{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1088.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1088.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1088.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1088.html"}],"law_id":67325,"edition_id":1,"section_id":67325,"structure_id":13492,"section_number":"6.2-1088","catch_line":"Investment of funds and assets held as fiduciary","history":"1984, c. 303, \u00a7 6.1-195.85; 2010, c. 794.","full_text":"Funds and assets held by an association in a fiduciary capacity shall be invested in accordance with the provisions of the governing instrument. When such instrument does not specify the character or class of investments to be made and does not vest in the association, its directors, or its officers absolute and uncontrolled investment discretion in the matter, funds and assets held pursuant to such instrument shall be invested in any investment in which fiduciaries may invest under the provisions of Chapter 15 (\u00a7 64.2-1500 et seq.) of Title 64.2. An association acting as fiduciary under appointment by a court may likewise invest in any investments in which fiduciaries may invest under the provisions of Chapter 15 (\u00a7 64.2-1500 et seq.) of Title 64.2 unless otherwise provided by order of the appointing court. Unless the governing instrument or order establishing the fiduciary relationship provides otherwise, funds and assets held by an association in a fiduciary capacity may also be invested in common trust funds and collective investment funds pursuant to the provisions of \u00a7 6.2-1095.","order_by":null,"text":{"0":{"id":243988,"text":"Funds and assets held by an association in a fiduciary capacity shall be invested in accordance with the provisions of the governing instrument. When such instrument does not specify the character or class of investments to be made and does not vest in the association, its directors, or its officers absolute and uncontrolled investment discretion in the matter, funds and assets held pursuant to such instrument shall be invested in any investment in which fiduciaries may invest under the provisions of Chapter 15 (\u00a7 64.2-1500 et seq.) of Title 64.2. An association acting as fiduciary under appointment by a court may likewise invest in any investments in which fiduciaries may invest under the provisions of Chapter 15 (\u00a7 64.2-1500 et seq.) of Title 64.2 unless otherwise provided by order of the appointing court. Unless the governing instrument or order establishing the fiduciary relationship provides otherwise, funds and assets held by an association in a fiduciary capacity may also be invested in common trust funds and collective investment funds pursuant to the provisions of \u00a7 6.2-1095.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1088\/","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 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":false,"refers_to":[{"id":82368,"section_number":"6.2-1095","catch_line":"Compensation of association acting as fiduciary","order_by":null,"url":"\/6.2-1095\/"},{"id":82505,"section_number":"64.2-1500","catch_line":"Court orders regarding money in possession of fiduciary","order_by":null,"url":"\/64.2-1500\/"}],"permalink":{"id":264053,"object_type":"law","relational_id":67325,"identifier":"6.2-1088","token":"6.2\/II\/10\/6\/6.2-1088","url":"\/6.2-1088\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1088\/","token":"6.2\/II\/10\/6\/6.2-1088","dublin_core":{"Title":"Investment of funds and assets held as fiduciary","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1088","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Funds and assets<\/span> held by an association in a fiduciary<\/span> capacity shall be invested in accordance with the provisions of the governing instrument<\/span>. When such instrument does not specify the character or class of investments to be made and does not vest in the association, its directors, or its officers absolute and uncontrolled investment discretion in the matter, funds and assets<\/span> held pursuant to such instrument shall be invested in any investment in which fiduciaries may invest under the provisions of Chapter 15 (\u00a7 64.2-1500<\/a> et seq.) of Title 64.2. An association acting as fiduciary<\/span> under appointment by a court<\/span> may likewise invest in any investments in which fiduciaries may invest under the provisions of Chapter 15 (\u00a7 64.2-1500<\/a> et seq.) of Title 64.2 unless otherwise provided by order<\/span> of the appointing court<\/span>. Unless the governing instrument<\/span> or order<\/span> establishing the fiduciary<\/span> relationship provides otherwise, funds and assets<\/span> held by an association in a fiduciary<\/span> capacity may also be invested in common trust funds<\/span> and collective investment funds pursuant to the provisions of \u00a7 6.2-1095<\/a>.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nINVESTMENT OF FUNDS AND ASSETS HELD AS FIDUCIARY (\u00a7 6.2-1088)\n\nFunds and assets held by an association in a fiduciary capacity shall be\ninvested in accordance with the provisions of the governing instrument. When\nsuch instrument does not specify the character or class of investments to be\nmade and does not vest in the association, its directors, or its officers\nabsolute and uncontrolled investment discretion in the matter, funds and assets\nheld pursuant to such instrument shall be invested in any investment in which\nfiduciaries may invest under the provisions of Chapter 15 (\u00a7 64.2-1500 et seq.)\nof Title 64.2. An association acting as fiduciary under appointment by a court\nmay likewise invest in any investments in which fiduciaries may invest under the\nprovisions of Chapter 15 (\u00a7 64.2-1500 et seq.) of Title 64.2 unless otherwise\nprovided by order of the appointing court. Unless the governing instrument or\norder establishing the fiduciary relationship provides otherwise, funds and\nassets held by an association in a fiduciary capacity may also be invested in\ncommon trust funds and collective investment funds pursuant to the provisions of\n\u00a7 6.2-1095.\n\nHISTORY: 1984, c. 303, \u00a7 6.1-195.85; 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}}