{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-872.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-872.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-872.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-872.html"}],"law_id":61248,"edition_id":1,"section_id":61248,"structure_id":14189,"section_number":"6.2-872","catch_line":"For what purpose banks may purchase, hold, and convey real estate","history":"Code 1950, \u00a7 6-50; 1966, c. 584, \u00a7 6.1-59; 1988, c. 296; 2010, c. 794; 2012, cc. 59, 157.","full_text":"A\n\nIn addition to the authority provided in \u00a7 6.2-873, every bank incorporated under the laws of the Commonwealth may purchase, hold, and convey the following real estate for the purposes stated and for no other:1\n\nReal estate that is desirable and prudent for its present or future accommodation in the transaction of its business;2\n\nReal estate that is mortgaged or otherwise encumbered to it in good faith by way of security for debts contracted;3\n\nReal estate that is conveyed to it in satisfaction of debts previously contracted in the course of its dealings; and4\n\nReal estate it purchased at sales under judgments, decrees, mortgages, or deeds of trust held by it, in whole or in part, or purchased to secure debts due to it.B\n\nNothing in this section shall affect the validity of the title to any such real estate conveyed or transferred by a bank.","order_by":null,"text":{"0":{"id":223803,"text":"In addition to the authority provided in \u00a7 6.2-873, every bank incorporated under the laws of the Commonwealth may purchase, hold, and convey the following real estate for the purposes stated and for no other:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":223804,"text":"Real estate that is desirable and prudent for its present or future accommodation in the transaction of its business;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":223805,"text":"Real estate that is mortgaged or otherwise encumbered to it in good faith by way of security for debts contracted;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":223806,"text":"Real estate that is conveyed to it in satisfaction of debts previously contracted in the course of its dealings; and","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":223807,"text":"Real estate it purchased at sales under judgments, decrees, mortgages, or deeds of trust held by it, in whole or in part, or purchased to secure debts due to it.","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"B"},"5":{"id":223808,"text":"Nothing in this section shall affect the validity of the title to any such real estate conveyed or transferred by a bank.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A4"}},"ancestry":[{"id":14189,"edition_id":1,"name":"Investments and Loans","identifier":"9","label":"article","depth":4,"order_by":1,"parent_id":13791,"metadata":{},"date_created":"2026-06-26 03:47:11","date_modified":"2026-06-26 03:47:11","permalink":{"id":265643,"object_type":"structure","relational_id":14189,"identifier":"9","token":"6.2\/II\/8\/9","url":"\/6.2\/II\/8\/9\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13791,"edition_id":1,"name":"Banks","identifier":"8","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:45:53","date_modified":"2026-06-26 03:45:53","permalink":{"id":265065,"object_type":"structure","relational_id":13791,"identifier":"8","token":"6.2\/II\/8","url":"\/6.2\/II\/8\/","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":63411,"structure_id":14189,"section_number":"6.2-870","catch_line":"Limitation of amount invested in bank premises","url":"\/6.2-870\/","token":"6.2\/II\/8\/9\/6.2-870","metadata":false},{"id":64130,"structure_id":14189,"section_number":"6.2-871","catch_line":"Investment in stock or securities of bank service corporations","url":"\/6.2-871\/","token":"6.2\/II\/8\/9\/6.2-871","metadata":false},{"id":61248,"structure_id":14189,"section_number":"6.2-872","catch_line":"For what purpose banks may purchase, hold, and convey real estate","url":"\/6.2-872\/","token":"6.2\/II\/8\/9\/6.2-872","metadata":false},{"id":74353,"structure_id":14189,"section_number":"6.2-873","catch_line":"Additional permissible investments in real estate","url":"\/6.2-873\/","token":"6.2\/II\/8\/9\/6.2-873","metadata":false},{"id":82541,"structure_id":14189,"section_number":"6.2-874","catch_line":"Prohibited uses of bank's own stock; other investments or loans","url":"\/6.2-874\/","token":"6.2\/II\/8\/9\/6.2-874","metadata":false},{"id":57173,"structure_id":14189,"section_number":"6.2-875","catch_line":"Limitations on obligations of borrowers","url":"\/6.2-875\/","token":"6.2\/II\/8\/9\/6.2-875","metadata":false},{"id":55367,"structure_id":14189,"section_number":"6.2-876","catch_line":"Loans to executive officers or directors","url":"\/6.2-876\/","token":"6.2\/II\/8\/9\/6.2-876","metadata":false},{"id":85468,"structure_id":14189,"section_number":"6.2-877","catch_line":"Overdrafts by bank officer or director","url":"\/6.2-877\/","token":"6.2\/II\/8\/9\/6.2-877","metadata":false},{"id":76996,"structure_id":14189,"section_number":"6.2-878","catch_line":"Loans secured by real estate generally","url":"\/6.2-878\/","token":"6.2\/II\/8\/9\/6.2-878","metadata":false},{"id":80117,"structure_id":14189,"section_number":"6.2-879","catch_line":"Certain loans not considered loans secured by real estate","url":"\/6.2-879\/","token":"6.2\/II\/8\/9\/6.2-879","metadata":false},{"id":59260,"structure_id":14189,"section_number":"6.2-880","catch_line":"Construction loans","url":"\/6.2-880\/","token":"6.2\/II\/8\/9\/6.2-880","metadata":false},{"id":78478,"structure_id":14189,"section_number":"6.2-881","catch_line":"Investment in reverse annuity mortgages","url":"\/6.2-881\/","token":"6.2\/II\/8\/9\/6.2-881","metadata":false},{"id":60973,"structure_id":14189,"section_number":"6.2-882","catch_line":"Bank borrowing money or rediscounting its notes","url":"\/6.2-882\/","token":"6.2\/II\/8\/9\/6.2-882","metadata":false},{"id":87132,"structure_id":14189,"section_number":"6.2-883","catch_line":"Acceptance of drafts or bills of exchange; issuance of letters of credit","url":"\/6.2-883\/","token":"6.2\/II\/8\/9\/6.2-883","metadata":false},{"id":76682,"structure_id":14189,"section_number":"6.2-884","catch_line":"Ownership and lease of personal property","url":"\/6.2-884\/","token":"6.2\/II\/8\/9\/6.2-884","metadata":false},{"id":64536,"structure_id":14189,"section_number":"6.2-885","catch_line":"Investment in stock or securities of controlled subsidiary corporations","url":"\/6.2-885\/","token":"6.2\/II\/8\/9\/6.2-885","metadata":false},{"id":74671,"structure_id":14189,"section_number":"6.2-886","catch_line":"Regulation of controlled subsidiary corporations by Commission","url":"\/6.2-886\/","token":"6.2\/II\/8\/9\/6.2-886","metadata":false},{"id":73096,"structure_id":14189,"section_number":"6.2-887","catch_line":"Insurance business of controlled subsidiary","url":"\/6.2-887\/","token":"6.2\/II\/8\/9\/6.2-887","metadata":false},{"id":69740,"structure_id":14189,"section_number":"6.2-888","catch_line":"Real estate brokerage business of controlled subsidiary","url":"\/6.2-888\/","token":"6.2\/II\/8\/9\/6.2-888","metadata":false}],"previous_section":{"id":64130,"structure_id":14189,"section_number":"6.2-871","catch_line":"Investment in stock or securities of bank service corporations","url":"\/6.2-871\/","token":"6.2\/II\/8\/9\/6.2-871","metadata":false},"next_section":{"id":74353,"structure_id":14189,"section_number":"6.2-873","catch_line":"Additional permissible investments in real estate","url":"\/6.2-873\/","token":"6.2\/II\/8\/9\/6.2-873","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-872\/","history_text":"<p>The record of this law\u2019s original creation isn\u2019t available online. It has been modified 4 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 1966, chapter 584; in 1988, chapter 296; in 2010, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?101+ful+CHAP0794\">794<\/a>; in 2012, chapters <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?121+ful+CHAP0059\">59<\/a> and <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?121+ful+CHAP0157\">157<\/a>.<\/p>","references":[{"id":74353,"section_number":"6.2-873","catch_line":"Additional permissible investments in real estate","order_by":null,"url":"\/6.2-873\/"}],"refers_to":[{"id":74353,"section_number":"6.2-873","catch_line":"Additional permissible investments in real estate","order_by":null,"url":"\/6.2-873\/"}],"permalink":{"id":265653,"object_type":"law","relational_id":61248,"identifier":"6.2-872","token":"6.2\/II\/8\/9\/6.2-872","url":"\/6.2-872\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-872\/","token":"6.2\/II\/8\/9\/6.2-872","dublin_core":{"Title":"For what purpose banks may purchase, hold, and convey real estate","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-872","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> In addition to the authority provided in \u00a7&nbsp;<a class=\"law\" title=\"Additional permissible investments in real estate\" href=\"\/6.2-873\/\">6.2-873<\/a>, every <span class=\"dictionary\">bank<\/span> incorporated under the <span class=\"dictionary\">laws<\/span> of the Commonwealth may purchase, hold, and convey the following real estate for the purposes stated and for no other: <a id=\"paragraph-223803\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-872\/#A\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A1\" class=\"indent-1\"><p><span class=\"prefix-number\">1.<\/span> Real estate that is desirable and prudent for its present or future accommodation in the transaction of its business; <a id=\"paragraph-223804\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-872\/#A1\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A2\" class=\"indent-1\"><p><span class=\"prefix-number\">2.<\/span> Real estate that is mortgaged or otherwise encumbered to it in good faith by way of security for debts contracted; <a id=\"paragraph-223805\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-872\/#A2\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A3\" class=\"indent-1\"><p><span class=\"prefix-number\">3.<\/span> Real estate that is conveyed to it in satisfaction of debts previously contracted in the course of its dealings; and <a id=\"paragraph-223806\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-872\/#A3\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A4\" class=\"indent-1\"><p><span class=\"prefix-number\">4.<\/span> Real estate it purchased at sales under <span class=\"dictionary\">judgments<\/span>, <span class=\"dictionary\">decrees<\/span>, mortgages, or deeds of trust held by it, in whole or in part, or purchased to secure debts due to it. <a id=\"paragraph-223807\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-872\/#A4\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B\"><p><span class=\"prefix-number\">B.<\/span> Nothing in this section shall affect the validity of the title to any such real estate conveyed or transferred by a <span class=\"dictionary\">bank<\/span>. <a id=\"paragraph-223808\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-872\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nFOR WHAT PURPOSE BANKS MAY PURCHASE, HOLD, AND CONVEY REAL ESTATE (\u00a7 6.2-872)\n\nA. In addition to the authority provided in \u00a7 6.2-873, every bank incorporated\nunder the laws of the Commonwealth may purchase, hold, and convey the following\nreal estate for the purposes stated and for no other:\n\n   1. Real estate that is desirable and prudent for its present or future\n   accommodation in the transaction of its business;\n\n   2. Real estate that is mortgaged or otherwise encumbered to it in good faith\n   by way of security for debts contracted;\n\n   3. Real estate that is conveyed to it in satisfaction of debts previously\n   contracted in the course of its dealings; and\n\n   4. Real estate it purchased at sales under judgments, decrees, mortgages, or\n   deeds of trust held by it, in whole or in part, or purchased to secure debts\n   due to it.\n\nB. Nothing in this section shall affect the validity of the title to any such\nreal estate conveyed or transferred by a bank.\n\nHISTORY: Code 1950, \u00a7 6-50; 1966, c. 584, \u00a7 6.1-59; 1988, c. 296; 2010, c.\n794; 2012, cc. 59, 157.","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}}