§ 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; 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 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.
(Code 1950, § 64-117; 1966, c. 325; 1968, c. 656; 1970, c. 426; 1974, c. 140; 1977, c. 144; 1994, c. 393; 1996, c. 57.)
Sections: Previous 64.1-116 64.1-117 64.1-118 64.1-119 64.1-120 64.1-121 64.1-122 64.1-122.1 64.1-122.2 64.1-123 64.1-123.1 64.1-123.2 64.1-123.3 64.1-124 64.1-124.1 NextLast modified: April 16, 2009