§ 6.1-17. Powers of banks and trust companies; national banks as fiduciaries
All banks that are authorized to do a trust business, and all trust companies heretofore and hereafter chartered, shall have the following rights, powers and privileges, and shall be subject to the following regulations and restrictions:
(1) To act as agent for any person, corporation, municipality or state for the collection or disbursement of interest, or income or principal of securities.
(2) To act as the fiscal or transfer agent of any state, municipality, body politic or corporate, and in such capacity to receive and disburse money; to transfer, register and countersign certificates of stock, bonds or other evidences of indebtedness, and to act as agent of any corporation, foreign or domestic, 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 other municipal or corporate trust not inconsistent with the laws of this Commonwealth.
(4) To accept trusts from and execute trusts for married women, in respect to their separate property, and to be their agent in the management of such property, or to transact any business in relation thereto.
(5) To act as guardian, receiver or trustee of the estate of any minor and as depository of any money paid into court, whether for the benefit of any minor or other person, corporation or party.
(6) To take, accept and execute any and all such lawful trusts, duties and powers 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 lease thereof, as may be granted or confided to it by any circuit court, judge or clerk, or by any person, corporation, municipality or other authority, and it shall be accountable to all parties in interest for the faithful discharge of every such trust, duty or power which it may so accept.
(7) To take, accept and execute any and all such trusts and powers, of whatever nature and description, as may be conferred upon or entrusted or committed to it by any person or persons, or any body politic or corporate, or by other authority, by grant, assignment, transfer, devise, bequest or otherwise or as may be entrusted or committed or transferred to it or vested in it by order of any circuit court, judge or clerk, and to receive and hold any property or estate, real or personal, which may be the subject of any such trust.
(8) To act as executor under the last will and testament or administrator of the estate of any deceased person; or as guardian of the person or of the estate of any infant; or as guardian, or conservator of any incapacitated person or habitual drunkard or any person who by reason of advanced age or impaired health or physical disability has become mentally or physically incapable of taking proper care of his person or properly handling and managing his estate, or trustee or committee for any convict in the penitentiary, under appointment of any circuit court, judge or clerk thereof, having jurisdiction of the estate of such deceased person or other person. In the case of qualification before or after July 1, 1984, if the order of qualification of a bank as committee or guardian fails to specify that the bank is to be guardian or committee of the person, it shall be deemed a qualification solely as committee, conservator or guardian of the estate.
Nothing in this section shall ever be construed as authorizing the creation of a trust not lawful as between individuals nor to prohibit the deposit of funds by court and fiduciaries in banks of deposit and discount and savings banks.
All national banks which have been, or hereafter may be, permitted by law to act as trustee and in other fiduciary capacities, shall have the rights, powers, privileges and immunities conferred upon trust companies by this chapter.
(Code 1950, §§ 6-94, 6-104; 1966, c. 584; 1984, c. 172; 1993, c. 432; 1997, c. 801.)
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