6.2-1092 - (Effective October 1, 2010) Transactions between trust accounts. - Virginia Statutes

§ 6.2-1092. (Effective October 1, 2010) Transactions between trust accounts.

A. An association may sell assets held by it as fiduciary in one trustaccount to itself as fiduciary in another trust account if the transaction isfair to both accounts and if such transaction is not prohibited by the termsof the governing instruments, court order, or the law of the Commonwealth.

B. An association may make a loan to a trust account from the funds belongingto another such account, when the making of such loan to a designated trustaccount is authorized by the governing instrument creating the account fromwhich such loans are made, or by court order, and the terms of thetransaction are fair to all of the trust accounts involved.

C. An association may make a loan to a trust account and may take as securitytherefor assets of the account, provided such transaction is fair to suchaccount and is not otherwise prohibited by the governing instrument, by courtorder, or by the law of the Commonwealth.

(1984, c. 303, § 6.1-195.89; 2010, c. 794.)