{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1369.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1369.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1369.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1369.html"}],"law_id":80853,"edition_id":1,"section_id":80853,"structure_id":13647,"section_number":"6.2-1369","catch_line":"Credit union need not inquire as to fiduciary funds used to purchase shares in fiduciary’s personal account","history":"2000, c. 744, \u00a7 6.1-225.50:2; 2010, c. 794.","full_text":"A\n\nIf any fiduciary or agent purchases shares in a credit union in his own name (i) with share drafts or other instruments drawn by him upon an account in his own name as fiduciary, (ii) with share drafts or other instruments drawn by him upon an account in the name of his principal, if he is empowered to draw share drafts or other instruments thereto, or (iii) with share drafts or other instruments payable to his principal and endorsed by him as fiduciary, the credit union issuing such shares shall not be bound to inquire whether the fiduciary is committing thereby a breach of his obligation as fiduciary.B\n\nThe credit union is authorized to pay the amount of the shares issued or any part thereof upon the withdrawal by the fiduciary without being liable to the principal, unless the credit union receives payment for the shares or pays the withdrawal (i) with the actual knowledge that the fiduciary, in purchasing such shares or in making such withdrawal, is committing a breach of his obligation as a fiduciary, or (ii) with knowledge of such facts that its action in issuing the shares or paying the withdrawal amounts to bad faith.","order_by":null,"text":{"0":{"id":289817,"text":"If any fiduciary or agent purchases shares in a credit union in his own name (i) with share drafts or other instruments drawn by him upon an account in his own name as fiduciary, (ii) with share drafts or other instruments drawn by him upon an account in the name of his principal, if he is empowered to draw share drafts or other instruments thereto, or (iii) with share drafts or other instruments payable to his principal and endorsed by him as fiduciary, the credit union issuing such shares shall not be bound to inquire whether the fiduciary is committing thereby a breach of his obligation as fiduciary.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":289818,"text":"The credit union is authorized to pay the amount of the shares issued or any part thereof upon the withdrawal by the fiduciary without being liable to the principal, unless the credit union receives payment for the shares or pays the withdrawal (i) with the actual knowledge that the fiduciary, in purchasing such shares or in making such withdrawal, is committing a breach of his obligation as a fiduciary, or (ii) with knowledge of such facts that its action in issuing the shares or paying the withdrawal amounts to bad faith.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":13647,"edition_id":1,"name":"Accounts","identifier":"8","label":"article","depth":4,"order_by":1,"parent_id":13635,"metadata":{},"date_created":"2026-06-26 03:45:28","date_modified":"2026-06-26 03:45:28","permalink":{"id":264821,"object_type":"structure","relational_id":13647,"identifier":"8","token":"6.2\/II\/13\/8","url":"\/6.2\/II\/13\/8\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13635,"edition_id":1,"name":"Credit Unions","identifier":"13","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:45:26","date_modified":"2026-06-26 03:45:26","permalink":{"id":264545,"object_type":"structure","relational_id":13635,"identifier":"13","token":"6.2\/II\/13","url":"\/6.2\/II\/13\/","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":54619,"structure_id":13647,"section_number":"6.2-1358","catch_line":"Share accounts","url":"\/6.2-1358\/","token":"6.2\/II\/13\/8\/6.2-1358","metadata":false},{"id":56262,"structure_id":13647,"section_number":"6.2-1359","catch_line":"Payment for shares; transfers; lien on shares","url":"\/6.2-1359\/","token":"6.2\/II\/13\/8\/6.2-1359","metadata":false},{"id":66098,"structure_id":13647,"section_number":"6.2-1360","catch_line":"Dividends","url":"\/6.2-1360\/","token":"6.2\/II\/13\/8\/6.2-1360","metadata":false},{"id":76027,"structure_id":13647,"section_number":"6.2-1361","catch_line":"Ascertaining value of assets","url":"\/6.2-1361\/","token":"6.2\/II\/13\/8\/6.2-1361","metadata":false},{"id":77351,"structure_id":13647,"section_number":"6.2-1362","catch_line":"Minors' accounts","url":"\/6.2-1362\/","token":"6.2\/II\/13\/8\/6.2-1362","metadata":false},{"id":78357,"structure_id":13647,"section_number":"6.2-1363","catch_line":"Individual retirement accounts and retirement or pension plans","url":"\/6.2-1363\/","token":"6.2\/II\/13\/8\/6.2-1363","metadata":false},{"id":78569,"structure_id":13647,"section_number":"6.2-1364","catch_line":"Acceptance of money under Virginia Uniform Transfers to Minors Act","url":"\/6.2-1364\/","token":"6.2\/II\/13\/8\/6.2-1364","metadata":false},{"id":74989,"structure_id":13647,"section_number":"6.2-1365","catch_line":"Accounts of deceased or incapacitated person","url":"\/6.2-1365\/","token":"6.2\/II\/13\/8\/6.2-1365","metadata":false},{"id":73218,"structure_id":13647,"section_number":"6.2-1366","catch_line":"Repealed","url":"\/6.2-1366\/","token":"6.2\/II\/13\/8\/6.2-1366","metadata":false},{"id":64186,"structure_id":13647,"section_number":"6.2-1367","catch_line":"Application of provisions to federal credit unions","url":"\/6.2-1367\/","token":"6.2\/II\/13\/8\/6.2-1367","metadata":false},{"id":71854,"structure_id":13647,"section_number":"6.2-1368","catch_line":"Accounts of fiduciaries","url":"\/6.2-1368\/","token":"6.2\/II\/13\/8\/6.2-1368","metadata":false},{"id":80853,"structure_id":13647,"section_number":"6.2-1369","catch_line":"Credit union need not inquire as to fiduciary funds used to purchase shares in fiduciary's personal account","url":"\/6.2-1369\/","token":"6.2\/II\/13\/8\/6.2-1369","metadata":false}],"previous_section":{"id":71854,"structure_id":13647,"section_number":"6.2-1368","catch_line":"Accounts of fiduciaries","url":"\/6.2-1368\/","token":"6.2\/II\/13\/8\/6.2-1368","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1369\/","history_text":"

This law was first created in 2000. The record of its establishment is cataloged in chapter 744<\/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":false,"refers_to":false,"permalink":{"id":264867,"object_type":"law","relational_id":80853,"identifier":"6.2-1369","token":"6.2\/II\/13\/8\/6.2-1369","url":"\/6.2-1369\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1369\/","token":"6.2\/II\/13\/8\/6.2-1369","dublin_core":{"Title":"Credit union need not inquire as to fiduciary funds used to purchase shares in fiduciary’s personal account","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1369","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> If any fiduciary or agent purchases shares<\/span> in a credit union<\/span> in his own name (i) with share drafts or other instruments drawn by him upon an account in his own name as fiduciary, (ii) with share drafts or other instruments drawn by him upon an account in the name of his principal, if he is empowered to draw share drafts or other instruments thereto, or (iii) with share drafts or other instruments payable to his principal and endorsed by him as fiduciary, the credit union<\/span> issuing such shares<\/span> shall not be bound to inquire whether the fiduciary is committing thereby a breach of his obligation as fiduciary. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The credit union<\/span> is authorized to pay the amount of the shares<\/span> issued or any part thereof upon the withdrawal by the fiduciary without being liable to the principal, unless the credit union<\/span> receives payment for the shares<\/span> or pays the withdrawal (i) with the actual knowledge that the fiduciary, in purchasing such shares<\/span> or in making such withdrawal, is committing a breach of his obligation as a fiduciary, or (ii) with knowledge of such facts<\/span> that its action in issuing the shares<\/span> or paying the withdrawal amounts to bad faith. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCREDIT UNION NEED NOT INQUIRE AS TO FIDUCIARY FUNDS USED TO PURCHASE SHARES IN\nFIDUCIARY’S PERSONAL ACCOUNT (\u00a7 6.2-1369)\n\nA. If any fiduciary or agent purchases shares in a credit union in his own name\n(i) with share drafts or other instruments drawn by him upon an account in his\nown name as fiduciary, (ii) with share drafts or other instruments drawn by him\nupon an account in the name of his principal, if he is empowered to draw share\ndrafts or other instruments thereto, or (iii) with share drafts or other\ninstruments payable to his principal and endorsed by him as fiduciary, the\ncredit union issuing such shares shall not be bound to inquire whether the\nfiduciary is committing thereby a breach of his obligation as fiduciary.\n\nB. The credit union is authorized to pay the amount of the shares issued or any\npart thereof upon the withdrawal by the fiduciary without being liable to the\nprincipal, unless the credit union receives payment for the shares or pays the\nwithdrawal (i) with the actual knowledge that the fiduciary, in purchasing such\nshares or in making such withdrawal, is committing a breach of his obligation as\na fiduciary, or (ii) with knowledge of such facts that its action in issuing the\nshares or paying the withdrawal amounts to bad faith.\n\nHISTORY: 2000, c. 744, \u00a7 6.1-225.50:2; 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}}