Chap. 368.—An ACT to amend and re-enact section 5431 of the Code of Vir-
ginia in relation to investments by fiduciaries, and to repeal an act entitled
an act to amend and re-enact an act entitled an act to amend and re-enact
an act entitled an act to allow executors and fiduciaries to invest in Virginia
three per centum bonds, issued by virtue of an act approved February 14,
1882, as amended by an act approved February 9, 1898, as amended by an act
approved March 22, 1916, approved March 16, 1918. [H B 120]

“

Approved March 20, 1920.

1. Be it enacted by the general assembly of Virginia, That sec-
tion fifty-four hundred and thirty-one of the Code of Virginia be
amended and re-enacted so as to read as follows:

Sec. 5431. In what securities fiduciaries may invest.—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, and in what are commonly called Century bonds,
in this State.

(2) Inthe 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 farm loan bonds
issued under an act of Congress approved July seventeenth, nineteen
hundred and sixteen, known as the Federal farm loan 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, including
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 preceding 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.

(4) In bonds and negotiable notes secured by first mortgage or
first deed of trust on unencumbered real estate in the State of Vir-
ginia, 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 fur-
nished with a satisfactory abstract of title, certificate of title or title
insurance policy and a fire insurance policy in an old line company
with loss, if any, made payable to the trustee as his interest may
appear.

2. An act entitled an act to amend and re-enact an act entitled
an act to amend and re-enact an act entitled an act to allow executors
and fiduciaries to invest in Virginia three per centum bonds, issued by
virtue of an act approved February fourteenth, eighteen hundred and
eighty-two, as amended by an act approved February ninth, eighteen
hundred and ninety-eight, as amended by ar act approved March
1920. | ACTS OF ASSEMBLY. 557

twenty-second, nineteen hundred and sixteen, approved March six-
teenth, nineteen hundred and eighteen, is hereby repealed.

3. An emergency existing, this act shall be in force from its
passage.