                                 CODE OF VIRGINIA

FOR WHAT PURPOSE BANKS MAY PURCHASE, HOLD, AND CONVEY REAL ESTATE (§ 6.2-872)

A. In addition to the authority provided in § 6.2-873, every bank incorporated
under the laws of the Commonwealth may purchase, hold, and convey the following
real estate for the purposes stated and for no other:

   1. Real estate that is desirable and prudent for its present or future
   accommodation in the transaction of its business;

   2. Real estate that is mortgaged or otherwise encumbered to it in good faith
   by way of security for debts contracted;

   3. Real estate that is conveyed to it in satisfaction of debts previously
   contracted in the course of its dealings; and

   4. Real estate it purchased at sales under judgments, decrees, mortgages, or
   deeds of trust held by it, in whole or in part, or purchased to secure debts
   due to it.

B. Nothing in this section shall affect the validity of the title to any such
real estate conveyed or transferred by a bank.

HISTORY: Code 1950, § 6-50; 1966, c. 584, § 6.1-59; 1988, c. 296; 2010, c.
794; 2012, cc. 59, 157.