{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/64.2-1506.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/64.2-1506.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/64.2-1506.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/64.2-1506.html"}],"law_id":61706,"edition_id":1,"section_id":61706,"structure_id":14225,"section_number":"64.2-1506","catch_line":"Investment in mutual fund affiliated with fiduciary","history":"1990, c. 66, \u00a7 26-44.1; 1992, c. 684; 2012, c. 614.","full_text":"Unless prohibited or otherwise limited by the instrument under which a fiduciary is acting, including a fiduciary of an agency account, the fiduciary may invest in a mutual company, investment trust, or investment company sponsored, advised, or sold by the fiduciary or an affiliate if the investment is otherwise appropriate as an investment. In such case, the fiduciary shall not take a commission as fiduciary to the extent that the fiduciary, or its affiliate or division, receive compensation for services relating to advice or services to such mutual fund, investment trust, or investment company, unless (i) otherwise expressly agreed in writing by the creator of the trust or affected beneficiary or (ii) the fiduciary discloses by statement, prospectus, or otherwise to all current income beneficiaries of an account the rate, formula, or other method by which the compensation received or to be received by the fiduciary or affiliate or division of the fiduciary for such advice and services is determined. In such case, the compensation for such advice and services shall not exceed the customary or prevailing amount that is charged by a fiduciary, or its affiliate or division, for providing comparable advice and services for the benefit of nonfiduciary accounts.","order_by":null,"text":{"0":{"id":225314,"text":"Unless prohibited or otherwise limited by the instrument under which a fiduciary is acting, including a fiduciary of an agency account, the fiduciary may invest in a mutual company, investment trust, or investment company sponsored, advised, or sold by the fiduciary or an affiliate if the investment is otherwise appropriate as an investment. In such case, the fiduciary shall not take a commission as fiduciary to the extent that the fiduciary, or its affiliate or division, receive compensation for services relating to advice or services to such mutual fund, investment trust, or investment company, unless (i) otherwise expressly agreed in writing by the creator of the trust or affected beneficiary or (ii) the fiduciary discloses by statement, prospectus, or otherwise to all current income beneficiaries of an account the rate, formula, or other method by which the compensation received or to be received by the fiduciary or affiliate or division of the fiduciary for such advice and services is determined. In such case, the compensation for such advice and services shall not exceed the customary or prevailing amount that is charged by a fiduciary, or its affiliate or division, for providing comparable advice and services for the benefit of nonfiduciary accounts.","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":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\/64.2-1506\/","history_text":"

This law was first created in 1990. The record of its establishment is cataloged in chapter 66 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 1990 \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 1992, chapter 684; in 2012, chapter 614<\/a>.<\/p>","references":[{"id":66009,"section_number":"54.1-2318","catch_line":"Application of Part A (\u00a7 64.2-1200 et seq.) of Subtitle IV of Title 64.2","order_by":null,"url":"\/54.1-2318\/"},{"id":70345,"section_number":"57-39.22","catch_line":"Certain representations unlawful; perpetual care trust fund required","order_by":null,"url":"\/57-39.22\/"},{"id":65653,"section_number":"64.2-1501","catch_line":"Time within which guardian of an estate, conservator, or other fiduciary to invest funds; reasonable diligence required","order_by":null,"url":"\/64.2-1501\/"},{"id":58429,"section_number":"64.2-764","catch_line":"Duty of loyalty","order_by":null,"url":"\/64.2-764\/"}],"refers_to":false,"permalink":{"id":275149,"object_type":"law","relational_id":61706,"identifier":"64.2-1506","token":"64.2\/IV\/A\/15\/64.2-1506","url":"\/64.2-1506\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/64.2-1506\/","token":"64.2\/IV\/A\/15\/64.2-1506","dublin_core":{"Title":"Investment in mutual fund affiliated with fiduciary","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-1506","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Unless prohibited or otherwise limited by the instrument under which a fiduciary<\/span> is acting, including a fiduciary<\/span> of an agency account, the fiduciary<\/span> may invest in a mutual company, investment trust, or investment company sponsored, advised, or sold by the fiduciary<\/span> or an affiliate if the investment is otherwise appropriate as an investment. In such case, the fiduciary<\/span> shall not take a commission as fiduciary<\/span> to the extent that the fiduciary<\/span>, or its affiliate or division, receive compensation for services relating to advice or services to such mutual fund, investment trust, or investment company, unless (i) otherwise expressly agreed in writing by the creator of the trust or affected beneficiary or (ii) the fiduciary<\/span> discloses by statement, prospectus, or otherwise to all current income beneficiaries of an account the rate, formula, or other method by which the compensation received or to be received by the fiduciary<\/span> or affiliate or division of the fiduciary<\/span> for such advice and services is determined. In such case, the compensation for such advice and services shall not exceed the customary or prevailing amount that is charged by a fiduciary<\/span>, or its affiliate or division, for providing comparable advice and services for the benefit of nonfiduciary accounts.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nINVESTMENT IN MUTUAL FUND AFFILIATED WITH FIDUCIARY (\u00a7 64.2-1506)\n\nUnless prohibited or otherwise limited by the instrument under which a fiduciary\nis acting, including a fiduciary of an agency account, the fiduciary may invest\nin a mutual company, investment trust, or investment company sponsored, advised,\nor sold by the fiduciary or an affiliate if the investment is otherwise\nappropriate as an investment. In such case, the fiduciary shall not take a\ncommission as fiduciary to the extent that the fiduciary, or its affiliate or\ndivision, receive compensation for services relating to advice or services to\nsuch mutual fund, investment trust, or investment company, unless (i) otherwise\nexpressly agreed in writing by the creator of the trust or affected beneficiary\nor (ii) the fiduciary discloses by statement, prospectus, or otherwise to all\ncurrent income beneficiaries of an account the rate, formula, or other method by\nwhich the compensation received or to be received by the fiduciary or affiliate\nor division of the fiduciary for such advice and services is determined. In such\ncase, the compensation for such advice and services shall not exceed the\ncustomary or prevailing amount that is charged by a fiduciary, or its affiliate\nor division, for providing comparable advice and services for the benefit of\nnonfiduciary accounts.\n\nHISTORY: 1990, c. 66, \u00a7 26-44.1; 1992, c. 684; 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}}