2012 Virginia Legislation of Interest to Financial Institutions


This is a brief summary of significant bills enacted in the 2012 Virginia General Assembly Session affecting financial institutions. Unless otherwise noted, each bill will become effective July 1, 2012.

H.B. 708 and S.B. 121

Bank-Owned Real Estate – These bills remove the 10-year limitation on the period of time in which a state bank may hold real estate acquired in satisfaction of a debt. The legislation permits state banks to hold such real estate indefinitely without writing down its value.

Please see full Alert below for further information.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Reed Smith | Attorney Advertising

Written by:


Reed Smith on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.