Code of Virginia § 6.2-872. For what purpose banks may purchase, hold, and convey real estate.

175 words·~1 min read·/va/title-6-2/chapter-8/6-2-872

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. In addition to the authority provided in § 6.2-873 , every bank incorporated under the laws of the Commonwealth may purchase, hold, and convey the following real estate for the purposes stated and for no other:

1. Real estate that is desirable and prudent for its present or future accommodation in the transaction of its business;

2. Real estate that is mortgaged or otherwise encumbered to it in good faith by way of security for debts contracted;

3. Real estate that is conveyed to it in satisfaction of debts previously contracted in the course of its dealings; and

4. Real estate it purchased at sales under judgments, decrees, mortgages, or deeds of trust held by it, in whole or in part, or purchased to secure debts due to it.

B. Nothing in this section shall affect the validity of the title to any such real estate conveyed or transferred by a bank.

Code 1950, § 6-50; 1966, c. 584, § 6.1-59; 1988, c. 296; 2010, c. 794 ; 2012, cc. 59 , 157 .