{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1083.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1083.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1083.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1083.html"}],"law_id":54455,"edition_id":1,"section_id":54455,"structure_id":13492,"section_number":"6.2-1083","catch_line":"Commission to issue certificate; powers of associations authorized to offer trust services","history":"1984, c. 303, \u00a7 6.1-195.80; 1997, c. 801; 2010, c. 794.","full_text":"A\n\nUpon granting the application of an association to exercise trust powers, the Commission shall issue a certificate authorizing the association or affiliate to exercise trust powers and offer fiduciary services. Unless such certificate otherwise provides, such association 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, including any locality 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, locality, or other body public 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 deed of trust, 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 a guardian, conservator, as a custodian under the Uniform Transfers to Minors Act (§ 64.2-1900 et seq.), and as depository of any money paid into court, whether for the benefit of a person under a disability or other person;6\n\nTo take, accept, and execute any and all trusts and powers, of whatever nature and description, as may be conferred upon or entrusted or committed to it by any person, or any body politic or corporate, or by 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; to receive and hold any property or estate, real or personal, which may be the subject of any such trust; and to be accountable to all parties in interest for the faithful discharge of every such trust, duty, or power which it may so accept; and7\n\nTo act as 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.B\n\nNothing in this chapter shall be construed as authorizing the creation of a trust not lawful as between individuals, nor to prohibit the deposit of funds by courts and fiduciaries in savings and loan associations and savings banks.C\n\nAll rights, powers, and privileges, and all regulations, restrictions, and limitations, granted to or made applicable to associations by the provisions of this chapter shall likewise apply to any affiliate of an association which is authorized by the Commission to exercise trust powers. Any such affiliate shall be organized and operated solely for the purpose of offering trust services pursuant to the provisions of this chapter.D\n\nAll federal savings and loan associations and federal savings banks, that have been, or hereafter may be, permitted by law to act in any fiduciary capacity, shall have the rights, powers, privileges, and immunities conferred by this chapter to the extent permitted by federal law.","order_by":null,"text":{"0":{"id":199845,"text":"Upon granting the application of an association to exercise trust powers, the Commission shall issue a certificate authorizing the association or affiliate to exercise trust powers and offer fiduciary services. Unless such certificate otherwise provides, such association 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":199846,"text":"To act as agent for any person, including any locality 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":199847,"text":"To act as the fiscal or transfer agent of any state, locality, or other body public 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":199848,"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":199849,"text":"To act as trustee under any deed of trust, 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":199850,"text":"To act as a guardian, conservator, as a custodian under the Uniform Transfers to Minors Act (§ 64.2-1900 et seq.), and as depository of any money paid into court, whether for the benefit of a person under a disability 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":199851,"text":"To take, accept, and execute any and all trusts and powers, of whatever nature and description, as may be conferred upon or entrusted or committed to it by any person, or any body politic or corporate, or by 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; to receive and hold any property or estate, real or personal, which may be the subject of any such trust; and to be accountable to all parties in interest for the faithful discharge of every such trust, duty, or power which it may so accept; and","type":"section","prefixes":["A","6"],"prefix":"6","entire_prefix":"A6","prefix_anchor":"A6","level":2,"prior_prefix":"A5","next_prefix":"A7"},"7":{"id":199852,"text":"To act as 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.","type":"section","prefixes":["A","7"],"prefix":"7","entire_prefix":"A7","prefix_anchor":"A7","level":2,"prior_prefix":"A6","next_prefix":"B"},"8":{"id":199853,"text":"Nothing in this chapter shall be construed as authorizing the creation of a trust not lawful as between individuals, nor to prohibit the deposit of funds by courts and fiduciaries in savings and loan associations and savings banks.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A7","next_prefix":"C"},"9":{"id":199854,"text":"All rights, powers, and privileges, and all regulations, restrictions, and limitations, granted to or made applicable to associations by the provisions of this chapter shall likewise apply to any affiliate of an association which is authorized by the Commission to exercise trust powers. Any such affiliate shall be organized and operated solely for the purpose of offering trust services pursuant to the provisions of this chapter.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"10":{"id":199855,"text":"All federal savings and loan associations and federal savings banks, that have been, or hereafter may be, permitted by law to act in any fiduciary capacity, shall have the rights, powers, privileges, and immunities conferred by this chapter to the extent permitted by federal law.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":13492,"edition_id":1,"name":"Trust Powers of Savings Institutions","identifier":"6","label":"article","depth":4,"order_by":1,"parent_id":13001,"metadata":{},"date_created":"2026-06-26 03:45:02","date_modified":"2026-06-26 03:45:02","permalink":{"id":264023,"object_type":"structure","relational_id":13492,"identifier":"6","token":"6.2\/II\/10\/6","url":"\/6.2\/II\/10\/6\/","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":74058,"structure_id":13492,"section_number":"6.2-1081","catch_line":"Definitions","url":"\/6.2-1081\/","token":"6.2\/II\/10\/6\/6.2-1081","metadata":false},{"id":85239,"structure_id":13492,"section_number":"6.2-1082","catch_line":"Applications for permission to offer trust services","url":"\/6.2-1082\/","token":"6.2\/II\/10\/6\/6.2-1082","metadata":false},{"id":54455,"structure_id":13492,"section_number":"6.2-1083","catch_line":"Commission to issue certificate; powers of associations authorized to offer trust services","url":"\/6.2-1083\/","token":"6.2\/II\/10\/6\/6.2-1083","metadata":false},{"id":54639,"structure_id":13492,"section_number":"6.2-1084","catch_line":"Continuation of trust powers in the event of consolidation or merger of two or more associations","url":"\/6.2-1084\/","token":"6.2\/II\/10\/6\/6.2-1084","metadata":false},{"id":79631,"structure_id":13492,"section_number":"6.2-1085","catch_line":"When security not required","url":"\/6.2-1085\/","token":"6.2\/II\/10\/6\/6.2-1085","metadata":false},{"id":64036,"structure_id":13492,"section_number":"6.2-1086","catch_line":"Association's operation and supervision of trust department","url":"\/6.2-1086\/","token":"6.2\/II\/10\/6\/6.2-1086","metadata":false},{"id":54952,"structure_id":13492,"section_number":"6.2-1087","catch_line":"Books and accounts","url":"\/6.2-1087\/","token":"6.2\/II\/10\/6\/6.2-1087","metadata":false},{"id":67325,"structure_id":13492,"section_number":"6.2-1088","catch_line":"Investment of funds and assets held as fiduciary","url":"\/6.2-1088\/","token":"6.2\/II\/10\/6\/6.2-1088","metadata":false},{"id":71432,"structure_id":13492,"section_number":"6.2-1089","catch_line":"Funds awaiting investment or distribution","url":"\/6.2-1089\/","token":"6.2\/II\/10\/6\/6.2-1089","metadata":false},{"id":68351,"structure_id":13492,"section_number":"6.2-1090","catch_line":"Dealings with self or affiliates","url":"\/6.2-1090\/","token":"6.2\/II\/10\/6\/6.2-1090","metadata":false},{"id":68482,"structure_id":13492,"section_number":"6.2-1091","catch_line":"Voting of financial institution stock held by association as fiduciary; when association disqualified from voting","url":"\/6.2-1091\/","token":"6.2\/II\/10\/6\/6.2-1091","metadata":false},{"id":60816,"structure_id":13492,"section_number":"6.2-1092","catch_line":"Transactions between trust accounts","url":"\/6.2-1092\/","token":"6.2\/II\/10\/6\/6.2-1092","metadata":false},{"id":86273,"structure_id":13492,"section_number":"6.2-1093","catch_line":"Custody of assets and investments held in trust","url":"\/6.2-1093\/","token":"6.2\/II\/10\/6\/6.2-1093","metadata":false},{"id":64599,"structure_id":13492,"section_number":"6.2-1094","catch_line":"Establishment of common trust funds and collective investment funds; court accountings","url":"\/6.2-1094\/","token":"6.2\/II\/10\/6\/6.2-1094","metadata":false},{"id":82368,"structure_id":13492,"section_number":"6.2-1095","catch_line":"Compensation of association acting as fiduciary","url":"\/6.2-1095\/","token":"6.2\/II\/10\/6\/6.2-1095","metadata":false},{"id":86157,"structure_id":13492,"section_number":"6.2-1096","catch_line":"Surrender of trust powers by association","url":"\/6.2-1096\/","token":"6.2\/II\/10\/6\/6.2-1096","metadata":false},{"id":79251,"structure_id":13492,"section_number":"6.2-1097","catch_line":"Effect on trust accounts of appointment of receiver for association or of voluntary dissolution of association","url":"\/6.2-1097\/","token":"6.2\/II\/10\/6\/6.2-1097","metadata":false},{"id":55409,"structure_id":13492,"section_number":"6.2-1098","catch_line":"Revocation of trust powers","url":"\/6.2-1098\/","token":"6.2\/II\/10\/6\/6.2-1098","metadata":false},{"id":71645,"structure_id":13492,"section_number":"6.2-1099","catch_line":"Trust powers of state savings banks","url":"\/6.2-1099\/","token":"6.2\/II\/10\/6\/6.2-1099","metadata":false}],"previous_section":{"id":85239,"structure_id":13492,"section_number":"6.2-1082","catch_line":"Applications for permission to offer trust services","url":"\/6.2-1082\/","token":"6.2\/II\/10\/6\/6.2-1082","metadata":false},"next_section":{"id":54639,"structure_id":13492,"section_number":"6.2-1084","catch_line":"Continuation of trust powers in the event of consolidation or merger of two or more associations","url":"\/6.2-1084\/","token":"6.2\/II\/10\/6\/6.2-1084","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1083\/","history_text":"

This law was first created in 1984. The record of its establishment is cataloged in chapter 303 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 1984 \u201cActs\u201d aren\u2019t available online. It has been modified 2 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 1997, chapter 801<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":[{"id":65466,"section_number":"64.2-1900","catch_line":"Definitions","order_by":null,"url":"\/64.2-1900\/"}],"permalink":{"id":264033,"object_type":"law","relational_id":54455,"identifier":"6.2-1083","token":"6.2\/II\/10\/6\/6.2-1083","url":"\/6.2-1083\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1083\/","token":"6.2\/II\/10\/6\/6.2-1083","dublin_core":{"Title":"Commission to issue certificate; powers of associations authorized to offer trust services","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1083","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Upon granting the application of an association to exercise trust powers, the Commission<\/span> shall issue<\/span> a certificate authorizing the association or affiliate to exercise trust powers and offer fiduciary<\/span> services. Unless such certificate otherwise provides, such association 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>, including any locality 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, locality, or other body public 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 deed of trust, 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 a guardian, conservator, as a custodian under the Uniform Transfers to Minors Act<\/span> (§ 64.2-1900<\/a> et seq.), and as depository of any money paid into court<\/span>, whether for the benefit of a person<\/span> under a disability 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 trusts and powers, of whatever nature and description, as may be conferred upon or entrusted or committed to it by any person<\/span>, or any body politic or corporate, or by 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; to receive and hold any property or estate, real or personal, which may be the subject of any such trust; and to be accountable to all parties in interest for the faithful discharge of every such trust, duty, or power which it may so accept; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> To act as 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>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

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

C.<\/span> All rights, powers, and privileges<\/span>, and all regulations, restrictions, and limitations, granted to or made applicable to associations by the provisions of this chapter shall likewise apply to any affiliate of an association which is authorized by the Commission<\/span> to exercise trust powers. Any such affiliate shall be organized and operated solely for the purpose of offering trust services pursuant to the provisions of this chapter. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> All federal savings and loan associations and federal savings banks, that have been, or hereafter may be, permitted by law<\/span> to act in any fiduciary<\/span> capacity, shall have the rights, powers, privileges<\/span>, and immunities conferred by this chapter to the extent permitted by federal law<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCOMMISSION TO ISSUE CERTIFICATE; POWERS OF ASSOCIATIONS AUTHORIZED TO OFFER\nTRUST SERVICES (\u00a7 6.2-1083)\n\nA. Upon granting the application of an association to exercise trust powers, the\nCommission shall issue a certificate authorizing the association or affiliate to\nexercise trust powers and offer fiduciary services. Unless such certificate\notherwise provides, such association shall have the following rights, powers,\nand privileges, and shall be subject to the following regulations and\nrestrictions:\n\n 1. To act as agent for any person, including any locality or state, for the\n collection or disbursement of interest, or income or principal of securities;\n\n 2. To act as the fiscal or transfer agent of any state, locality, or other\n body public or corporate, and in such capacity to receive and disburse money,\n to 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 deed of trust, mortgage, or bond issued by an\n individual, municipality, or body politic or corporate, and to accept and\n execute any other municipal or corporate trust not inconsistent with the laws\n of the Commonwealth;\n\n 5. To act as a guardian, conservator, as a custodian under the Uniform\n Transfers to Minors Act (§ 64.2-1900 et seq.), and as depository of any\n money paid into court, whether for the benefit of a person under a disability\n or other person;\n\n 6. To take, accept, and execute any and all trusts and powers, of whatever\n nature and description, as may be conferred upon or entrusted or committed to\n it by any person, or any body politic or corporate, or by other authority, by\n grant, assignment, transfer, devise, bequest, or otherwise or as may be\n entrusted or committed or transferred to it or vested in it by order of any\n circuit court, judge, or clerk; to receive and hold any property or estate,\n real or personal, which may be the subject of any such trust; and to be\n accountable to all parties in interest for the faithful discharge of every\n such trust, duty, or power which it may so accept; and\n\n 7. To act as executor under the last will and testament, or administrator of\n the estate, of any deceased person, under appointment of any circuit court,\n judge, or clerk thereof, having jurisdiction of the estate of such deceased\n person.\n\nB. Nothing in this chapter shall be construed as authorizing the creation of a\ntrust not lawful as between individuals, nor to prohibit the deposit of funds by\ncourts and fiduciaries in savings and loan associations and savings banks.\n\nC. All rights, powers, and privileges, and all regulations, restrictions, and\nlimitations, granted to or made applicable to associations by the provisions of\nthis chapter shall likewise apply to any affiliate of an association which is\nauthorized by the Commission to exercise trust powers. Any such affiliate shall\nbe organized and operated solely for the purpose of offering trust services\npursuant to the provisions of this chapter.\n\nD. All federal savings and loan associations and federal savings banks, that\nhave been, or hereafter may be, permitted by law to act in any fiduciary\ncapacity, shall have the rights, powers, privileges, and immunities conferred by\nthis chapter to the extent permitted by federal law.\n\nHISTORY: 1984, c. 303, \u00a7 6.1-195.80; 1997, c. 801; 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}}