6.2-1095 - (Effective October 1, 2010) Compensation of association acting as fiduciary. - Virginia Statutes

§ 6.2-1095. (Effective October 1, 2010) Compensation of association acting asfiduciary.

A. If the amount of the compensation for acting in a fiduciary capacity isnot provided for in the governing instrument or otherwise agreed to by theparties, an association acting in such capacity may charge or deductreasonable compensation for its services. When the association is acting in afiduciary capacity under appointment by a court, it shall receive suchcompensation as may be allowed or approved by that court.

B. No association, except with the specific approval of its board ofdirectors, shall permit any of its officers or employees, while serving assuch, to retain any compensation for acting as a co-fiduciary with theassociation in the administration of any trust account undertaken by it.

C. No association shall permit an officer or employee engaged in theoperation of its trust department to accept a devise, bequest, or gift oftrust account assets, unless the devise, bequest, or gift is directed or madeby a relative of such officer or employee, or is approved by the board ofdirectors of the association.

(1984, c. 303, § 6.1-195.92; 2010, c. 794.)