6.2-884 - (Effective October 1, 2010) Ownership and lease of personal property. - Virginia Statutes

§ 6.2-884. (Effective October 1, 2010) Ownership and lease of personalproperty.

A. As used in this section, "personal property" includes fixtures.

B. A bank may become the owner and lessor of personal property, subject tothe 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 equal at least the costto the bank of such item of personal property;

2. Any leasing or rental obligations to any bank of any person shall betreated 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 agreementor by virtue of the retaking of possession by the bank, the personal propertyshall be sold or otherwise disposed of, or charged off within one year fromthe time of expiration of such lease unless it is held for the purpose ofreletting.

C. No personal property acquired pursuant to this section shall be includedin computable investment in fixed assets under § 6.2-870.

(1968, c. 56, § 6.1-68.1; 1989, c. 482; 2010, c. 794.)