6.1-68.1 - (Repealed effective October 1, 2010) Ownership and lease of personal property. - Virginia Statutes

§ 6.1-68.1. (Repealed effective October 1, 2010) Ownership and lease ofpersonal property.

A. A bank may become the owner and lessor of personal property, which term asused herein shall include fixtures, subject to the following limitations:

1. Except in the case of short-term leases where a subsequent sale orreletting is anticipated, the rentals receivable by the bank under theinitial lease of any item of personal property shall at least equal the costto the bank of such item of personal property.

2. Any leasing or rental obligations to any bank of any person, partnershipor corporation shall be treated as obligations subject to the limitationsimposed by § 6.1-61.

3. Upon the expiration of any lease whether by virtue of the lease agreementor by virtue of the retaking of possession by the bank, such personalproperty shall be sold or otherwise disposed of, or charged off within oneyear from the time of expiration of such lease unless it is held for thepurpose of reletting.

B. No personal property acquired pursuant to this section shall be includedin computable investment in fixed assets under § 6.1-57.

(1968, c. 56; 1989, c. 482.)