{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/64.2-1504.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/64.2-1504.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/64.2-1504.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/64.2-1504.html"}],"law_id":61387,"edition_id":1,"section_id":61387,"structure_id":14225,"section_number":"64.2-1504","catch_line":"Investments in municipal bonds by banks or trust companies","history":"1988, c. 347, \u00a7 26-40.2; 1999, c. 772; 2012, c. 614.","full_text":"Subject to the Uniform Prudent Investor Act (\u00a7 64.2-780 et seq.) and the common law duties of a fiduciary, unless the governing instrument or a court order specifically directs otherwise, a bank or trust company serving as personal representative, trustee, guardian, agent, or in any other fiduciary capacity, may purchase during the existence of any underwriting or selling syndicate any state or municipal security otherwise authorized by this title in spite of the fact that the fiduciary, or an affiliate thereof under common ownership, participates or has participated as a member of a syndicate underwriting such security if the fiduciary purchases the security from another syndicate member or from an affiliate thereof and not from itself or any of its affiliates.","order_by":null,"text":{"0":{"id":224245,"text":"Subject to the Uniform Prudent Investor Act (\u00a7 64.2-780 et seq.) and the common law duties of a fiduciary, unless the governing instrument or a court order specifically directs otherwise, a bank or trust company serving as personal representative, trustee, guardian, agent, or in any other fiduciary capacity, may purchase during the existence of any underwriting or selling syndicate any state or municipal security otherwise authorized by this title in spite of the fact that the fiduciary, or an affiliate thereof under common ownership, participates or has participated as a member of a syndicate underwriting such security if the fiduciary purchases the security from another syndicate member or from an affiliate thereof and not from itself or any of its affiliates.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14225,"edition_id":1,"name":"Investments","identifier":"15","label":"chapter","depth":4,"order_by":1,"parent_id":12991,"metadata":{},"date_created":"2026-06-26 03:47:21","date_modified":"2026-06-26 03:47:21","permalink":{"id":275123,"object_type":"structure","relational_id":14225,"identifier":"15","token":"64.2\/IV\/A\/15","url":"\/64.2\/IV\/A\/15\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12991,"edition_id":1,"name":"Fiduciaries","identifier":"A","label":"part","depth":3,"order_by":1,"parent_id":12905,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":274815,"object_type":"structure","relational_id":12991,"identifier":"A","token":"64.2\/IV\/A","url":"\/64.2\/IV\/A\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12905,"edition_id":1,"name":"Fiduciaries and Guardians","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":12723,"metadata":{},"date_created":"2026-06-26 03:44:00","date_modified":"2026-06-26 03:44:00","permalink":{"id":274813,"object_type":"structure","relational_id":12905,"identifier":"IV","token":"64.2\/IV","url":"\/64.2\/IV\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12723,"edition_id":1,"name":"Wills, Trusts, and Fiduciaries","identifier":"64.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":272781,"object_type":"structure","relational_id":12723,"identifier":"64.2","token":"64.2","url":"\/64.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":82505,"structure_id":14225,"section_number":"64.2-1500","catch_line":"Court orders regarding money in possession of fiduciary","url":"\/64.2-1500\/","token":"64.2\/IV\/A\/15\/64.2-1500","metadata":false},{"id":65653,"structure_id":14225,"section_number":"64.2-1501","catch_line":"Time within which guardian of an estate, conservator, or other fiduciary to invest funds; reasonable diligence required","url":"\/64.2-1501\/","token":"64.2\/IV\/A\/15\/64.2-1501","metadata":false},{"id":55439,"structure_id":14225,"section_number":"64.2-1502","catch_line":"In what securities fiduciaries may invest; definitions","url":"\/64.2-1502\/","token":"64.2\/IV\/A\/15\/64.2-1502","metadata":false},{"id":77131,"structure_id":14225,"section_number":"64.2-1503","catch_line":"Investment in bonds or other obligations issued, guaranteed, or assured by Inter-American Development Bank","url":"\/64.2-1503\/","token":"64.2\/IV\/A\/15\/64.2-1503","metadata":false},{"id":61387,"structure_id":14225,"section_number":"64.2-1504","catch_line":"Investments in municipal bonds by banks or trust companies","url":"\/64.2-1504\/","token":"64.2\/IV\/A\/15\/64.2-1504","metadata":false},{"id":60907,"structure_id":14225,"section_number":"64.2-1505","catch_line":"Investments that cease to be eligible may be retained","url":"\/64.2-1505\/","token":"64.2\/IV\/A\/15\/64.2-1505","metadata":false},{"id":61706,"structure_id":14225,"section_number":"64.2-1506","catch_line":"Investment in mutual fund affiliated with fiduciary","url":"\/64.2-1506\/","token":"64.2\/IV\/A\/15\/64.2-1506","metadata":false}],"previous_section":{"id":77131,"structure_id":14225,"section_number":"64.2-1503","catch_line":"Investment in bonds or other obligations issued, guaranteed, or assured by Inter-American Development Bank","url":"\/64.2-1503\/","token":"64.2\/IV\/A\/15\/64.2-1503","metadata":false},"next_section":{"id":60907,"structure_id":14225,"section_number":"64.2-1505","catch_line":"Investments that cease to be eligible may be retained","url":"\/64.2-1505\/","token":"64.2\/IV\/A\/15\/64.2-1505","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-1504\/","history_text":"

This law was first created in 1988. The record of its establishment is cataloged in chapter 347 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 1988 \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 1999, chapter 772<\/a>; in 2012, chapter 614<\/a>.<\/p>","references":false,"refers_to":[{"id":57841,"section_number":"64.2-780","catch_line":"Definition of terms","order_by":null,"url":"\/64.2-780\/"}],"permalink":{"id":275141,"object_type":"law","relational_id":61387,"identifier":"64.2-1504","token":"64.2\/IV\/A\/15\/64.2-1504","url":"\/64.2-1504\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/64.2-1504\/","token":"64.2\/IV\/A\/15\/64.2-1504","dublin_core":{"Title":"Investments in municipal bonds by banks or trust companies","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-1504","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Subject to the Uniform Prudent Investor Act (\u00a7 64.2-780<\/a> et seq.) and the common law<\/span> duties of a fiduciary<\/span>, unless the governing instrument or a court order<\/span> specifically directs otherwise, a bank or trust company serving as personal representative<\/span>, trustee<\/span>, guardian, agent, or in any other fiduciary<\/span> capacity, may purchase during the existence of any underwriting or selling syndicate any state or municipal security otherwise authorized by this title in spite of the fact<\/span> that the fiduciary<\/span>, or an affiliate thereof under common ownership, participates or has participated as a member of a syndicate underwriting such security if the fiduciary<\/span> purchases the security from another syndicate member or from an affiliate thereof and not from itself or any of its affiliates.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nINVESTMENTS IN MUNICIPAL BONDS BY BANKS OR TRUST COMPANIES (\u00a7 64.2-1504)\n\nSubject to the Uniform Prudent Investor Act (\u00a7 64.2-780 et seq.) and the common\nlaw duties of a fiduciary, unless the governing instrument or a court order\nspecifically directs otherwise, a bank or trust company serving as personal\nrepresentative, trustee, guardian, agent, or in any other fiduciary capacity,\nmay purchase during the existence of any underwriting or selling syndicate any\nstate or municipal security otherwise authorized by this title in spite of the\nfact that the fiduciary, or an affiliate thereof under common ownership,\nparticipates or has participated as a member of a syndicate underwriting such\nsecurity if the fiduciary purchases the security from another syndicate member\nor from an affiliate thereof and not from itself or any of its affiliates.\n\nHISTORY: 1988, c. 347, \u00a7 26-40.2; 1999, c. 772; 2012, c. 614.","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}}