Virginia Code 6.2-1076: Operation and powers
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Every private trust company shall have and shall conduct its business in accordance with an operating plan and in accordance with generally accepted fiduciary standards. A private trust company when engaging in a private trust business shall have the same rights, powers, and privileges as a trust institution pursuant to § 6.2-1002, including the power to act as executor under the last will and testament or administrator of the estate of any deceased family member.
Terms Used In Virginia Code 6.2-1076
- Executor: A male person named in a will to carry out the decedent
- Family: means a designated relative and family members of that designated relative. See Virginia Code 6.2-1074
- Operating plan: means a plan that establishes the policies and procedures a private trust company will have in effect when the institution opens for business and thereafter (i) to ensure that trust accounts are handled in accordance with recognized standards of fiduciary conduct and (ii) to assure compliance with applicable laws and regulations. See Virginia Code 6.2-1074
- Private trust company: means a corporation or limited liability company that is organized to engage in private trust business under this article with one or more family members and that does not transact business with the general public. See Virginia Code 6.2-1074
- Trust business: 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. See Virginia Code 6.2-1000
- Trust company: means a corporation, including an affiliated trust company, that is authorized to engage in the trust business under Article 2 (§ 6. See Virginia Code 6.2-1000
- Trust institution: means any (i) bank authorized to engage in the trust business, (ii) trust company, or (iii) trust subsidiary. See Virginia Code 6.2-1000