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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>79790</law_id><section_number>6.2-924</section_number><catch_line>Power of receivers to contract for loans and make investments</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>6.2-1038</reference></referred_to_by><structure><unit label="title" level="1" order_by="1" identifier="6.2">Financial Institutions and Services</unit><unit label="subtitle" level="2" order_by="1" identifier="II">Depository Institutions and Trust Organizations</unit><unit label="chapter" level="3" order_by="1" identifier="8">Banks</unit><unit label="article" level="4" order_by="1" identifier="13">Receiverships</unit></structure><text>
						<section id="A"><p><span class="prefix-number">A.</span> Any <span class="dictionary">court</span> in the Commonwealth that has <span class="dictionary">jurisdiction</span> to appoint receivers, in its discretion, may authorize any receiver appointed by such <span class="dictionary">court</span> for any <span class="dictionary">bank</span> or trust company, pursuant to the provisions of this article: <a id="paragraph-285867" class="section-permalink" href="https://vacode.org/6.2-924/#A"><i class="fa fa-link"/></a></p></section>
						<section id="A1" class="indent-1"><p><span class="prefix-number">1.</span> To apply and <span class="dictionary">contract</span> for a loan from any corporation or agency that is (i) organized or provided for by, or pursuant to, federal <span class="dictionary">law</span> and (ii) authorized, among other purposes, to make loans upon the application of the receiver or liquidating agent of any <span class="dictionary">bank</span> that is closed, or in process of <span class="dictionary">liquidation</span>, secured by the <span class="dictionary">assets</span> of any such <span class="dictionary">bank</span>, and if such loan is for the purpose of aiding in the reorganization or <span class="dictionary">liquidation</span> of any such <span class="dictionary">bank</span>, secured by the payment of liquidating dividends from the proceeds thereof; and <a id="paragraph-285868" class="section-permalink" href="https://vacode.org/6.2-924/#A1"><i class="fa fa-link"/></a></p></section>
						<section id="A2" class="indent-1"><p><span class="prefix-number">2.</span> To secure any loan described in subdivision 1 by the pledge, hypothecation or mortgage of any or all of the <span class="dictionary">assets</span> of the <span class="dictionary">bank</span> or trust company, or in such other manner as such <span class="dictionary">court</span>, in its discretion, may authorize. <a id="paragraph-285869" class="section-permalink" href="https://vacode.org/6.2-924/#A2"><i class="fa fa-link"/></a></p></section>
						<section id="B"><p><span class="prefix-number">B.</span> Any such <span class="dictionary">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 <span class="dictionary">bonds</span> of the United States or of the Commonwealth. <a id="paragraph-285870" class="section-permalink" href="https://vacode.org/6.2-924/#B"><i class="fa fa-link"/></a></p></section></text><history>Code 1950, &#xA7; 6-81; 1966, c. 584, &#xA7; 6.1-110; 2010, c. 794.</history><metadata></metadata></law>
