§ 6.2-1002. (Effective October 1, 2010) Powers of trust institutions.
A. All banks that are authorized to do a trust business and all trustcompanies shall have the following rights, powers, and privileges, and shallbe subject to the following regulations and restrictions:
1. To act as agent for any person, corporation, municipality, or state, forthe collection or disbursement of interest, or income or principal ofsecurities;
2. To act as the fiscal or transfer agent of any state, municipality, or bodypolitic or corporate, and in such capacity to receive and disburse money; totransfer, register, and countersign certificates of stock, bonds, or otherevidences of indebtedness;
3. To act as agent of any corporation, foreign or domestic, for any lawfulpurpose;
4. To act as trustee under any mortgage or bond issued by an individual,municipality, or body politic or corporate, and to accept and execute anyother municipal or corporate trust not inconsistent with the laws of theCommonwealth;
5. To act as guardian, receiver, or trustee of the estate of any minor and asdepository of any money paid into court, whether for the benefit of any minoror other person;
6. To take, accept, and execute any and all such lawful trusts, duties, andpowers in regard to the holding and management and disposition of any estate,real and personal, and the rents and profits thereof, or the sale or leasethereof, as may be granted or confided to it by any circuit court, judge, orclerk, or by any person, corporation, municipality, or other authority, andit shall be accountable to all parties in interest for the faithful dischargeof every such trust, duty, or power which it may so accept;
7. To take, accept, and execute any and all such trusts and powers, ofwhatever nature and description, as may be conferred upon or entrusted orcommitted to it by any person, including any body politic or corporate orother authority, by grant, assignment, transfer, devise, bequest, orotherwise or as may be entrusted or committed or transferred to it or vestedin it by order of any circuit court, judge, or clerk, and to receive and holdany property or estate, real or personal, which may be the subject of anysuch trust; and
8. To act as:
a. Executor under the last will and testament or administrator of the estateof any deceased person, under appointment of any circuit court, judge, orclerk thereof, having jurisdiction of the estate of such deceased person;
b. Guardian of the person or of the estate of any infant, guardian orconservator of any incapacitated person, habitual drunkard, or person who byreason of advanced age or impaired health or physical disability has becomementally or physically incapable of taking proper care of his person orproperly handling and managing his estate, under appointment of any circuitcourt, judge, or clerk thereof, having jurisdiction of the estate of suchperson; or
c. Trustee or committee for any convict in the penitentiary, underappointment of any circuit court, judge, or clerk thereof, havingjurisdiction of the estate of such person.
B. Nothing in this section shall ever be construed as authorizing thecreation of a trust not lawful as between individuals nor to prohibit thedeposit of funds by court and fiduciaries in banks of deposit and discountand savings banks.
C. Every trust company doing business in the Commonwealth is authorizedtemporarily to suspend its usual business during a period of actual orthreatened enemy attack, civil insurrection, or riot, affecting the communityin which such institution is doing business or other emergency justifyingtemporary closing, such as fire, flood, or hurricane.
(Code 1950, §§ 6-30, 6-94, 6-104; 1966, c. 584, §§ 6.1-12, 6.1-17; 1970, c.15; 1974, c. 286, § 6.1-32.10; 1984, c. 172; 1993, c. 432; 1997, c. 801;2010, c. 794.)
§ 6.2-1002. (Effective October 1, 2010) Powers of trust institutions.
A. All banks that are authorized to do a trust business and all trustcompanies shall have the following rights, powers, and privileges, and shallbe subject to the following regulations and restrictions:
1. To act as agent for any person, corporation, municipality, or state, forthe collection or disbursement of interest, or income or principal ofsecurities;
2. To act as the fiscal or transfer agent of any state, municipality, or bodypolitic or corporate, and in such capacity to receive and disburse money; totransfer, register, and countersign certificates of stock, bonds, or otherevidences of indebtedness;
3. To act as agent of any corporation, foreign or domestic, for any lawfulpurpose;
4. To act as trustee under any mortgage or bond issued by an individual,municipality, or body politic or corporate, and to accept and execute anyother municipal or corporate trust not inconsistent with the laws of theCommonwealth;
5. To act as guardian, receiver, or trustee of the estate of any minor and asdepository of any money paid into court, whether for the benefit of any minoror other person;
6. To take, accept, and execute any and all such lawful trusts, duties, andpowers in regard to the holding and management and disposition of any estate,real and personal, and the rents and profits thereof, or the sale or leasethereof, as may be granted or confided to it by any circuit court, judge, orclerk, or by any person, corporation, municipality, or other authority, andit shall be accountable to all parties in interest for the faithful dischargeof every such trust, duty, or power which it may so accept;
7. To take, accept, and execute any and all such trusts and powers, ofwhatever nature and description, as may be conferred upon or entrusted orcommitted to it by any person, including any body politic or corporate orother authority, by grant, assignment, transfer, devise, bequest, orotherwise or as may be entrusted or committed or transferred to it or vestedin it by order of any circuit court, judge, or clerk, and to receive and holdany property or estate, real or personal, which may be the subject of anysuch trust; and
8. To act as:
a. Executor under the last will and testament or administrator of the estateof any deceased person, under appointment of any circuit court, judge, orclerk thereof, having jurisdiction of the estate of such deceased person;
b. Guardian of the person or of the estate of any infant, guardian orconservator of any incapacitated person, habitual drunkard, or person who byreason of advanced age or impaired health or physical disability has becomementally or physically incapable of taking proper care of his person orproperly handling and managing his estate, under appointment of any circuitcourt, judge, or clerk thereof, having jurisdiction of the estate of suchperson; or
c. Trustee or committee for any convict in the penitentiary, underappointment of any circuit court, judge, or clerk thereof, havingjurisdiction of the estate of such person.
B. Nothing in this section shall ever be construed as authorizing thecreation of a trust not lawful as between individuals nor to prohibit thedeposit of funds by court and fiduciaries in banks of deposit and discountand savings banks.
C. Every trust company doing business in the Commonwealth is authorizedtemporarily to suspend its usual business during a period of actual orthreatened enemy attack, civil insurrection, or riot, affecting the communityin which such institution is doing business or other emergency justifyingtemporary closing, such as fire, flood, or hurricane.
(Code 1950, §§ 6-30, 6-94, 6-104; 1966, c. 584, §§ 6.1-12, 6.1-17; 1970, c.15; 1974, c. 286, § 6.1-32.10; 1984, c. 172; 1993, c. 432; 1997, c. 801;2010, c. 794.)
§ 6.2-1002. (Effective October 1, 2010) Powers of trust institutions.
A. All banks that are authorized to do a trust business and all trustcompanies shall have the following rights, powers, and privileges, and shallbe subject to the following regulations and restrictions:
1. To act as agent for any person, corporation, municipality, or state, forthe collection or disbursement of interest, or income or principal ofsecurities;
2. To act as the fiscal or transfer agent of any state, municipality, or bodypolitic or corporate, and in such capacity to receive and disburse money; totransfer, register, and countersign certificates of stock, bonds, or otherevidences of indebtedness;
3. To act as agent of any corporation, foreign or domestic, for any lawfulpurpose;
4. To act as trustee under any mortgage or bond issued by an individual,municipality, or body politic or corporate, and to accept and execute anyother municipal or corporate trust not inconsistent with the laws of theCommonwealth;
5. To act as guardian, receiver, or trustee of the estate of any minor and asdepository of any money paid into court, whether for the benefit of any minoror other person;
6. To take, accept, and execute any and all such lawful trusts, duties, andpowers in regard to the holding and management and disposition of any estate,real and personal, and the rents and profits thereof, or the sale or leasethereof, as may be granted or confided to it by any circuit court, judge, orclerk, or by any person, corporation, municipality, or other authority, andit shall be accountable to all parties in interest for the faithful dischargeof every such trust, duty, or power which it may so accept;
7. To take, accept, and execute any and all such trusts and powers, ofwhatever nature and description, as may be conferred upon or entrusted orcommitted to it by any person, including any body politic or corporate orother authority, by grant, assignment, transfer, devise, bequest, orotherwise or as may be entrusted or committed or transferred to it or vestedin it by order of any circuit court, judge, or clerk, and to receive and holdany property or estate, real or personal, which may be the subject of anysuch trust; and
8. To act as:
a. Executor under the last will and testament or administrator of the estateof any deceased person, under appointment of any circuit court, judge, orclerk thereof, having jurisdiction of the estate of such deceased person;
b. Guardian of the person or of the estate of any infant, guardian orconservator of any incapacitated person, habitual drunkard, or person who byreason of advanced age or impaired health or physical disability has becomementally or physically incapable of taking proper care of his person orproperly handling and managing his estate, under appointment of any circuitcourt, judge, or clerk thereof, having jurisdiction of the estate of suchperson; or
c. Trustee or committee for any convict in the penitentiary, underappointment of any circuit court, judge, or clerk thereof, havingjurisdiction of the estate of such person.
B. Nothing in this section shall ever be construed as authorizing thecreation of a trust not lawful as between individuals nor to prohibit thedeposit of funds by court and fiduciaries in banks of deposit and discountand savings banks.
C. Every trust company doing business in the Commonwealth is authorizedtemporarily to suspend its usual business during a period of actual orthreatened enemy attack, civil insurrection, or riot, affecting the communityin which such institution is doing business or other emergency justifyingtemporary closing, such as fire, flood, or hurricane.
(Code 1950, §§ 6-30, 6-94, 6-104; 1966, c. 584, §§ 6.1-12, 6.1-17; 1970, c.15; 1974, c. 286, § 6.1-32.10; 1984, c. 172; 1993, c. 432; 1997, c. 801;2010, c. 794.)
