6.2-1083 - (Effective October 1, 2010) Commission to issue certificate; powers of associations authorized to offer trust services.
§ 6.2-1083. (Effective October 1, 2010) Commission to issue certificate;powers of associations authorized to offer trust services.
A. Upon granting the application of an association to exercise trust powers,the Commission shall issue a certificate authorizing the association oraffiliate to exercise trust powers and offer fiduciary services. Unless suchcertificate otherwise provides, such association shall have the followingrights, powers, and privileges, and shall be subject to the followingregulations and restrictions:
1. To act as agent for any person, including any locality or state, for thecollection or disbursement of interest, or income or principal of securities;
2. To act as the fiscal or transfer agent of any state, locality, or otherbody public or corporate, and in such capacity to receive and disburse money,to transfer, 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 deed of trust, mortgage, or bond issued by anindividual, municipality, or body politic or corporate, and to accept andexecute any other municipal or corporate trust not inconsistent with the lawsof the Commonwealth;
5. To act as a guardian, conservator, as a custodian under the UniformTransfers to Minors Act (§ 31-37 et seq.), and as depository of any moneypaid into court, whether for the benefit of a person under a disability orother person;
6. To take, accept, and execute any and all trusts and powers, of whatevernature and description, as may be conferred upon or entrusted or committed toit by any person, or any body politic or corporate, or by other authority, bygrant, assignment, transfer, devise, bequest, or otherwise or as may beentrusted or committed or transferred to it or vested in it by order of anycircuit court, judge, or clerk; to receive and hold any property or estate,real or personal, which may be the subject of any such trust; and to beaccountable to all parties in interest for the faithful discharge of everysuch trust, duty, or power which it may so accept; and
7. To act as executor under the last will and testament, or administrator ofthe estate, of any deceased person, under appointment of any circuit court,judge, or clerk thereof, having jurisdiction of the estate of such deceasedperson.
B. Nothing in this chapter shall be construed as authorizing the creation ofa trust not lawful as between individuals, nor to prohibit the deposit offunds by courts and fiduciaries in savings and loan associations and savingsbanks.
C. All rights, powers, and privileges, and all regulations, restrictions, andlimitations, granted to or made applicable to associations by the provisionsof this chapter shall likewise apply to any affiliate of an association whichis authorized by the Commission to exercise trust powers. Any such affiliateshall be organized and operated solely for the purpose of offering trustservices pursuant to the provisions of this chapter.
D. All federal savings and loan associations and federal savings banks, thathave been, or hereafter may be, permitted by law to act in any fiduciarycapacity, shall have the rights, powers, privileges, and immunities conferredby this chapter to the extent permitted by federal law.
(1984, c. 303, § 6.1-195.80; 1997, c. 801; 2010, c. 794.)