Virginia Code 6.2-1093: Custody of assets and investments held in trust
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A. The assets and investments of each trust account shall be kept separate from the assets of the association and shall be placed in the joint custody or control of not fewer than two of the officers or employees of the association designated for that purpose by the board of directors of the association. All such officers and employees shall be adequately bonded.
Terms Used In Virginia Code 6.2-1093
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Association: has the meaning assigned to it in § 6. See Virginia Code 6.2-1081
- Trust account: means the account established pursuant to a trust, estate, or other fiduciary relationship that has been established with an association. See Virginia Code 6.2-1081
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
B. The assets and investments of each trust account shall be either kept separate from those of all other trust accounts, except as provided in § 6.2-1095, or otherwise adequately identified as the property of the relevant account.
1984, c. 303, § 6.1-195.90; 2010, c. 794.