{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1056.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1056.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1056.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1056.html"}],"law_id":54145,"edition_id":1,"section_id":54145,"structure_id":13108,"section_number":"6.2-1056","catch_line":"When security not required of trust subsidiaries","history":"1974, c. 286, \u00a7 6.1-32.7; 2010, c. 794.","full_text":"No trust subsidiary with combined unimpaired capital stock and surplus of $200,000 or more shall be required by any officer or court of the Commonwealth to give security upon appointment to or acceptance of any office or trust that it may, by law, be authorized to execute. No trust subsidiary shall qualify in a fiduciary capacity on an estate that has a value in excess of its combined unimpaired capital and surplus, without giving security for such excess, unless:\n\n1\n\nThe requirement that the trust subsidiary give security for such excess is waived by the person creating such fiduciary relationship;2\n\nA Virginia bank holding company or a bank owning, directly or indirectly through a subsidiary bank, 100 percent of the stock, exclusive of directors’ qualifying shares, of the trust subsidiary files with the Commission and with the circuit court for the jurisdiction in which the main office of the bank holding company or bank is located an undertaking to be fully responsible for the existing and future fiduciary acts and omissions of its trust subsidiary. If such undertaking is filed, a trust subsidiary may qualify in a fiduciary capacity without giving security if the assets it is to receive in such capacity have a value not greater than the combined and unimpaired capital and surplus of the parent Virginia bank holding company or parent bank that has undertaken to be responsible for the acts of such trust subsidiary. If no such undertaking shall have been filed, and corporate surety is provided, the premium thereof shall be borne by the trust subsidiary and not the fiduciary estate; or3\n\nIf an affiliate bank shall already have qualified in any fiduciary capacity and given bond, without security, and the trust subsidiary or subsidiary bank shall qualify as successor fiduciary, then, if the order of substitution so provides, and the fiduciary for which there is to be substitution consents, the predecessor fiduciary shall remain liable on its bond for the acts of its named successor and no security shall be required of the successor fiduciary, if the bond of the fiduciary for which there is to be substitution is otherwise sufficient.","order_by":null,"text":{"0":{"id":198736,"text":"No trust subsidiary with combined unimpaired capital stock and surplus of $200,000 or more shall be required by any officer or court of the Commonwealth to give security upon appointment to or acceptance of any office or trust that it may, by law, be authorized to execute. No trust subsidiary shall qualify in a fiduciary capacity on an estate that has a value in excess of its combined unimpaired capital and surplus, without giving security for such excess, unless:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":198737,"text":"The requirement that the trust subsidiary give security for such excess is waived by the person creating such fiduciary relationship;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":198738,"text":"A Virginia bank holding company or a bank owning, directly or indirectly through a subsidiary bank, 100 percent of the stock, exclusive of directors’ qualifying shares, of the trust subsidiary files with the Commission and with the circuit court for the jurisdiction in which the main office of the bank holding company or bank is located an undertaking to be fully responsible for the existing and future fiduciary acts and omissions of its trust subsidiary. If such undertaking is filed, a trust subsidiary may qualify in a fiduciary capacity without giving security if the assets it is to receive in such capacity have a value not greater than the combined and unimpaired capital and surplus of the parent Virginia bank holding company or parent bank that has undertaken to be responsible for the acts of such trust subsidiary. If no such undertaking shall have been filed, and corporate surety is provided, the premium thereof shall be borne by the trust subsidiary and not the fiduciary estate; or","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":198739,"text":"If an affiliate bank shall already have qualified in any fiduciary capacity and given bond, without security, and the trust subsidiary or subsidiary bank shall qualify as successor fiduciary, then, if the order of substitution so provides, and the fiduciary for which there is to be substitution consents, the predecessor fiduciary shall remain liable on its bond for the acts of its named successor and no security shall be required of the successor fiduciary, if the bond of the fiduciary for which there is to be substitution is otherwise sufficient.","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2"}},"ancestry":[{"id":13108,"edition_id":1,"name":"Trust Subsidiaries","identifier":"3","label":"article","depth":4,"order_by":1,"parent_id":13001,"metadata":{},"date_created":"2026-06-26 03:44:17","date_modified":"2026-06-26 03:44:17","permalink":{"id":263881,"object_type":"structure","relational_id":13108,"identifier":"3","token":"6.2\/II\/10\/3","url":"\/6.2\/II\/10\/3\/","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":65489,"structure_id":13108,"section_number":"6.2-1047","catch_line":"Definitions","url":"\/6.2-1047\/","token":"6.2\/II\/10\/3\/6.2-1047","metadata":false},{"id":70269,"structure_id":13108,"section_number":"6.2-1048","catch_line":"Organization of subsidiary trust companies","url":"\/6.2-1048\/","token":"6.2\/II\/10\/3\/6.2-1048","metadata":false},{"id":70720,"structure_id":13108,"section_number":"6.2-1049","catch_line":"Permissible business","url":"\/6.2-1049\/","token":"6.2\/II\/10\/3\/6.2-1049","metadata":false},{"id":80318,"structure_id":13108,"section_number":"6.2-1050","catch_line":"Directors","url":"\/6.2-1050\/","token":"6.2\/II\/10\/3\/6.2-1050","metadata":false},{"id":66973,"structure_id":13108,"section_number":"6.2-1051","catch_line":"Report to Commission of election of director","url":"\/6.2-1051\/","token":"6.2\/II\/10\/3\/6.2-1051","metadata":false},{"id":57130,"structure_id":13108,"section_number":"6.2-1052","catch_line":"Removal of director or officer; appeals; penalty","url":"\/6.2-1052\/","token":"6.2\/II\/10\/3\/6.2-1052","metadata":false},{"id":71808,"structure_id":13108,"section_number":"6.2-1053","catch_line":"Bonds required of officers and employees; blanket bond","url":"\/6.2-1053\/","token":"6.2\/II\/10\/3\/6.2-1053","metadata":false},{"id":59285,"structure_id":13108,"section_number":"6.2-1054","catch_line":"Certificate required","url":"\/6.2-1054\/","token":"6.2\/II\/10\/3\/6.2-1054","metadata":false},{"id":61502,"structure_id":13108,"section_number":"6.2-1055","catch_line":"Trust offices","url":"\/6.2-1055\/","token":"6.2\/II\/10\/3\/6.2-1055","metadata":false},{"id":54145,"structure_id":13108,"section_number":"6.2-1056","catch_line":"When security not required of trust subsidiaries","url":"\/6.2-1056\/","token":"6.2\/II\/10\/3\/6.2-1056","metadata":false},{"id":67776,"structure_id":13108,"section_number":"6.2-1057","catch_line":"Deposits held or received by trust subsidiaries or subsidiary bank with affiliate banks","url":"\/6.2-1057\/","token":"6.2\/II\/10\/3\/6.2-1057","metadata":false},{"id":68595,"structure_id":13108,"section_number":"6.2-1058","catch_line":"Substitution of trust subsidiary as fiduciary","url":"\/6.2-1058\/","token":"6.2\/II\/10\/3\/6.2-1058","metadata":false},{"id":65923,"structure_id":13108,"section_number":"6.2-1059","catch_line":"Substitution of subsidiary bank as fiduciary","url":"\/6.2-1059\/","token":"6.2\/II\/10\/3\/6.2-1059","metadata":false},{"id":58761,"structure_id":13108,"section_number":"6.2-1060","catch_line":"Trust subsidiaries to have same powers and restrictions as bank trust departments","url":"\/6.2-1060\/","token":"6.2\/II\/10\/3\/6.2-1060","metadata":false},{"id":62099,"structure_id":13108,"section_number":"6.2-1061","catch_line":"Reports; investigations and examinations; civil penalties","url":"\/6.2-1061\/","token":"6.2\/II\/10\/3\/6.2-1061","metadata":false},{"id":56552,"structure_id":13108,"section_number":"6.2-1062","catch_line":"Offenses by officer, director, agent or employee of trust subsidiary; penalties","url":"\/6.2-1062\/","token":"6.2\/II\/10\/3\/6.2-1062","metadata":false},{"id":80499,"structure_id":13108,"section_number":"6.2-1063","catch_line":"Officers, directors, agents and employees violating or causing trust subsidiary to violate laws; civil liability not affected","url":"\/6.2-1063\/","token":"6.2\/II\/10\/3\/6.2-1063","metadata":false},{"id":73097,"structure_id":13108,"section_number":"6.2-1064","catch_line":"Civil penalties for violation of Commission's orders","url":"\/6.2-1064\/","token":"6.2\/II\/10\/3\/6.2-1064","metadata":false}],"previous_section":{"id":61502,"structure_id":13108,"section_number":"6.2-1055","catch_line":"Trust offices","url":"\/6.2-1055\/","token":"6.2\/II\/10\/3\/6.2-1055","metadata":false},"next_section":{"id":67776,"structure_id":13108,"section_number":"6.2-1057","catch_line":"Deposits held or received by trust subsidiaries or subsidiary bank with affiliate banks","url":"\/6.2-1057\/","token":"6.2\/II\/10\/3\/6.2-1057","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1056\/","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 1 time. 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. That modification is as follows: in 2010, chapter 794<\/a>.<\/p>","references":[{"id":68595,"section_number":"6.2-1058","catch_line":"Substitution of trust subsidiary as fiduciary","order_by":null,"url":"\/6.2-1058\/"},{"id":65923,"section_number":"6.2-1059","catch_line":"Substitution of subsidiary bank as fiduciary","order_by":null,"url":"\/6.2-1059\/"}],"refers_to":false,"permalink":{"id":263919,"object_type":"law","relational_id":54145,"identifier":"6.2-1056","token":"6.2\/II\/10\/3\/6.2-1056","url":"\/6.2-1056\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1056\/","token":"6.2\/II\/10\/3\/6.2-1056","dublin_core":{"Title":"When security not required of trust subsidiaries","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1056","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

No trust subsidiary<\/span> with combined unimpaired capital stock and surplus of $200,000 or more shall be required by any officer or court<\/span> of the Commonwealth to give security upon appointment to or acceptance of any office or trust that it may, by law<\/span>, be authorized to execute. No trust subsidiary<\/span> shall qualify in a fiduciary capacity<\/span> on an estate that has a value in excess of its combined unimpaired capital and surplus, without giving security for such excess, unless:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The requirement that the trust subsidiary<\/span> give security for such excess is waived by the person<\/span> creating such fiduciary relationship; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> A Virginia bank holding company<\/span> or a bank owning, directly or indirectly through a subsidiary bank<\/span>, 100 percent of the stock, exclusive of directors’ qualifying shares, of the trust subsidiary<\/span> files with the Commission<\/span> and with the circuit<\/span> court<\/span> for the jurisdiction<\/span> in which the main office of the bank holding company or bank is located an undertaking to be fully responsible for the existing and future fiduciary acts and omissions of its trust subsidiary<\/span>. If such undertaking is filed, a trust subsidiary<\/span> may qualify in a fiduciary capacity<\/span> without giving security if the assets<\/span> it is to receive in such capacity have a value not greater than the combined and unimpaired capital and surplus of the parent Virginia bank holding company<\/span> or parent bank that has undertaken to be responsible for the acts of such trust subsidiary<\/span>. If no such undertaking shall have been filed, and corporate surety<\/span> is provided, the premium thereof shall be borne by the trust subsidiary<\/span> and not the fiduciary estate; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> If an affiliate bank<\/span> shall already have qualified in any fiduciary capacity<\/span> and given bond<\/span>, without security, and the trust subsidiary<\/span> or subsidiary bank<\/span> shall qualify as successor fiduciary, then, if the order<\/span> of substitution so provides, and the fiduciary for which there is to be substitution consents, the predecessor fiduciary shall remain liable on its bond<\/span> for the acts of its named successor and no security shall be required of the successor fiduciary, if the bond<\/span> of the fiduciary for which there is to be substitution is otherwise sufficient. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nWHEN SECURITY NOT REQUIRED OF TRUST SUBSIDIARIES (\u00a7 6.2-1056)\n\nNo trust subsidiary with combined unimpaired capital stock and surplus of\n$200,000 or more shall be required by any officer or court of the Commonwealth\nto give security upon appointment to or acceptance of any office or trust that\nit may, by law, be authorized to execute. No trust subsidiary shall qualify in a\nfiduciary capacity on an estate that has a value in excess of its combined\nunimpaired capital and surplus, without giving security for such excess, unless:\n\n1. The requirement that the trust subsidiary give security for such excess is\nwaived by the person creating such fiduciary relationship;\n\n2. A Virginia bank holding company or a bank owning, directly or indirectly\nthrough a subsidiary bank, 100 percent of the stock, exclusive of\ndirectors’ qualifying shares, of the trust subsidiary files with the\nCommission and with the circuit court for the jurisdiction in which the main\noffice of the bank holding company or bank is located an undertaking to be fully\nresponsible for the existing and future fiduciary acts and omissions of its\ntrust subsidiary. If such undertaking is filed, a trust subsidiary may qualify\nin a fiduciary capacity without giving security if the assets it is to receive\nin such capacity have a value not greater than the combined and unimpaired\ncapital and surplus of the parent Virginia bank holding company or parent bank\nthat has undertaken to be responsible for the acts of such trust subsidiary. If\nno such undertaking shall have been filed, and corporate surety is provided, the\npremium thereof shall be borne by the trust subsidiary and not the fiduciary\nestate; or\n\n3. If an affiliate bank shall already have qualified in any fiduciary capacity\nand given bond, without security, and the trust subsidiary or subsidiary bank\nshall qualify as successor fiduciary, then, if the order of substitution so\nprovides, and the fiduciary for which there is to be substitution consents, the\npredecessor fiduciary shall remain liable on its bond for the acts of its named\nsuccessor and no security shall be required of the successor fiduciary, if the\nbond of the fiduciary for which there is to be substitution is otherwise\nsufficient.\n\nHISTORY: 1974, c. 286, \u00a7 6.1-32.7; 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}}