction is fair to both estates or trusts and is not prohibited by the terms of any instrument under which the fiduciary is acting.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1008\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 4 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 1974, chapter 665; in 1991, chapter 252; in 2010, chapter 794<\/a>.<\/p>","references":[{"id":82343,"section_number":"6.2-1012","catch_line":"Suspension or prohibition of trust institutions","order_by":null,"url":"\/6.2-1012\/"}],"refers_to":[{"id":72768,"section_number":"64.2-1200","catch_line":"Commissioners of accounts","order_by":null,"url":"\/64.2-1200\/"}],"permalink":{"id":263723,"object_type":"law","relational_id":75720,"identifier":"6.2-1008","token":"6.2\/II\/10\/1\/6.2-1008","url":"\/6.2-1008\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1008\/","token":"6.2\/II\/10\/1\/6.2-1008","dublin_core":{"Title":"Dealings with self or affiliates","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1008","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> No trust institution<\/span> shall buy any property for a trust or estate from itself, or a department or branch thereof, or from an affiliate or subsidiary corporation, or from a director, officer, or employee of such trust institution<\/span>. Any such purchase shall be voidable at the election of any beneficiary or successor trustee, unless (i) approved by an appropriate court<\/span>, (ii) consented to by all beneficiaries after full and fair disclosure, (iii) authorized by the instrument creating the fiduciary relationship, or (iv) permitted by ruling of the Commissioner<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> A sale of any trust or fiduciary property by a trust institution<\/span> to itself, or a department or branch of such trust institution<\/span>, or to an affiliate or subsidiary corporation, or to a director, officer, or employee of such trust institution<\/span>, except as (i) approved by an appropriate court<\/span>, (ii) consented to by all beneficiaries after full and fair disclosure, (iii) authorized by the instrument creating the fiduciary relationship, or (iv) permitted by ruling of the Commissioner<\/span>, shall be a breach of trust and voidable at the election of any beneficiary or successor trustee. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Notwithstanding the provisions of subsections A and B, a trust institution<\/span>, as fiduciary of one estate or trust, may buy or sell from or to itself, as fiduciary of another estate or trust, assets<\/span> which at the time of sale are permissible fiduciary investments under Part A (§ 64.2-1200<\/a> et seq.) of Subtitle IV of Title 64.2, if the transaction is fair to both estates or trusts and is not prohibited by the terms of any instrument under which the fiduciary is acting. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEALINGS WITH SELF OR AFFILIATES (\u00a7 6.2-1008)\n\nA. No trust institution shall buy any property for a trust or estate from\nitself, or a department or branch thereof, or from an affiliate or subsidiary\ncorporation, or from a director, officer, or employee of such trust institution.\nAny such purchase shall be voidable at the election of any beneficiary or\nsuccessor trustee, unless (i) approved by an appropriate court, (ii) consented\nto by all beneficiaries after full and fair disclosure, (iii) authorized by the\ninstrument creating the fiduciary relationship, or (iv) permitted by ruling of\nthe Commissioner.\n\nB. A sale of any trust or fiduciary property by a trust institution to itself,\nor a department or branch of such trust institution, or to an affiliate or\nsubsidiary corporation, or to a director, officer, or employee of such trust\ninstitution, except as (i) approved by an appropriate court, (ii) consented to\nby all beneficiaries after full and fair disclosure, (iii) authorized by the\ninstrument creating the fiduciary relationship, or (iv) permitted by ruling of\nthe Commissioner, shall be a breach of trust and voidable at the election of any\nbeneficiary or successor trustee.\n\nC. Notwithstanding the provisions of subsections A and B, a trust institution,\nas fiduciary of one estate or trust, may buy or sell from or to itself, as\nfiduciary of another estate or trust, assets which at the time of sale are\npermissible fiduciary investments under Part A (§ 64.2-1200 et seq.) of\nSubtitle IV of Title 64.2, if the transaction is fair to both estates or trusts\nand is not prohibited by the terms of any instrument under which the fiduciary\nis acting.\n\nHISTORY: Code 1950, \u00a7 6-102; 1966, c. 584, \u00a7 6.1-24; 1974, c. 665; 1991, c.\n252; 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}}