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Developed and maintained by the Division of Legislative Automated Systems.
1996 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 64.1-121 of the Code of Virginia is amended and reenacted as follows:
§ 64.1-121. When security not required.
If all distributees of a decedent's estate or all beneficiaries under the
decedent's will are personal representatives of that decedent's estate, whether
serving alone or with others who are not distributees or beneficiaries, the
court or clerk shall not require security, nor shall; if all personal
representatives of a testate decedent are entitled to file a statement in lieu
of an accounting under § 26-20.1, the security shall be required only upon
the portion of their bond given in connection with the property passing to
beneficiaries who are not personal representatives; and no security
shall be required of an executor when the will waives security of an
executor nominated therein. However, in either any case, upon
the application of any person who has a pecuniary interest or upon motion of
the court or clerk, such fiduciary may be required to provide security in an
amount deemed sufficient. If at any time any person with an interest, or a
legatee, devisee or distributee of an estate files with the court a motion in
writing suggesting that surety upon the bond should be required of a fiduciary
for the protection of the estate, a copy of such motion shall be served upon
the fiduciary. The court shall hear the matter and may require the fiduciary to
furnish surety upon his bond in the amount it deems necessary and, in addition,
award to the movant reasonable attorney's fees and costs which shall be paid
out of the estate.
This section shall be deemed to permit qualification without security in situations where the personal representative or personal representatives are the only distributees or only beneficiaries by virtue of one or more instruments of disclaimer filed prior to, or at the time of, such personal representative's qualification.