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Developed and maintained by the Division of Legislative Automated Systems.
1996 SESSION
962186152Be 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.