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Developed and maintained by the Division of Legislative Automated Systems.
1995 SESSION
LD0295358Be 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 $5,00010,000, 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 $5,00010,000, 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 $5,00010,000 in any one year,
or the value of the tangible personal property is not more than
$5,00010,000, or the current market value of the
intangible personal property is not more than
$5,00010,000, 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
$2,50010,000, 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
$2,50010,000.
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 $5,00010,000, 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
$5,00010,000, 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.