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ACROSS SESSIONS
- Subject Index: Since 1995
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Developed and maintained by the Division of Legislative Automated Systems.
1995 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 8.01-606 of the Code of Virginia is amended and reenacted as follows:
§ 8.01-606. Payment of small amounts to certain persons through court without intervention of fiduciary; authority of commissioners of accounts.
A. Whenever there is due to any person, any sum of money from any source,
not exceeding $5,000 10,000, the fund may be paid into the
circuit court of the county or city in which the fund became due or such
person resides. The court may, by an order entered of record, (i) pay the
fund to the person to whom it is due, if the person is considered by the
court competent to expend and use the same in his behalf, or (ii) pay the
funds to some other person who is considered competent to administer it, for
the benefit of the person entitled to the fund, without the intervention of a
fiduciary, whether the other person resides within or without this
Commonwealth. The clerk of the court shall take a receipt from the person to
whom the money is paid, which shall show the source from which it was
derived, the amount, to whom it belongs, and when and to whom it was paid.
The receipt shall be signed and acknowledged by the person receiving the
money, and entered of record in the book in the clerk's office in which the
current fiduciary accounts are entered and indexed.
Upon the payment into court the person owing the money shall be discharged of such obligation.
No bond shall be required of the party to whom the money is paid by the court.
B. Whenever (i) it appears to the court having control of a fund, tangible
personal property or intangible personal property or supervision of its
administration, whether a suit is pending therefor or not, that a person
under a disability who has no fiduciary, is entitled to a fund arising from
the sale of lands for a division or otherwise, or a fund, tangible personal
property or intangible personal property as distributee of any estate, or
from any other source, (ii) a judgment, decree, or order for the payment of a
sum of money or for delivery of tangible personal property or intangible
personal property to a person under a disability who has no fiduciary is
rendered by any court, and the amount to which such person is entitled or the
value of the tangible personal property or intangible personal property is
not more than $5,000 10,000, or (iii) a person under a
disability is entitled to receive payments of income, tangible personal
property or intangible personal property and the amount of the income
payments is not more than $5,000 10,000 in any one year, or the
value of the tangible personal property is not more than $5,000
10,000, or the current market value of the intangible personal
property is not more than $5,000 10,000, the court may, without
the intervention of a fiduciary, cause such fund, property or income to be
paid or delivered to any person deemed by the court capable of properly
handling it, to be used solely for the education, maintenance and support of
the person under a disability. In any case in which an infant is entitled to
such fund, property or income, the court may, upon its being made to appear
that the infant is of sufficient age and discretion to use the fund, property
or income judiciously, cause the fund to be paid or delivered directly to the
infant.
Whenever a person is entitled to a fund or such property distributable by a
fiduciary settling his accounts before the commissioner of accounts of the
court in which the fiduciary qualified, and the amount or value of the fund
or property, or the value of any combination thereof, is not more than
$2,500 10,000, the commissioner of accounts may approve
distribution thereof in the same manner and to the extent of the authority
herein conferred upon a court including exemption from filing further
accounts where the value of the fund being administered is less than
$2,500 10,000.
Whenever an incompetent person or infant is entitled to a fund or such
property distributable by a fiduciary settling accounts before the
commissioner of accounts of the court in which the fiduciary qualified and
the will or trust instrument under which the fiduciary serves, authorizes the
fiduciary to distribute the property or fund to the incompetent or infant
without the intervention of a guardian or committee, and the amount or value
of such fund or property, or the value of any combination thereof, is not
more than $5,000 10,000, the commissioner of accounts may
approve distribution thereof in the same manner and to the extent of the
authority hereinabove conferred upon a court or judge thereof.
Whenever a fiduciary is administering funds not exceeding $5,000
10,000, the circuit court of the county or city in which the fund is
being administered by order entered of record may authorize the fiduciary,
when considered competent to administer the funds, to continue to administer
the funds for the benefit of the person entitled to the fund without the
necessity of filing any further accounts, whether such person resides within
or without this Commonwealth. The clerk of the court shall take a receipt
from the fiduciary, which shall show the amount of the fund remaining, to
whom it belongs, and the date the court entered the order exempting the
filing of further accounts. The receipt shall be signed and acknowledged by
the fiduciary, and entered of record in the book in the clerk's office in
which the current fiduciary accounts are entered and indexed.
No bond shall be required of a fiduciary granted an exemption from filing any further accounts.