                                 CODE OF VIRGINIA

DEFINITIONS (§ 6.2-1000)

As used in this chapter, unless the context requires
otherwise:		&#8220;Affiliated trust company&#8221; means a trust company that is
controlled by a trust company holding company.		&#8220;Trust business&#8221;
means the holding out by a person or legal entity to the public at large by
advertising, solicitation or other means that the person or legal entity is
available to act as a fiduciary in the Commonwealth or is accepting and
undertaking to perform the duties of a fiduciary in the regular course of its
business. A person does not engage in trust business by:

1. Rendering services as an attorney at law, either individually or through an
entity wholly owned by attorneys at law, in the performance of duties as a
fiduciary;

2. Rendering services as a certified or registered public accountant in the
performance of duties as such;

3. Acting as trustee under a deed of trust made only as security for the payment
of money or for the performance of another act;

4. Acting as a trustee in bankruptcy or as a receiver;

5. Holding trusts of real estate for the primary purpose of subdivision,
development or sale, or to facilitate any business transaction with respect to
such real estate;

6. Engaging in the business of an escrow agent;

7. Holding assets as trustee of a trust created for charitable purposes if:
			a. The trustee is an entity exempt from federal income tax under &#xA7;
501(c) (3) of the Internal Revenue Code; and			b. The trust is (i) exempt from
federal income taxes under &#xA7; 501(c) (3) of the Internal Revenue Code; (ii)
a charitable remainder trust described in &#xA7; 664 of the Internal Revenue
Code; (iii) a pooled income fund described in &#xA7; 642(c) (5) of the Internal
Revenue Code; or (iv) a trust the charitable interest in which is either a
guaranteed annuity or a fixed percentage distributed yearly of the fair market
value of the trust property, described in &#xA7; 2055(e) (2) (B) or &#xA7;
2522(c) (2) (B) of the Internal Revenue Code;

8. Receiving rents and proceeds of sale as a licensed real estate broker on
behalf of the principal; or

9. Engaging in securities transactions as a broker-dealer or salesman.
			&#8220;Trust company&#8221; means a corporation, including an affiliated
trust company, that is authorized to engage in the trust business under Article
2 (&#xA7; 6.2-1013 et seq.) of this chapter, the powers of which are expressly
restricted to the conduct of trust business.			&#8220;Trust company holding
company&#8221; means a corporation that controls a trust company. A trust
company holding company shall not be deemed a financial institution holding
company for any purpose under this title unless it controls a financial
institution other than an affiliated trust company or another financial
institution holding company.			&#8220;Trust institution&#8221; means any (i)
bank authorized to engage in the trust business, (ii) trust company, or (iii)
trust subsidiary.			&#8220;Trust subsidiary&#8221; or &#8220;subsidiary trust
company&#8221; means a corporation organized under Chapter 9 (&#xA7; 13.1-601 et
seq.) of Title 13.1, or an association organized under the National Banking Act
with its main office located in the Commonwealth, that is authorized to transact
trust business and business incidental thereto, but not to accept deposits
except as incidental to such trust business.

HISTORY: 1974, c. 286, § 6.1-32.2; 1991, c. 282; 1993, c. 432, §§ 6.1-32.11,
6.1-32.12; 1994, c. 524; 1995, c. 140; 1997, c. 801; 2001, c. 717; 2004, c. 781;
2010, c. 794; 2022, c. 323.