{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-884.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-884.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-884.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-884.html"}],"law_id":76682,"edition_id":1,"section_id":76682,"structure_id":14189,"section_number":"6.2-884","catch_line":"Ownership and lease of personal property","history":"1968, c. 56, \u00a7 6.1-68.1; 1989, c. 482; 2010, c. 794.","full_text":"A\n\nAs used in this section, “personal property” includes fixtures.B\n\nA bank may become the owner and lessor of personal property, subject to the following limitations:1\n\nExcept in the case of short-term leases where a subsequent sale or reletting is anticipated, the rentals receivable by the bank under the initial lease of any item of personal property shall equal at least the cost to the bank of such item of personal property;2\n\nAny leasing or rental obligations to any bank of any person shall be treated as obligations subject to the limitations imposed by § 6.2-875; and3\n\nUpon the expiration of any lease whether by virtue of the lease agreement or by virtue of the retaking of possession by the bank, the personal property shall be sold or otherwise disposed of, or charged off within one year from the time of expiration of such lease unless it is held for the purpose of reletting.C\n\nNo personal property acquired pursuant to this section shall be included in computable investment in fixed assets under § 6.2-870.","order_by":null,"text":{"0":{"id":275264,"text":"As used in this section, “personal property” includes fixtures.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":275265,"text":"A bank may become the owner and lessor of personal property, subject to the following limitations:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":275266,"text":"Except in the case of short-term leases where a subsequent sale or reletting is anticipated, the rentals receivable by the bank under the initial lease of any item of personal property shall equal at least the cost to the bank of such item of personal property;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":275267,"text":"Any leasing or rental obligations to any bank of any person shall be treated as obligations subject to the limitations imposed by § 6.2-875; and","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"4":{"id":275268,"text":"Upon the expiration of any lease whether by virtue of the lease agreement or by virtue of the retaking of possession by the bank, the personal property shall be sold or otherwise disposed of, or charged off within one year from the time of expiration of such lease unless it is held for the purpose of reletting.","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"C"},"5":{"id":275269,"text":"No personal property acquired pursuant to this section shall be included in computable investment in fixed assets under § 6.2-870.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B3"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-884\/","history_text":"

This law was first created in 1968. The record of its establishment is cataloged in chapter 56 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 1968 \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 1989, chapter 482; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":[{"id":63411,"section_number":"6.2-870","catch_line":"Limitation of amount invested in bank premises","order_by":null,"url":"\/6.2-870\/"},{"id":57173,"section_number":"6.2-875","catch_line":"Limitations on obligations of borrowers","order_by":null,"url":"\/6.2-875\/"}],"permalink":{"id":265701,"object_type":"law","relational_id":76682,"identifier":"6.2-884","token":"6.2\/II\/8\/9\/6.2-884","url":"\/6.2-884\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-884\/","token":"6.2\/II\/8\/9\/6.2-884","dublin_core":{"Title":"Ownership and lease of personal property","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-884","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> As used in this section, “personal property<\/span>” includes fixtures. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> A bank<\/span> may become the owner and lessor of personal property<\/span>, subject to the following limitations: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Except in the case of short-term leases where a subsequent sale or reletting is anticipated, the rentals receivable by the bank<\/span> under the initial lease of any item of personal property<\/span> shall equal at least the cost to the bank<\/span> of such item of personal property<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Any leasing or rental obligations to any bank<\/span> of any person<\/span> shall be treated as obligations subject to the limitations imposed by § 6.2-875<\/a>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Upon the expiration of any lease whether by virtue of the lease agreement or by virtue of the retaking of possession<\/span> by the bank<\/span>, the personal property<\/span> shall be sold or otherwise disposed of, or charged off within one year from the time of expiration of such lease unless it is held for the purpose of reletting. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> No personal property<\/span> acquired pursuant to this section shall be included in computable investment in fixed assets<\/span> under § 6.2-870<\/a>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nOWNERSHIP AND LEASE OF PERSONAL PROPERTY (\u00a7 6.2-884)\n\nA. As used in this section, “personal property” includes fixtures.\n\nB. A bank may become the owner and lessor of personal property, subject to the\nfollowing limitations:\n\n 1. Except in the case of short-term leases where a subsequent sale or\n reletting is anticipated, the rentals receivable by the bank under the initial\n lease of any item of personal property shall equal at least the cost to the\n bank of such item of personal property;\n\n 2. Any leasing or rental obligations to any bank of any person shall be\n treated as obligations subject to the limitations imposed by § 6.2-875;\n and\n\n 3. Upon the expiration of any lease whether by virtue of the lease agreement\n or by virtue of the retaking of possession by the bank, the personal property\n shall be sold or otherwise disposed of, or charged off within one year from\n the time of expiration of such lease unless it is held for the purpose of\n reletting.\n\nC. No personal property acquired pursuant to this section shall be included in\ncomputable investment in fixed assets under § 6.2-870.\n\nHISTORY: 1968, c. 56, \u00a7 6.1-68.1; 1989, c. 482; 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}}