6.1-17 - (Repealed effective October 1, 2010) Powers of banks and trust companies; national banks as fiduciaries.
§ 6.1-17. (Repealed effective October 1, 2010) Powers of banks and trustcompanies; national banks as fiduciaries.
All banks that are authorized to do a trust business, and all trust companiesheretofore and hereafter chartered, shall have the following rights, powersand privileges, and shall be subject to the following regulations andrestrictions:
(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, bodypolitic or corporate, and in such capacity to receive and disburse money; totransfer, register and countersign certificates of stock, bonds or otherevidences of indebtedness, and to act as agent of any corporation, foreign ordomestic, for any lawful purpose.
(3) To act as trustee under any mortgage or bond issued by an individual,municipality, body politic or corporate, and accept and execute any othermunicipal or corporate trust not inconsistent with the laws of thisCommonwealth.
(4) To accept trusts from and execute trusts for married women, in respect totheir separate property, and to be their agent in the management of suchproperty, or to transact any business in relation thereto.
(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, corporation or party.
(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, and itshall be accountable to all parties in interest for the faithful discharge ofevery 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 or persons, or any body politic or corporate,or by other 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.
(8) To act as executor under the last will and testament or administrator ofthe estate of any deceased person; or as guardian of the person or of theestate of any infant; or as guardian, or conservator of any incapacitatedperson or habitual drunkard or any person who by reason of advanced age orimpaired health or physical disability has become mentally or physicallyincapable of taking proper care of his person or properly handling andmanaging his estate, or trustee or committee for any convict in thepenitentiary, under appointment of any circuit court, judge or clerk thereof,having jurisdiction of the estate of such deceased person or other person. Inthe case of qualification before or after July 1, 1984, if the order ofqualification of a bank as committee or guardian fails to specify that thebank is to be guardian or committee of the person, it shall be deemed aqualification solely as committee, conservator or guardian of the estate.
Nothing in this section shall ever be construed as authorizing the creationof a trust not lawful as between individuals nor to prohibit the deposit offunds by court and fiduciaries in banks of deposit and discount and savingsbanks.
All national banks which have been, or hereafter may be, permitted by law toact as trustee and in other fiduciary capacities, shall have the rights,powers, privileges and immunities conferred upon trust companies by thischapter.
(Code 1950, §§ 6-94, 6-104; 1966, c. 584; 1984, c. 172; 1993, c. 432; 1997,c. 801.)