{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-929.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-929.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-929.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-929.html"}],"law_id":74050,"edition_id":1,"section_id":74050,"structure_id":14352,"section_number":"6.2-929","catch_line":"Powers of receiver","history":"1983, c. 507, \u00a7 6.1-110.5; 2010, c. 794.","full_text":"The FDIC as receiver shall have the following powers:\n\n1\n\nTo take possession of all books, records, and assets of the bank;2\n\nTo collect all debts, claims, and judgments belonging to the bank, and to do such other acts as are necessary to preserve or liquidate its assets;3\n\nTo execute in the name of the bank any instrument necessary or proper to effectuate its powers as receiver or perform its duties as such;4\n\nTo initiate, pursue, and defend litigation involving any right, claim, interest, or liability of the bank;5\n\nTo exercise any and all fiduciary functions of the bank as of the date of its appointment as receiver;6\n\nTo borrow money as necessary in the liquidation of the bank, and to secure such borrowings by the pledge or mortgage of bank assets. The repayment of money borrowed under this subdivision and interest thereon shall be considered an expense of administration for purposes of § 6.2-933;7\n\nTo abandon or convey title to any holder of a mortgage, security deed, security interest, or lien against property in which the bank has an interest, whenever the FDIC as receiver determines that to continue to claim such interest is burdensome and of no advantage to the bank, its depositors, creditors, or shareholders;8\n\nSubject to the approval of the receivership court, to (i) sell, lease, or exchange any and all real and personal property, (ii) compromise any debt, claim, or judgment due the bank, and (iii) discontinue any action or other proceeding pending therefor; and9\n\nSubject to the approval of the receivership court, to (i) pay off all mortgages, security deeds, security agreements, and liens upon any real or personal property belonging to the bank and (ii) purchase at judicial sale or sale authorized by court order any real or personal property in order to protect the bank’s equity therein.","order_by":null,"text":{"0":{"id":266329,"text":"The FDIC as receiver shall have the following powers:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":266330,"text":"To take possession of all books, records, and assets of the bank;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":266331,"text":"To collect all debts, claims, and judgments belonging to the bank, and to do such other acts as are necessary to preserve or liquidate its assets;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":266332,"text":"To execute in the name of the bank any instrument necessary or proper to effectuate its powers as receiver or perform its duties as such;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":266333,"text":"To initiate, pursue, and defend litigation involving any right, claim, interest, or liability of the bank;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":266334,"text":"To exercise any and all fiduciary functions of the bank as of the date of its appointment as receiver;","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":266335,"text":"To borrow money as necessary in the liquidation of the bank, and to secure such borrowings by the pledge or mortgage of bank assets. The repayment of money borrowed under this subdivision and interest thereon shall be considered an expense of administration for purposes of § 6.2-933;","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":266336,"text":"To abandon or convey title to any holder of a mortgage, security deed, security interest, or lien against property in which the bank has an interest, whenever the FDIC as receiver determines that to continue to claim such interest is burdensome and of no advantage to the bank, its depositors, creditors, or shareholders;","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6","next_prefix":"8"},"8":{"id":266337,"text":"Subject to the approval of the receivership court, to (i) sell, lease, or exchange any and all real and personal property, (ii) compromise any debt, claim, or judgment due the bank, and (iii) discontinue any action or other proceeding pending therefor; and","type":"section","prefixes":["8"],"prefix":"8","entire_prefix":"8","prefix_anchor":"8","level":1,"prior_prefix":"7","next_prefix":"9"},"9":{"id":266338,"text":"Subject to the approval of the receivership court, to (i) pay off all mortgages, security deeds, security agreements, and liens upon any real or personal property belonging to the bank and (ii) purchase at judicial sale or sale authorized by court order any real or personal property in order to protect the bank’s equity therein.","type":"section","prefixes":["9"],"prefix":"9","entire_prefix":"9","prefix_anchor":"9","level":1,"prior_prefix":"8"}},"ancestry":[{"id":14352,"edition_id":1,"name":"Appointment of Fdic as Receiver","identifier":"14","label":"article","depth":4,"order_by":1,"parent_id":13791,"metadata":{},"date_created":"2026-06-26 03:47:51","date_modified":"2026-06-26 03:47:51","permalink":{"id":265253,"object_type":"structure","relational_id":14352,"identifier":"14","token":"6.2\/II\/8\/14","url":"\/6.2\/II\/8\/14\/","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":79535,"structure_id":14352,"section_number":"6.2-925","catch_line":"Definitions","url":"\/6.2-925\/","token":"6.2\/II\/8\/14\/6.2-925","metadata":false},{"id":84082,"structure_id":14352,"section_number":"6.2-926","catch_line":"Appointment of FDIC as receiver","url":"\/6.2-926\/","token":"6.2\/II\/8\/14\/6.2-926","metadata":false},{"id":69424,"structure_id":14352,"section_number":"6.2-927","catch_line":"Transfer of title to bank assets","url":"\/6.2-927\/","token":"6.2\/II\/8\/14\/6.2-927","metadata":false},{"id":76936,"structure_id":14352,"section_number":"6.2-928","catch_line":"Posting of notice; effect of posting notice","url":"\/6.2-928\/","token":"6.2\/II\/8\/14\/6.2-928","metadata":false},{"id":74050,"structure_id":14352,"section_number":"6.2-929","catch_line":"Powers of receiver","url":"\/6.2-929\/","token":"6.2\/II\/8\/14\/6.2-929","metadata":false},{"id":55666,"structure_id":14352,"section_number":"6.2-930","catch_line":"Emergency sale of assets","url":"\/6.2-930\/","token":"6.2\/II\/8\/14\/6.2-930","metadata":false},{"id":82077,"structure_id":14352,"section_number":"6.2-931","catch_line":"Notice and proof of claim; notice of rejection of claim; petition for hearing","url":"\/6.2-931\/","token":"6.2\/II\/8\/14\/6.2-931","metadata":false},{"id":85604,"structure_id":14352,"section_number":"6.2-932","catch_line":"Payment of claims filed after prescribed period","url":"\/6.2-932\/","token":"6.2\/II\/8\/14\/6.2-932","metadata":false},{"id":64341,"structure_id":14352,"section_number":"6.2-933","catch_line":"Distribution of assets","url":"\/6.2-933\/","token":"6.2\/II\/8\/14\/6.2-933","metadata":false},{"id":73245,"structure_id":14352,"section_number":"6.2-934","catch_line":"Receivership procedures involving assets held by closed bank as fiduciary","url":"\/6.2-934\/","token":"6.2\/II\/8\/14\/6.2-934","metadata":false},{"id":65564,"structure_id":14352,"section_number":"6.2-935","catch_line":"Termination of executory contracts and leases; liability; extension of statute of limitations","url":"\/6.2-935\/","token":"6.2\/II\/8\/14\/6.2-935","metadata":false},{"id":67997,"structure_id":14352,"section_number":"6.2-936","catch_line":"Subrogation to rights of bank depositors","url":"\/6.2-936\/","token":"6.2\/II\/8\/14\/6.2-936","metadata":false},{"id":66215,"structure_id":14352,"section_number":"6.2-937","catch_line":"Destruction of records","url":"\/6.2-937\/","token":"6.2\/II\/8\/14\/6.2-937","metadata":false}],"previous_section":{"id":76936,"structure_id":14352,"section_number":"6.2-928","catch_line":"Posting of notice; effect of posting notice","url":"\/6.2-928\/","token":"6.2\/II\/8\/14\/6.2-928","metadata":false},"next_section":{"id":55666,"structure_id":14352,"section_number":"6.2-930","catch_line":"Emergency sale of assets","url":"\/6.2-930\/","token":"6.2\/II\/8\/14\/6.2-930","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-929\/","history_text":"

This law was first created in 1983. The record of its establishment is cataloged in chapter 507 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 1983 \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":64341,"section_number":"6.2-933","catch_line":"Distribution of assets","order_by":null,"url":"\/6.2-933\/"}],"permalink":{"id":265271,"object_type":"law","relational_id":74050,"identifier":"6.2-929","token":"6.2\/II\/8\/14\/6.2-929","url":"\/6.2-929\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-929\/","token":"6.2\/II\/8\/14\/6.2-929","dublin_core":{"Title":"Powers of receiver","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-929","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The FDIC<\/span> as receiver shall have the following powers:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> To take possession<\/span> of all books, records, and assets<\/span> of the bank<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> To collect all debts, claims, and judgments<\/span> belonging to the bank<\/span>, and to do such other acts as are necessary to preserve or liquidate its assets<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> To execute in the name of the bank<\/span> any instrument necessary or proper to effectuate its powers as receiver or perform its duties as such; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> To initiate, pursue, and defend litigation<\/span> involving any right, claim, interest, or liability of the bank<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> To exercise any and all fiduciary functions of the bank<\/span> as of the date of its appointment as receiver; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> To borrow money as necessary in the liquidation<\/span> of the bank<\/span>, and to secure such borrowings by the pledge or mortgage of bank<\/span> assets<\/span>. The repayment of money borrowed under this subdivision and interest thereon shall be considered an expense of administration for purposes of § 6.2-933<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> To abandon or convey title to any holder of a mortgage, security deed, security interest, or lien<\/span> against property in which the bank<\/span> has an interest, whenever the FDIC<\/span> as receiver determines that to continue to claim such interest is burdensome and of no advantage to the bank<\/span>, its depositors, creditors<\/span>, or shareholders; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> Subject to the approval of the receivership court<\/span>, to (i) sell, lease, or exchange any and all real and personal property, (ii) compromise any debt, claim, or judgment<\/span> due the bank<\/span>, and (iii) discontinue any action or other proceeding pending therefor; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> Subject to the approval of the receivership court<\/span>, to (i) pay off all mortgages, security deeds, security agreements, and liens<\/span> upon any real or personal property belonging to the bank<\/span> and (ii) purchase at judicial sale or sale authorized by court order<\/span> any real or personal property in order to protect the bank<\/span>’s equity<\/span> therein. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWERS OF RECEIVER (\u00a7 6.2-929)\n\nThe FDIC as receiver shall have the following powers:\n\n1. To take possession of all books, records, and assets of the bank;\n\n2. To collect all debts, claims, and judgments belonging to the bank, and to do\nsuch other acts as are necessary to preserve or liquidate its assets;\n\n3. To execute in the name of the bank any instrument necessary or proper to\neffectuate its powers as receiver or perform its duties as such;\n\n4. To initiate, pursue, and defend litigation involving any right, claim,\ninterest, or liability of the bank;\n\n5. To exercise any and all fiduciary functions of the bank as of the date of its\nappointment as receiver;\n\n6. To borrow money as necessary in the liquidation of the bank, and to secure\nsuch borrowings by the pledge or mortgage of bank assets. The repayment of money\nborrowed under this subdivision and interest thereon shall be considered an\nexpense of administration for purposes of § 6.2-933;\n\n7. To abandon or convey title to any holder of a mortgage, security deed,\nsecurity interest, or lien against property in which the bank has an interest,\nwhenever the FDIC as receiver determines that to continue to claim such interest\nis burdensome and of no advantage to the bank, its depositors, creditors, or\nshareholders;\n\n8. Subject to the approval of the receivership court, to (i) sell, lease, or\nexchange any and all real and personal property, (ii) compromise any debt,\nclaim, or judgment due the bank, and (iii) discontinue any action or other\nproceeding pending therefor; and\n\n9. Subject to the approval of the receivership court, to (i) pay off all\nmortgages, security deeds, security agreements, and liens upon any real or\npersonal property belonging to the bank and (ii) purchase at judicial sale or\nsale authorized by court order any real or personal property in order to protect\nthe bank’s equity therein.\n\nHISTORY: 1983, c. 507, \u00a7 6.1-110.5; 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}}