                                 CODE OF VIRGINIA

DEALINGS WITH SELF OR AFFILIATES (§ 6.2-1008)

A. No trust institution shall buy any property for a trust or estate from
itself, or a department or branch thereof, or from an affiliate or subsidiary
corporation, or from a director, officer, or employee of such trust institution.
Any such purchase shall be voidable at the election of any beneficiary or
successor trustee, unless (i) approved by an appropriate court, (ii) consented
to by all beneficiaries after full and fair disclosure, (iii) authorized by the
instrument creating the fiduciary relationship, or (iv) permitted by ruling of
the Commissioner.

B. A sale of any trust or fiduciary property by a trust institution to itself,
or a department or branch of such trust institution, or to an affiliate or
subsidiary corporation, or to a director, officer, or employee of such trust
institution, except as (i) approved by an appropriate court, (ii) consented to
by all beneficiaries after full and fair disclosure, (iii) authorized by the
instrument creating the fiduciary relationship, or (iv) permitted by ruling of
the Commissioner, shall be a breach of trust and voidable at the election of any
beneficiary or successor trustee.

C. Notwithstanding the provisions of subsections A and B, a trust institution,
as fiduciary of one estate or trust, may buy or sell from or to itself, as
fiduciary of another estate or trust, assets which at the time of sale are
permissible fiduciary investments under Part A (&#xA7; 64.2-1200 et seq.) of
Subtitle IV of Title 64.2, if the transaction is fair to both estates or trusts
and is not prohibited by the terms of any instrument under which the fiduciary
is acting.

HISTORY: Code 1950, § 6-102; 1966, c. 584, § 6.1-24; 1974, c. 665; 1991, c.
252; 2010, c. 794.