§ 6.2-1000. (Effective October 1, 2010) Definitions.
As used in this chapter, unless the context requires otherwise:
"Affiliated trust company" means a trust company that is controlled by atrust company holding company.
"Trust business" means the holding out by a person or legal entity to thepublic at large by advertising, solicitation or other means that the personor legal entity is available to act as a fiduciary in the Commonwealth or isaccepting and undertaking to perform the duties of a fiduciary in the regularcourse of its business. A person does not engage in trust business by:
1. Rendering services as an attorney at law in the performance of duties as afiduciary;
2. Rendering services as a certified or registered public accountant in theperformance of duties as such;
3. Acting as trustee under a deed of trust made only as security for thepayment of money or for the performance of another act;
4. Acting as a trustee in bankruptcy or as a receiver;
5. Holding trusts of real estate for the primary purpose of subdivision,development or sale, or to facilitate any business transaction with respectto such real estate;
6. Engaging in the business of an escrow agent;
7. Holding assets as trustee of a trust created for charitable purposes if:
a. The trustee is an entity exempt from federal income tax under § 501(c) (3)of the Internal Revenue Code; and
b. The trust is (i) exempt from federal income taxes under § 501(c) (3) ofthe Internal Revenue Code; (ii) a charitable remainder trust described in §664 of the Internal Revenue Code; (iii) a pooled income fund described in §642(c) (5) of the Internal Revenue Code; or (iv) a trust the charitableinterest in which is either a guaranteed annuity or a fixed percentagedistributed yearly of the fair market value of the trust property, describedin § 2055(e) (2) (B) or § 2522(c) (2) (B) of the Internal Revenue Code;
8. Receiving rents and proceeds of sale as a licensed real estate broker onbehalf of the principal; or
9. Engaging in securities transactions as a broker-dealer or salesman.
"Trust company" means a corporation, including an affiliated trust company,that is authorized to engage in the trust business under Article 2 (§6.2-1013 et seq.) of this chapter, the powers of which are expresslyrestricted to the conduct of trust business.
"Trust company holding company" means a corporation that controls a trustcompany. A trust company holding company shall not be deemed a financialinstitution holding company for any purpose under this title unless itcontrols a financial institution other than an affiliated trust company oranother financial institution holding company.
"Trust institution" means any (i) bank authorized to engage in the trustbusiness, (ii) trust company, or (iii) trust subsidiary.
"Trust subsidiary" or "subsidiary trust company" means a corporationorganized under Chapter 9 (§ 13.1-601 et seq.) of Title 13.1, or anassociation organized under the National Banking Act with its main officelocated in the Commonwealth, that is authorized to transact trust businessand business incidental thereto, but not to accept deposits except asincidental to such trust business.
(1974, c. 286, § 6.1-32.2; 1991, c. 282; 1993, c. 432, §§ 6.1-32.11,6.1-32.12; 1994, c. 524; 1995, c. 140; 1997, c. 801; 2001, c. 717; 2004, c.781; 2010, c. 794.)
§ 6.2-1000. (Effective October 1, 2010) Definitions.
As used in this chapter, unless the context requires otherwise:
"Affiliated trust company" means a trust company that is controlled by atrust company holding company.
"Trust business" means the holding out by a person or legal entity to thepublic at large by advertising, solicitation or other means that the personor legal entity is available to act as a fiduciary in the Commonwealth or isaccepting and undertaking to perform the duties of a fiduciary in the regularcourse of its business. A person does not engage in trust business by:
1. Rendering services as an attorney at law in the performance of duties as afiduciary;
2. Rendering services as a certified or registered public accountant in theperformance of duties as such;
3. Acting as trustee under a deed of trust made only as security for thepayment of money or for the performance of another act;
4. Acting as a trustee in bankruptcy or as a receiver;
5. Holding trusts of real estate for the primary purpose of subdivision,development or sale, or to facilitate any business transaction with respectto such real estate;
6. Engaging in the business of an escrow agent;
7. Holding assets as trustee of a trust created for charitable purposes if:
a. The trustee is an entity exempt from federal income tax under § 501(c) (3)of the Internal Revenue Code; and
b. The trust is (i) exempt from federal income taxes under § 501(c) (3) ofthe Internal Revenue Code; (ii) a charitable remainder trust described in §664 of the Internal Revenue Code; (iii) a pooled income fund described in §642(c) (5) of the Internal Revenue Code; or (iv) a trust the charitableinterest in which is either a guaranteed annuity or a fixed percentagedistributed yearly of the fair market value of the trust property, describedin § 2055(e) (2) (B) or § 2522(c) (2) (B) of the Internal Revenue Code;
8. Receiving rents and proceeds of sale as a licensed real estate broker onbehalf of the principal; or
9. Engaging in securities transactions as a broker-dealer or salesman.
"Trust company" means a corporation, including an affiliated trust company,that is authorized to engage in the trust business under Article 2 (§6.2-1013 et seq.) of this chapter, the powers of which are expresslyrestricted to the conduct of trust business.
"Trust company holding company" means a corporation that controls a trustcompany. A trust company holding company shall not be deemed a financialinstitution holding company for any purpose under this title unless itcontrols a financial institution other than an affiliated trust company oranother financial institution holding company.
"Trust institution" means any (i) bank authorized to engage in the trustbusiness, (ii) trust company, or (iii) trust subsidiary.
"Trust subsidiary" or "subsidiary trust company" means a corporationorganized under Chapter 9 (§ 13.1-601 et seq.) of Title 13.1, or anassociation organized under the National Banking Act with its main officelocated in the Commonwealth, that is authorized to transact trust businessand business incidental thereto, but not to accept deposits except asincidental to such trust business.
(1974, c. 286, § 6.1-32.2; 1991, c. 282; 1993, c. 432, §§ 6.1-32.11,6.1-32.12; 1994, c. 524; 1995, c. 140; 1997, c. 801; 2001, c. 717; 2004, c.781; 2010, c. 794.)
§ 6.2-1000. (Effective October 1, 2010) Definitions.
As used in this chapter, unless the context requires otherwise:
"Affiliated trust company" means a trust company that is controlled by atrust company holding company.
"Trust business" means the holding out by a person or legal entity to thepublic at large by advertising, solicitation or other means that the personor legal entity is available to act as a fiduciary in the Commonwealth or isaccepting and undertaking to perform the duties of a fiduciary in the regularcourse of its business. A person does not engage in trust business by:
1. Rendering services as an attorney at law in the performance of duties as afiduciary;
2. Rendering services as a certified or registered public accountant in theperformance of duties as such;
3. Acting as trustee under a deed of trust made only as security for thepayment of money or for the performance of another act;
4. Acting as a trustee in bankruptcy or as a receiver;
5. Holding trusts of real estate for the primary purpose of subdivision,development or sale, or to facilitate any business transaction with respectto such real estate;
6. Engaging in the business of an escrow agent;
7. Holding assets as trustee of a trust created for charitable purposes if:
a. The trustee is an entity exempt from federal income tax under § 501(c) (3)of the Internal Revenue Code; and
b. The trust is (i) exempt from federal income taxes under § 501(c) (3) ofthe Internal Revenue Code; (ii) a charitable remainder trust described in §664 of the Internal Revenue Code; (iii) a pooled income fund described in §642(c) (5) of the Internal Revenue Code; or (iv) a trust the charitableinterest in which is either a guaranteed annuity or a fixed percentagedistributed yearly of the fair market value of the trust property, describedin § 2055(e) (2) (B) or § 2522(c) (2) (B) of the Internal Revenue Code;
8. Receiving rents and proceeds of sale as a licensed real estate broker onbehalf of the principal; or
9. Engaging in securities transactions as a broker-dealer or salesman.
"Trust company" means a corporation, including an affiliated trust company,that is authorized to engage in the trust business under Article 2 (§6.2-1013 et seq.) of this chapter, the powers of which are expresslyrestricted to the conduct of trust business.
"Trust company holding company" means a corporation that controls a trustcompany. A trust company holding company shall not be deemed a financialinstitution holding company for any purpose under this title unless itcontrols a financial institution other than an affiliated trust company oranother financial institution holding company.
"Trust institution" means any (i) bank authorized to engage in the trustbusiness, (ii) trust company, or (iii) trust subsidiary.
"Trust subsidiary" or "subsidiary trust company" means a corporationorganized under Chapter 9 (§ 13.1-601 et seq.) of Title 13.1, or anassociation organized under the National Banking Act with its main officelocated in the Commonwealth, that is authorized to transact trust businessand business incidental thereto, but not to accept deposits except asincidental to such trust business.
(1974, c. 286, § 6.1-32.2; 1991, c. 282; 1993, c. 432, §§ 6.1-32.11,6.1-32.12; 1994, c. 524; 1995, c. 140; 1997, c. 801; 2001, c. 717; 2004, c.781; 2010, c. 794.)
