Virginia § 6.2-872 - For what purpose banks may purchase, hold, and convey real estate
Full text of Virginia Code of Virginia § 6.2-872 — For what purpose banks may purchase, hold, and convey real estate, with citation guidance and answers to common questions.
§ 6.2-872. For what purpose banks may purchase, hold, and convey real estate
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
4. Real estate it purchased at sales under judgments, decrees, mortgages, or deeds of trust held by it, in whole or in part, or purchased to secure debts due to it.
B. Nothing in this section shall affect the validity of the title to any such real estate conveyed or transferred by a bank.
Code 1950, § 6-50; 1966, c. 584, § 6.1-59; 1988, c. 296; 2010, c. 794; 2012, cc. 59, 157.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 6.2-872
What does Code of Virginia § 6.2-872 cover?
Section 6.2-872 ("For what purpose banks may purchase, hold, and convey real estate") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 6.2-872?
A common citation format is "Code of Virginia § 6.2-872" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 6.2-872 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.