Chap. 152.—An ACT to amend and re-enact section 2700a of an act entitled
an act to amend and re-enact an act entitled an act to allow executors
and other fiduciaries to invest in Virginia three per centum bonds issued
by virtue of an act approved February 14, 1882, approved February 9,
1898, approved March 22, 1916, in relation to fiduciary investments.

[Hi B 33]
Approved March 13, 1918.

1. Be it enacted by the general assembly of Virginia, That
section twenty-seven hundred-a of an act entitled an act to amend
and re-enact an act entitled an act to allow executors and other
fiduciaries to invest in Virginia three per centum bonds issued by
virtue of an act approved February fourteenth, eighteen hundred
and eighty-two, approved February ninth, eighteen hundred and
ninety-eight, approved March twenty-second, nineteen hundred and
sixteen, in relation to fiduciary investments, be amended and re-
enacted so as to read as follows: ,

Section 2700-a. Executors, administrators, trustees and other
fiduciaries may invest the funds held by them in a fiduciary capacity
in the following securities, which are and shall be considered lawful
investments:

(1) In the bonds issued under the act approved February four-
teenth, eighteen hundred and eighty-two, commonly known as the
Riddleberger bonds.

(2) In the stock or bonds or interest-bearing notes or obligations
of the United States or those for which the faith of the United
States is pledged to provide for the payment of the principal and
interest, including the bonds of the District of Columbia, and Fed-
eral farm loan bonds issued by Federal land banks, under an act of
congress approved July seventeenth, one thousand nine hundred and
sixteen, known as the Federal farm act. .

(3) In the bonds of any county, city or town in Virginia, pro-
vided the amount of the bonds of such county, city or town, includ.
ing the issue in which such investment is made, does not exceed
eighteen per centum of the assessed value of the real estate in the
county, city or town subject to taxation, as shown by the last preced-
ing assessment for taxes, and provided the said bonds are the direct
obligation of the county, city or town issuing the same, and for
which the faith and credit of the issuing county, city or town is

pledged.

(+) In bonds and negotiable notes secured by first mortgage
or first decd of trust on unencumbered real estate in the State of
Virginia, not to exceed eighty per centum of the assessed value of
said real estate and improvements. Before any loan is made upon
real estate the lender shall be furnished with a satisfactory abstract
of title, certificate of title or title insurance policy and a fire in-
surance policy in on old line company with loss, if any, made payable
to the trustee as his interest may appear.

2. By reason of war conditions, an emergency exists, and this
act shall be in force from its passage.