{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/6.2-1111.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/6.2-1111.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/6.2-1111.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/6.2-1111.html"}],"law_id":373637,"edition_id":2,"section_id":373637,"structure_id":53166,"section_number":"6.2-1111","catch_line":"Authority to purchase, convey or manage property in which state savings institution has a security interest; time limitation","history":"Code 1950, \u00a7 6-201.15; 1960, c. 402; 1966, c. 584, \u00a7 6.1-142; 1972, c. 796, \u00a7 6.1-195.16; 1985, c. 425, \u00a7 6.1-194.5; 2010, c. 794.","full_text":"A\n\nA state savings institution may:\n\n1\n\nPurchase at any sale, public or private, any real estate or personal property upon which it has a mortgage, judgment, deed of trust, pledge, lien or other encumbrance or in which it has any interest; and\n\n2\n\nAcquire any real or personal property that is conveyed or transferred to it in full or partial satisfaction, discharge or release of loans for which such property is security.\n\nB\n\nA state savings institution may sell, convey, lease, exchange, improve, repair, mortgage, convey in trust, pledge, or encumber any real or personal property purchased or acquired by it as authorized by subsection A.\n\nC\n\nA state savings institution may invest its funds in or manage or deal in property or invest its funds in or operate a business, when any of these actions are reasonably necessary to avoid loss on a loan or investment previously made or an obligation previously created in good faith. Such property or business shall not be held or operated by the state savings institution for a period in excess of six years unless specifically authorized by the Commissioner.\n\n","order_by":null,"text":{"0":{"id":1394465,"text":"A state savings institution may:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":1394466,"text":"Purchase at any sale, public or private, any real estate or personal property upon which it has a mortgage, judgment, deed of trust, pledge, lien or other encumbrance or in which it has any interest; and","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":1394467,"text":"Acquire any real or personal property that is conveyed or transferred to it in full or partial satisfaction, discharge or release of loans for which such property is security.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"B"},"3":{"id":1394468,"text":"A state savings institution may sell, convey, lease, exchange, improve, repair, mortgage, convey in trust, pledge, or encumber any real or personal property purchased or acquired by it as authorized by subsection A.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A2","next_prefix":"C"},"4":{"id":1394469,"text":"A state savings institution may invest its funds in or manage or deal in property or invest its funds in or operate a business, when any of these actions are reasonably necessary to avoid loss on a loan or investment previously made or an obligation previously created in good faith. Such property or business shall not be held or operated by the state savings institution for a period in excess of six years unless specifically authorized by the Commissioner.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":53166,"edition_id":2,"name":"General Provisions","identifier":"1","label":"article","depth":4,"order_by":1,"parent_id":53165,"metadata":{"child_laws":14,"child_structures":0},"date_created":"2026-08-02 03:11:54","date_modified":"2026-08-02 12:28:02","permalink":{"id":1491105,"object_type":"structure","relational_id":53166,"identifier":"1","token":"6.2\/II\/11\/1","url":"\/6.2\/II\/11\/1\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53165,"edition_id":2,"name":"Savings Institutions","identifier":"11","label":"chapter","depth":3,"order_by":5,"parent_id":53156,"metadata":{"child_laws":106,"child_structures":9},"date_created":"2026-08-02 03:11:54","date_modified":"2026-08-02 12:28:02","permalink":{"id":1491103,"object_type":"structure","relational_id":53165,"identifier":"11","token":"6.2\/II\/11","url":"\/6.2\/II\/11\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53156,"edition_id":2,"name":"Depository Institutions and Trust Organizations","identifier":"II","label":"subtitle","depth":2,"order_by":2,"parent_id":53152,"metadata":{"child_laws":483,"child_structures":51},"date_created":"2026-08-02 03:11:42","date_modified":"2026-08-02 12:27:56","permalink":{"id":1490687,"object_type":"structure","relational_id":53156,"identifier":"II","token":"6.2\/II","url":"\/6.2\/II\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53152,"edition_id":2,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":10,"parent_id":null,"metadata":{"child_laws":961,"child_structures":89},"date_created":"2026-08-02 03:11:41","date_modified":"2026-08-02 12:27:53","permalink":{"id":1490251,"object_type":"structure","relational_id":53152,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":373626,"structure_id":53166,"section_number":"6.2-1100","catch_line":"Definitions","url":"\/6.2-1100\/","token":"6.2\/II\/11\/1\/6.2-1100","metadata":false},{"id":373627,"structure_id":53166,"section_number":"6.2-1101","catch_line":"Construction and application of chapter","url":"\/6.2-1101\/","token":"6.2\/II\/11\/1\/6.2-1101","metadata":{"court_decisions":""}},{"id":373628,"structure_id":53166,"section_number":"6.2-1102","catch_line":"Associations operating share accumulation loan plans; continued operation","url":"\/6.2-1102\/","token":"6.2\/II\/11\/1\/6.2-1102","metadata":false},{"id":373629,"structure_id":53166,"section_number":"6.2-1103","catch_line":"Prohibitions on conduct of savings institution business; exceptions; penalty","url":"\/6.2-1103\/","token":"6.2\/II\/11\/1\/6.2-1103","metadata":false},{"id":373630,"structure_id":53166,"section_number":"6.2-1104","catch_line":"False statements and similar actions prohibited; penalty","url":"\/6.2-1104\/","token":"6.2\/II\/11\/1\/6.2-1104","metadata":false},{"id":373631,"structure_id":53166,"section_number":"6.2-1105","catch_line":"Use of savings institution name, logo, or symbol for marketing purposes; penalty","url":"\/6.2-1105\/","token":"6.2\/II\/11\/1\/6.2-1105","metadata":false},{"id":373632,"structure_id":53166,"section_number":"6.2-1106","catch_line":"Prohibitions on the use of certain terms; exceptions; penalty","url":"\/6.2-1106\/","token":"6.2\/II\/11\/1\/6.2-1106","metadata":false},{"id":373633,"structure_id":53166,"section_number":"6.2-1107","catch_line":"Defamation of savings institutions and certain federal agencies prohibited; penalty","url":"\/6.2-1107\/","token":"6.2\/II\/11\/1\/6.2-1107","metadata":false},{"id":373634,"structure_id":53166,"section_number":"6.2-1108","catch_line":"Membership in Federal Home Loan Bank and Federal Deposit Insurance Corporation authorized; insurance required as a condition to receiving deposits; representations that accounts are insured; misleading advertisements","url":"\/6.2-1108\/","token":"6.2\/II\/11\/1\/6.2-1108","metadata":false},{"id":373635,"structure_id":53166,"section_number":"6.2-1109","catch_line":"Representations that accounts are insured; misleading advertisements","url":"\/6.2-1109\/","token":"6.2\/II\/11\/1\/6.2-1109","metadata":false},{"id":373636,"structure_id":53166,"section_number":"6.2-1110","catch_line":"Membership in facilitating organizations or instrumentalities","url":"\/6.2-1110\/","token":"6.2\/II\/11\/1\/6.2-1110","metadata":false},{"id":373637,"structure_id":53166,"section_number":"6.2-1111","catch_line":"Authority to purchase, convey or manage property in which state savings institution has a security interest; time limitation","url":"\/6.2-1111\/","token":"6.2\/II\/11\/1\/6.2-1111","metadata":false},{"id":373638,"structure_id":53166,"section_number":"6.2-1112","catch_line":"Applicability of Virginia Uniform Commercial Code to commercial paper and depository activities of savings institutions","url":"\/6.2-1112\/","token":"6.2\/II\/11\/1\/6.2-1112","metadata":false},{"id":373639,"structure_id":53166,"section_number":"6.2-1113","catch_line":"Discoverability or admissibility of compliance review committee documents","url":"\/6.2-1113\/","token":"6.2\/II\/11\/1\/6.2-1113","metadata":false}],"previous_section":{"id":373636,"structure_id":53166,"section_number":"6.2-1110","catch_line":"Membership in facilitating organizations or instrumentalities","url":"\/6.2-1110\/","token":"6.2\/II\/11\/1\/6.2-1110","metadata":false},"next_section":{"id":373638,"structure_id":53166,"section_number":"6.2-1112","catch_line":"Applicability of Virginia Uniform Commercial Code to commercial paper and depository activities of savings institutions","url":"\/6.2-1112\/","token":"6.2\/II\/11\/1\/6.2-1112","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1111\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 5 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1960, chapter 402; in 1966, chapter 584; in 1972, chapter 796; in 1985, chapter 425; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1491151,"object_type":"law","relational_id":373637,"identifier":"6.2-1111","token":"6.2\/II\/11\/1\/6.2-1111","url":"\/6.2-1111\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/6.2-1111\/","token":"6.2\/II\/11\/1\/6.2-1111","dublin_core":{"Title":"Authority to purchase, convey or manage property in which state savings institution has a security interest; time limitation","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1111","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A state savings institution<\/span> may: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Purchase at any sale, public or private, any real estate or personal property upon which it has a mortgage, judgment<\/span>, deed of trust, pledge, lien<\/span> or other encumbrance or in which it has any interest; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Acquire any real or personal property that is conveyed or transferred to it in full or partial satisfaction, discharge or release of loans for which such property is security. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> A state savings institution<\/span> may sell, convey, lease, exchange, improve, repair, mortgage, convey in trust, pledge, or encumber any real or personal property purchased or acquired by it as authorized by subsection A. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> A state savings institution<\/span> may invest its funds in or manage or deal in property or invest its funds in or operate a business, when any of these actions are reasonably necessary to avoid loss on a loan or investment previously made or an obligation previously created in good faith. Such property or business shall not be held or operated by the state savings institution<\/span> for a period in excess of six years unless specifically authorized by the Commissioner<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nAUTHORITY TO PURCHASE, CONVEY OR MANAGE PROPERTY IN WHICH STATE SAVINGS\nINSTITUTION HAS A SECURITY INTEREST; TIME LIMITATION (\u00a7 6.2-1111)\n\nA. A state savings institution may:\n\n 1. Purchase at any sale, public or private, any real estate or personal\n property upon which it has a mortgage, judgment, deed of trust, pledge, lien\n or other encumbrance or in which it has any interest; and\n\n 2. Acquire any real or personal property that is conveyed or transferred to it\n in full or partial satisfaction, discharge or release of loans for which such\n property is security.\n\nB. A state savings institution may sell, convey, lease, exchange, improve,\nrepair, mortgage, convey in trust, pledge, or encumber any real or personal\nproperty purchased or acquired by it as authorized by subsection A.\n\nC. A state savings institution may invest its funds in or manage or deal in\nproperty or invest its funds in or operate a business, when any of these actions\nare reasonably necessary to avoid loss on a loan or investment previously made\nor an obligation previously created in good faith. Such property or business\nshall not be held or operated by the state savings institution for a period in\nexcess of six years unless specifically authorized by the Commissioner.\n\nHISTORY: Code 1950, \u00a7 6-201.15; 1960, c. 402; 1966, c. 584, \u00a7 6.1-142; 1972,\nc. 796, \u00a7 6.1-195.16; 1985, c. 425, \u00a7 6.1-194.5; 2010, c. 794.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}