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Va. Code § 6.2-872 For What Purpose Banks May Purchase, Hold, and Convey Real Estate
Library | Virginia Statutes |
Edition | 2023 |
Currency | Current with changes from the 2023 Special Legislative Session |
Year | 2023 |
Citation | Va. Code § 6.2-872 |
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
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