Virginia § 6.2-884 - Ownership and lease of personal property
Full text of Virginia Code of Virginia § 6.2-884 — Ownership and lease of personal property, with citation guidance and answers to common questions.
§ 6.2-884. Ownership and lease of personal property
A. As used in this section, "personal property" includes fixtures.
B. A bank may become the owner and lessor of personal property, subject to the following limitations:
1. Except in the case of short-term leases where a subsequent sale or reletting is anticipated, the rentals receivable by the bank under the initial lease of any item of personal property shall equal at least the cost to the bank of such item of personal property;
2. Any leasing or rental obligations to any bank of any person shall be treated as obligations subject to the limitations imposed by § 6.2-875; and
3. Upon the expiration of any lease whether by virtue of the lease agreement or by virtue of the retaking of possession by the bank, the personal property shall be sold or otherwise disposed of, or charged off within one year from the time of expiration of such lease unless it is held for the purpose of reletting.
C. No personal property acquired pursuant to this section shall be included in computable investment in fixed assets under § 6.2-870.
1968, c. 56, § 6.1-68.1; 1989, c. 482; 2010, c. 794.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 6.2-884
What does Code of Virginia § 6.2-884 cover?
Section 6.2-884 ("Ownership and lease of personal property") 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 § 6.2-884?
A common citation format is "Code of Virginia § 6.2-884" (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 § 6.2-884 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.