§ 6.2-1008. (Effective October 1, 2010) Dealings with self or affiliates.
A. No trust institution shall buy any property for a trust or estate fromitself, or a department or branch thereof, or from an affiliate or subsidiarycorporation, or from a director, officer, or employee of such trustinstitution. Any such purchase shall be voidable at the election of anybeneficiary or successor trustee, unless (i) approved by an appropriatecourt, (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 toitself, or a department or branch of such trust institution, or to anaffiliate or subsidiary corporation, or to a director, officer, or employeeof 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 andvoidable at the election of any beneficiary or successor trustee.
C. Notwithstanding the provisions of subsections A and B, a trustinstitution, as fiduciary of one estate or trust, may buy or sell from or toitself, as fiduciary of another estate or trust, assets which at the time ofsale are permissible fiduciary investments under Title 26, if the transactionis fair to both estates or trusts and is not prohibited by the terms of anyinstrument under which the fiduciary is acting.
(Code 1950, § 6-102; 1966, c. 584, § 6.1-24; 1974, c. 665; 1991, c. 252;2010, c. 794.)
§ 6.2-1008. (Effective October 1, 2010) Dealings with self or affiliates.
A. No trust institution shall buy any property for a trust or estate fromitself, or a department or branch thereof, or from an affiliate or subsidiarycorporation, or from a director, officer, or employee of such trustinstitution. Any such purchase shall be voidable at the election of anybeneficiary or successor trustee, unless (i) approved by an appropriatecourt, (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 toitself, or a department or branch of such trust institution, or to anaffiliate or subsidiary corporation, or to a director, officer, or employeeof 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 andvoidable at the election of any beneficiary or successor trustee.
C. Notwithstanding the provisions of subsections A and B, a trustinstitution, as fiduciary of one estate or trust, may buy or sell from or toitself, as fiduciary of another estate or trust, assets which at the time ofsale are permissible fiduciary investments under Title 26, if the transactionis fair to both estates or trusts and is not prohibited by the terms of anyinstrument under which the fiduciary is acting.
(Code 1950, § 6-102; 1966, c. 584, § 6.1-24; 1974, c. 665; 1991, c. 252;2010, c. 794.)
§ 6.2-1008. (Effective October 1, 2010) Dealings with self or affiliates.
A. No trust institution shall buy any property for a trust or estate fromitself, or a department or branch thereof, or from an affiliate or subsidiarycorporation, or from a director, officer, or employee of such trustinstitution. Any such purchase shall be voidable at the election of anybeneficiary or successor trustee, unless (i) approved by an appropriatecourt, (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 toitself, or a department or branch of such trust institution, or to anaffiliate or subsidiary corporation, or to a director, officer, or employeeof 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 andvoidable at the election of any beneficiary or successor trustee.
C. Notwithstanding the provisions of subsections A and B, a trustinstitution, as fiduciary of one estate or trust, may buy or sell from or toitself, as fiduciary of another estate or trust, assets which at the time ofsale are permissible fiduciary investments under Title 26, if the transactionis fair to both estates or trusts and is not prohibited by the terms of anyinstrument under which the fiduciary is acting.
(Code 1950, § 6-102; 1966, c. 584, § 6.1-24; 1974, c. 665; 1991, c. 252;2010, c. 794.)
