{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1074.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1074.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1074.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1074.html"}],"law_id":60351,"edition_id":1,"section_id":60351,"structure_id":15663,"section_number":"6.2-1074","catch_line":"Definitions","history":"2003, c. 910, \u00a7\u00a7 6.1-32.30:1; 6.1-32.30:7; 2010, c. 794.","full_text":"As used in this article, unless the context requires a different meaning:\n\t\t“Degrees of kinship” means, with respect to two persons, (i) degrees of lineal kinship computed by counting one degree for each person in the line of ascent or descent, exclusive of the person from whom the computing begins and (ii) degrees of collateral kinship computed by commencing with one of the persons and ascending from that person to a common ancestor, descending from that ancestor to the other person, and counting one degree for each person in the line of ascent and in the line of descent, exclusive of the person from whom the computation begins, the total to represent the degree of such kinship.\n\t\t“Designated relative” means the individual to or through whom the family members are related.\n\t\t“Family” means a designated relative and family members of that designated relative.\n\t\t“Family member” means the designated relative and:\n\n1\n\nAny individual within (i) the fifth degree of lineal kinship to the designated relative or (ii) the ninth degree of collateral kinship to the designated relative, for which purposes only a legally adopted individual shall be treated as a natural child of the adoptive parents;2\n\nThe present or past spouse of the designated relative and of any individual qualifying as a family member under subdivision 1;3\n\nA trust established (i) by a family member or (ii) exclusively for the benefit of one or more family members;4\n\nA stock corporation, limited partnership or limited liability company, all of the capital stock, partnership interests, membership interests, or other equity interests of which are owned by one or more family members, their spouses qualifying under subdivision 2, their trusts qualifying under subdivision 3, or their estates qualifying under subdivision 5;5\n\nThe estate of a family member; or6\n\nA charitable foundation or other charitable entity created by a family member.\n\t\t\t“Fiduciary” means executor, administrator, conservator, guardian, committee, or trustee.\n\t\t\t“Operating plan” means a plan that establishes the policies and procedures a private trust company will have in effect when the institution opens for business and thereafter (i) to ensure that trust accounts are handled in accordance with recognized standards of fiduciary conduct and (ii) to assure compliance with applicable laws and regulations.\n\t\t\t“Private trust business” means acting as or performing the duties of a fiduciary in the regular course of its business for family members.\n\t\t\t“Private trust company” means a corporation or limited liability company that is organized to engage in private trust business under this article with one or more family members and that does not transact business with the general public.\n\t\t\t“Tax” includes, but is not limited to, federal, state or local income, gift, estate, generation-skipping transfer, or inheritance tax.","order_by":null,"text":{"0":{"id":220721,"text":"As used in this article, unless the context requires a different meaning:\n\t\t“Degrees of kinship” means, with respect to two persons, (i) degrees of lineal kinship computed by counting one degree for each person in the line of ascent or descent, exclusive of the person from whom the computing begins and (ii) degrees of collateral kinship computed by commencing with one of the persons and ascending from that person to a common ancestor, descending from that ancestor to the other person, and counting one degree for each person in the line of ascent and in the line of descent, exclusive of the person from whom the computation begins, the total to represent the degree of such kinship.\n\t\t“Designated relative” means the individual to or through whom the family members are related.\n\t\t“Family” means a designated relative and family members of that designated relative.\n\t\t“Family member” means the designated relative and:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":220722,"text":"Any individual within (i) the fifth degree of lineal kinship to the designated relative or (ii) the ninth degree of collateral kinship to the designated relative, for which purposes only a legally adopted individual shall be treated as a natural child of the adoptive parents;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":220723,"text":"The present or past spouse of the designated relative and of any individual qualifying as a family member under subdivision 1;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":220724,"text":"A trust established (i) by a family member or (ii) exclusively for the benefit of one or more family members;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":220725,"text":"A stock corporation, limited partnership or limited liability company, all of the capital stock, partnership interests, membership interests, or other equity interests of which are owned by one or more family members, their spouses qualifying under subdivision 2, their trusts qualifying under subdivision 3, or their estates qualifying under subdivision 5;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":220726,"text":"The estate of a family member; or","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":220727,"text":"A charitable foundation or other charitable entity created by a family member.\n\t\t\t“Fiduciary” means executor, administrator, conservator, guardian, committee, or trustee.\n\t\t\t“Operating plan” means a plan that establishes the policies and procedures a private trust company will have in effect when the institution opens for business and thereafter (i) to ensure that trust accounts are handled in accordance with recognized standards of fiduciary conduct and (ii) to assure compliance with applicable laws and regulations.\n\t\t\t“Private trust business” means acting as or performing the duties of a fiduciary in the regular course of its business for family members.\n\t\t\t“Private trust company” means a corporation or limited liability company that is organized to engage in private trust business under this article with one or more family members and that does not transact business with the general public.\n\t\t\t“Tax” includes, but is not limited to, federal, state or local income, gift, estate, generation-skipping transfer, or inheritance tax.","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5"}},"ancestry":[{"id":15663,"edition_id":1,"name":"Private Trust Companies","identifier":"5","label":"article","depth":4,"order_by":1,"parent_id":13001,"metadata":{},"date_created":"2026-06-26 03:57:36","date_modified":"2026-06-26 03:57:36","permalink":{"id":263993,"object_type":"structure","relational_id":15663,"identifier":"5","token":"6.2\/II\/10\/5","url":"\/6.2\/II\/10\/5\/","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":60351,"structure_id":15663,"section_number":"6.2-1074","catch_line":"Definitions","url":"\/6.2-1074\/","token":"6.2\/II\/10\/5\/6.2-1074","metadata":false},{"id":75783,"structure_id":15663,"section_number":"6.2-1075","catch_line":"Organization; minimum capital; notice to Bureau; control","url":"\/6.2-1075\/","token":"6.2\/II\/10\/5\/6.2-1075","metadata":false},{"id":59929,"structure_id":15663,"section_number":"6.2-1076","catch_line":"Operation and powers","url":"\/6.2-1076\/","token":"6.2\/II\/10\/5\/6.2-1076","metadata":false},{"id":83696,"structure_id":15663,"section_number":"6.2-1077","catch_line":"Reacquisition of shares or interests; dividends","url":"\/6.2-1077\/","token":"6.2\/II\/10\/5\/6.2-1077","metadata":false},{"id":84978,"structure_id":15663,"section_number":"6.2-1078","catch_line":"Offices","url":"\/6.2-1078\/","token":"6.2\/II\/10\/5\/6.2-1078","metadata":false},{"id":81113,"structure_id":15663,"section_number":"6.2-1079","catch_line":"Directors or managers","url":"\/6.2-1079\/","token":"6.2\/II\/10\/5\/6.2-1079","metadata":false},{"id":76122,"structure_id":15663,"section_number":"6.2-1080","catch_line":"Limitation on powers","url":"\/6.2-1080\/","token":"6.2\/II\/10\/5\/6.2-1080","metadata":false}],"next_section":{"id":75783,"structure_id":15663,"section_number":"6.2-1075","catch_line":"Organization; minimum capital; notice to Bureau; control","url":"\/6.2-1075\/","token":"6.2\/II\/10\/5\/6.2-1075","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1074\/","history_text":"

This law was first created in 2003. The record of its establishment is cataloged in chapter 910<\/a> 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. 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":62570,"section_number":"6.2-1001","catch_line":"Entities authorized to engage in trust business","order_by":null,"url":"\/6.2-1001\/"},{"id":75783,"section_number":"6.2-1075","catch_line":"Organization; minimum capital; notice to Bureau; control","order_by":null,"url":"\/6.2-1075\/"}],"refers_to":false,"permalink":{"id":263995,"object_type":"law","relational_id":60351,"identifier":"6.2-1074","token":"6.2\/II\/10\/5\/6.2-1074","url":"\/6.2-1074\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1074\/","token":"6.2\/II\/10\/5\/6.2-1074","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1074","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this article, unless the context requires a different meaning:\n\t\t“Degrees of kinship” means, with respect to two persons<\/span>, (i) degrees of lineal kinship computed by counting one degree for each person<\/span> in the line of ascent or descent, exclusive of the person<\/span> from whom the computing begins and (ii) degrees of collateral<\/span> kinship computed by commencing with one of the persons<\/span> and ascending from that person<\/span> to a common ancestor, descending from that ancestor to the other person<\/span>, and counting one degree for each person<\/span> in the line of ascent and in the line of descent, exclusive of the person<\/span> from whom the computation begins, the total to represent the degree of such kinship.\n\t\t“Designated relative<\/span>” means the individual to or through whom the family members<\/span> are related.\n\t\t“Family” means a designated relative<\/span> and family members<\/span> of that designated relative<\/span>.\n\t\t“Family member<\/span>” means the designated relative<\/span> and:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Any individual within (i) the fifth degree of lineal kinship to the designated relative<\/span> or (ii) the ninth degree of collateral<\/span> kinship to the designated relative<\/span>, for which purposes only a legally adopted individual shall be treated as a natural child of the adoptive parents; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The present or past spouse of the designated relative<\/span> and of any individual qualifying as a family member<\/span> under subdivision 1; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> A trust established (i) by a family member<\/span> or (ii) exclusively for the benefit of one or more family members<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> A stock corporation, limited partnership or limited liability company, all of the capital stock, partnership interests, membership interests, or other equity<\/span> interests of which are owned by one or more family members<\/span>, their spouses qualifying under subdivision 2, their trusts qualifying under subdivision 3, or their estates qualifying under subdivision 5; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> The estate of a family member<\/span>; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> A charitable foundation or other charitable entity<\/span> created by a family member<\/span>.\n\t\t\t“Fiduciary<\/span>” means executor, administrator, conservator, guardian, committee, or trustee.\n\t\t\t“Operating plan<\/span>” means a plan that establishes the policies and procedures a private trust company<\/span> will have in effect when the institution opens for business and thereafter (i) to ensure that trust accounts are handled in accordance with recognized standards of fiduciary<\/span> conduct and (ii) to assure compliance with applicable laws<\/span> and regulations.\n\t\t\t“Private trust business<\/span>” means acting as or performing the duties of a fiduciary<\/span> in the regular course of its business for family members<\/span>.\n\t\t\t“Private trust company<\/span>” means a corporation or limited liability company that is organized to engage in private trust business<\/span> under this article with one or more family members<\/span> and that does not transact business with the general public.\n\t\t\t“Tax” includes, but is not limited to, federal, state or local income, gift, estate, generation-skipping transfer, or inheritance tax. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 6.2-1074)\n\nAs used in this article, unless the context requires a different meaning:\n\t\t“Degrees of kinship” means, with respect to two persons, (i)\ndegrees of lineal kinship computed by counting one degree for each person in the\nline of ascent or descent, exclusive of the person from whom the computing\nbegins and (ii) degrees of collateral kinship computed by commencing with one of\nthe persons and ascending from that person to a common ancestor, descending from\nthat ancestor to the other person, and counting one degree for each person in\nthe line of ascent and in the line of descent, exclusive of the person from whom\nthe computation begins, the total to represent the degree of such kinship.\n\t\t“Designated relative” means the individual to or through whom the\nfamily members are related.\n\t\t“Family” means a designated relative and family members of that\ndesignated relative.\n\t\t“Family member” means the designated relative and:\n\n1. Any individual within (i) the fifth degree of lineal kinship to the\ndesignated relative or (ii) the ninth degree of collateral kinship to the\ndesignated relative, for which purposes only a legally adopted individual shall\nbe treated as a natural child of the adoptive parents;\n\n2. The present or past spouse of the designated relative and of any individual\nqualifying as a family member under subdivision 1;\n\n3. A trust established (i) by a family member or (ii) exclusively for the\nbenefit of one or more family members;\n\n4. A stock corporation, limited partnership or limited liability company, all of\nthe capital stock, partnership interests, membership interests, or other equity\ninterests of which are owned by one or more family members, their spouses\nqualifying under subdivision 2, their trusts qualifying under subdivision 3, or\ntheir estates qualifying under subdivision 5;\n\n5. The estate of a family member; or\n\n6. A charitable foundation or other charitable entity created by a family\nmember.\n\t\t\t“Fiduciary” means executor, administrator, conservator, guardian,\ncommittee, or trustee.\n\t\t\t“Operating plan” means a plan that establishes the policies and\nprocedures a private trust company will have in effect when the institution\nopens for business and thereafter (i) to ensure that trust accounts are handled\nin accordance with recognized standards of fiduciary conduct and (ii) to assure\ncompliance with applicable laws and regulations.\n\t\t\t“Private trust business” means acting as or performing the duties\nof a fiduciary in the regular course of its business for family members.\n\t\t\t“Private trust company” means a corporation or limited liability\ncompany that is organized to engage in private trust business under this article\nwith one or more family members and that does not transact business with the\ngeneral public.\n\t\t\t“Tax” includes, but is not limited to, federal, state or local\nincome, gift, estate, generation-skipping transfer, or inheritance tax.\n\nHISTORY: 2003, c. 910, \u00a7\u00a7 6.1-32.30:1; 6.1-32.30:7; 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}}