{"law_id":"774780","section_number":"6.2-897","catch_line":"Bank need not inquire as to fiduciary funds deposited in fiduciary’s personal account","history":"Code 1950, \u00a7 6-57; 1966, c. 584, \u00a7 6.1-75; 2010, c. 794.","order_by":null,"metadata":false,"court_decisions":{},"official_url":"http:\/\/law.lis.virginia.gov\/vacode\/6.2-897\/","refers_to":false,"url":"\/6.2-897\/","token":"6.2\/II\/8\/11\/6.2-897","structure":{"1":{"id":"3052","name":"Deposit Accounts.","identifier":"11","label":"article","url":"\/6.2\/II\/8\/11\/"},"2":{"id":"334","name":"Banks","identifier":"8","label":"chapter","url":"\/6.2\/II\/8\/"},"3":{"id":"333","name":"Depository Institutions And Trust Organizations","identifier":"II","label":"subtitle","url":"\/6.2\/II\/"},"4":{"id":"332","name":"Financial Institutions And Services","identifier":"6.2","label":"title","url":"\/6.2\/"}},"referred_to_by":false,"edition_id":"11","section_id":"774780","structure_id":"3052","full_text":" If any fiduciary or agent makes a deposit in a bank to his personal credit of checks drawn by him upon an account in his own name as fiduciary, or of checks drawn by him upon an account in the name of his principal, if he is empowered to draw checks thereon, or of checks payable to his principal and endorsed by him as fiduciary, the bank receiving the deposit:\r\r","text":{"0":{"id":"2498280","text":"If any fiduciary or agent makes a deposit in a bank to his personal credit of checks drawn by him upon an account in his own name as fiduciary, or of checks drawn by him upon an account in the name of his principal, if he is empowered to draw checks thereon, or of checks payable to his principal and endorsed by him as fiduciary, the bank receiving the deposit:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1},"1":{"id":"2498281","text":" Shall not be required to inquire whether the fiduciary is committing thereby a breach of his obligation as fiduciary; and","type":"section","prefixes":["","1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":2},"2":{"id":"2498282","text":" Is authorized to pay the amount of the deposit or any part thereof upon the withdrawal by the fiduciary without being liable to the principal, unless the bank receives the deposit or pays the withdrawal with (i) actual knowledge that the fiduciary, in making such deposit or in making such withdrawal, is committing a breach of his obligation as fiduciary or (ii) knowledge of such facts that its action in receiving the deposit or paying the check amounts to bad faith.","type":"section","prefixes":["","2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":2}},"ancestry":{"1":{"id":"3052","name":"Deposit Accounts.","identifier":"11","label":"article","url":"\/6.2\/II\/8\/11\/"},"2":{"id":"334","name":"Banks","identifier":"8","label":"chapter","url":"\/6.2\/II\/8\/"},"3":{"id":"333","name":"Depository Institutions And Trust Organizations","identifier":"II","label":"subtitle","url":"\/6.2\/II\/"},"4":{"id":"332","name":"Financial Institutions And Services","identifier":"6.2","label":"title","url":"\/6.2\/"}},"structure_contents":{"0":{"id":"784129","structure_id":"3052","section_number":"6.2-893","catch_line":"Payment of balance of deceased person or person under disability","url":"\/6.2-893\/","token":"6.2\/II\/8\/11\/6.2-893"},"1":{"id":"785153","structure_id":"3052","section_number":"6.2-894","catch_line":"Deposits in and withdrawals from accounts of convicts","url":"\/6.2-894\/","token":"6.2\/II\/8\/11\/6.2-894"},"2":{"id":"788433","structure_id":"3052","section_number":"6.2-895","catch_line":"Repealed","url":"\/6.2-895\/","token":"6.2\/II\/8\/11\/6.2-895"},"3":{"id":"772814","structure_id":"3052","section_number":"6.2-896","catch_line":"Deposits of minors","url":"\/6.2-896\/","token":"6.2\/II\/8\/11\/6.2-896"},"4":{"id":"774780","structure_id":"3052","section_number":"6.2-897","catch_line":"Bank need not inquire as to fiduciary funds deposited in fiduciary's personal account","url":"\/6.2-897\/","token":"6.2\/II\/8\/11\/6.2-897"}},"previous_section":{"id":"772814","structure_id":"3052","section_number":"6.2-896","catch_line":"Deposits of minors","url":"\/6.2-896\/","token":"6.2\/II\/8\/11\/6.2-896"},"references":false,"formats":{"txt":"\/6.2-897.txt","json":"\/6.2-897.json","xml":"\/6.2-897.xml"},"dublin_core":{"Title":"Bank need not inquire as to fiduciary funds deposited in fiduciary’s personal account","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-897","Relation":"Code of Virginia"},"plain_text":"                                 CODE OF VIRGINIA\n\nBANK NEED NOT INQUIRE AS TO FIDUCIARY FUNDS DEPOSITED IN FIDUCIARY’S\nPERSONAL ACCOUNT (\u00a7 6.2-897)\n\nIf any fiduciary or agent makes a deposit in a bank to his personal credit of\nchecks drawn by him upon an account in his own name as fiduciary, or of checks\ndrawn by him upon an account in the name of his principal, if he is empowered to\ndraw checks thereon, or of checks payable to his principal and endorsed by him\nas fiduciary, the bank receiving the deposit:\n\n   1.  Shall not be required to inquire whether the fiduciary is committing\n   thereby a breach of his obligation as fiduciary; and\n\n   2.  Is authorized to pay the amount of the deposit or any part thereof upon\n   the withdrawal by the fiduciary without being liable to the principal, unless\n   the bank receives the deposit or pays the withdrawal with (i) actual knowledge\n   that the fiduciary, in making such deposit or in making such withdrawal, is\n   committing a breach of his obligation as fiduciary or (ii) knowledge of such\n   facts that its action in receiving the deposit or paying the check amounts to\n   bad faith.\n\nHISTORY: Code 1950, \u00a7 6-57; 1966, c. 584, \u00a7 6.1-75; 2010, c. 794."}