{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-924.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-924.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-924.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-924.html"}],"law_id":79790,"edition_id":1,"section_id":79790,"structure_id":14866,"section_number":"6.2-924","catch_line":"Power of receivers to contract for loans and make investments","history":"Code 1950, \u00a7 6-81; 1966, c. 584, \u00a7 6.1-110; 2010, c. 794.","full_text":"A\n\nAny court in the Commonwealth that has jurisdiction to appoint receivers, in its discretion, may authorize any receiver appointed by such court for any bank or trust company, pursuant to the provisions of this article:1\n\nTo apply and contract for a loan from any corporation or agency that is (i) organized or provided for by, or pursuant to, federal law and (ii) authorized, among other purposes, to make loans upon the application of the receiver or liquidating agent of any bank that is closed, or in process of liquidation, secured by the assets of any such bank, and if such loan is for the purpose of aiding in the reorganization or liquidation of any such bank, secured by the payment of liquidating dividends from the proceeds thereof; and2\n\nTo secure any loan described in subdivision 1 by the pledge, hypothecation or mortgage of any or all of the assets of the bank or trust company, or in such other manner as such court, in its discretion, may authorize.B\n\nAny such court, in its discretion, also may authorize any receiver so appointed by it to invest any funds in the hands of such receiver in bonds of the United States or of the Commonwealth.","order_by":null,"text":{"0":{"id":285867,"text":"Any court in the Commonwealth that has jurisdiction to appoint receivers, in its discretion, may authorize any receiver appointed by such court for any bank or trust company, pursuant to the provisions of this article:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":285868,"text":"To apply and contract for a loan from any corporation or agency that is (i) organized or provided for by, or pursuant to, federal law and (ii) authorized, among other purposes, to make loans upon the application of the receiver or liquidating agent of any bank that is closed, or in process of liquidation, secured by the assets of any such bank, and if such loan is for the purpose of aiding in the reorganization or liquidation of any such bank, secured by the payment of liquidating dividends from the proceeds thereof; and","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":285869,"text":"To secure any loan described in subdivision 1 by the pledge, hypothecation or mortgage of any or all of the assets of the bank or trust company, or in such other manner as such court, in its discretion, may authorize.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"B"},"3":{"id":285870,"text":"Any such court, in its discretion, also may authorize any receiver so appointed by it to invest any funds in the hands of such receiver in bonds of the United States or of the Commonwealth.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A2"}},"ancestry":[{"id":14866,"edition_id":1,"name":"Receiverships","identifier":"13","label":"article","depth":4,"order_by":1,"parent_id":13791,"metadata":{},"date_created":"2026-06-26 03:50:29","date_modified":"2026-06-26 03:50:29","permalink":{"id":265199,"object_type":"structure","relational_id":14866,"identifier":"13","token":"6.2\/II\/8\/13","url":"\/6.2\/II\/8\/13\/","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":80948,"structure_id":14866,"section_number":"6.2-912","catch_line":"Definition","url":"\/6.2-912\/","token":"6.2\/II\/8\/13\/6.2-912","metadata":false},{"id":56799,"structure_id":14866,"section_number":"6.2-913","catch_line":"Closing bank; appointment of receiver","url":"\/6.2-913\/","token":"6.2\/II\/8\/13\/6.2-913","metadata":false},{"id":64972,"structure_id":14866,"section_number":"6.2-914","catch_line":"Merger or transfer of assets of insolvent bank","url":"\/6.2-914\/","token":"6.2\/II\/8\/13\/6.2-914","metadata":false},{"id":80551,"structure_id":14866,"section_number":"6.2-915","catch_line":"Protection of state deposits upon insolvency","url":"\/6.2-915\/","token":"6.2\/II\/8\/13\/6.2-915","metadata":false},{"id":84969,"structure_id":14866,"section_number":"6.2-916","catch_line":"Appointment of receiver","url":"\/6.2-916\/","token":"6.2\/II\/8\/13\/6.2-916","metadata":false},{"id":58223,"structure_id":14866,"section_number":"6.2-917","catch_line":"Execution of powers of sale by receivers","url":"\/6.2-917\/","token":"6.2\/II\/8\/13\/6.2-917","metadata":false},{"id":67404,"structure_id":14866,"section_number":"6.2-918","catch_line":"Rights and powers of receivers generally","url":"\/6.2-918\/","token":"6.2\/II\/8\/13\/6.2-918","metadata":false},{"id":78346,"structure_id":14866,"section_number":"6.2-919","catch_line":"Interest on deposits; distribution of surplus remaining after payment of depositors","url":"\/6.2-919\/","token":"6.2\/II\/8\/13\/6.2-919","metadata":false},{"id":82233,"structure_id":14866,"section_number":"6.2-920","catch_line":"Proceedings to bar certain claims against banks in liquidation","url":"\/6.2-920\/","token":"6.2\/II\/8\/13\/6.2-920","metadata":false},{"id":81421,"structure_id":14866,"section_number":"6.2-921","catch_line":"When publication of list of creditors unnecessary","url":"\/6.2-921\/","token":"6.2\/II\/8\/13\/6.2-921","metadata":false},{"id":58453,"structure_id":14866,"section_number":"6.2-922","catch_line":"When publication once in two newspapers sufficient","url":"\/6.2-922\/","token":"6.2\/II\/8\/13\/6.2-922","metadata":false},{"id":81832,"structure_id":14866,"section_number":"6.2-923","catch_line":"When claims barred","url":"\/6.2-923\/","token":"6.2\/II\/8\/13\/6.2-923","metadata":false},{"id":79790,"structure_id":14866,"section_number":"6.2-924","catch_line":"Power of receivers to contract for loans and make investments","url":"\/6.2-924\/","token":"6.2\/II\/8\/13\/6.2-924","metadata":false}],"previous_section":{"id":81832,"structure_id":14866,"section_number":"6.2-923","catch_line":"When claims barred","url":"\/6.2-923\/","token":"6.2\/II\/8\/13\/6.2-923","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-924\/","history_text":"

The record of this law\u2019s original creation isn\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 1966, chapter 584; in 2010, chapter 794<\/a>.<\/p>","references":[{"id":67670,"section_number":"6.2-1038","catch_line":"Appointment of receiver","order_by":null,"url":"\/6.2-1038\/"}],"refers_to":false,"permalink":{"id":265249,"object_type":"law","relational_id":79790,"identifier":"6.2-924","token":"6.2\/II\/8\/13\/6.2-924","url":"\/6.2-924\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-924\/","token":"6.2\/II\/8\/13\/6.2-924","dublin_core":{"Title":"Power of receivers to contract for loans and make investments","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-924","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Any court<\/span> in the Commonwealth that has jurisdiction<\/span> to appoint receivers, in its discretion, may authorize any receiver appointed by such court<\/span> for any bank<\/span> or trust company, pursuant to the provisions of this article: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> To apply and contract<\/span> for a loan from any corporation or agency that is (i) organized or provided for by, or pursuant to, federal law<\/span> and (ii) authorized, among other purposes, to make loans upon the application of the receiver or liquidating agent of any bank<\/span> that is closed, or in process of liquidation<\/span>, secured by the assets<\/span> of any such bank<\/span>, and if such loan is for the purpose of aiding in the reorganization or liquidation<\/span> of any such bank<\/span>, secured by the payment of liquidating dividends from the proceeds thereof; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> To secure any loan described in subdivision 1 by the pledge, hypothecation or mortgage of any or all of the assets<\/span> of the bank<\/span> or trust company, or in such other manner as such court<\/span>, in its discretion, may authorize. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Any such court<\/span>, in its discretion, also may authorize any receiver so appointed by it to invest any funds in the hands of such receiver in bonds<\/span> of the United States or of the Commonwealth. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWER OF RECEIVERS TO CONTRACT FOR LOANS AND MAKE INVESTMENTS (\u00a7 6.2-924)\n\nA. Any court in the Commonwealth that has jurisdiction to appoint receivers, in\nits discretion, may authorize any receiver appointed by such court for any bank\nor trust company, pursuant to the provisions of this article:\n\n 1. To apply and contract for a loan from any corporation or agency that is (i)\n organized or provided for by, or pursuant to, federal law and (ii) authorized,\n among other purposes, to make loans upon the application of the receiver or\n liquidating agent of any bank that is closed, or in process of liquidation,\n secured by the assets of any such bank, and if such loan is for the purpose of\n aiding in the reorganization or liquidation of any such bank, secured by the\n payment of liquidating dividends from the proceeds thereof; and\n\n 2. To secure any loan described in subdivision 1 by the pledge, hypothecation\n or mortgage of any or all of the assets of the bank or trust company, or in\n such other manner as such court, in its discretion, may authorize.\n\nB. Any such court, in its discretion, also may authorize any receiver so\nappointed by it to invest any funds in the hands of such receiver in bonds of\nthe United States or of the Commonwealth.\n\nHISTORY: Code 1950, \u00a7 6-81; 1966, c. 584, \u00a7 6.1-110; 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}}