reglab/statecodes huggingface dataset:
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 11 - Uniform Prudent Management of Institutional Funds Act › § 64.2-1104. Release or modification of restrictions on management, investment, or purpose

A. If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund. A release or modification may not allow a fund to be used for a purpose other than a charitable purpose of the institution.
B. The court, upon application of an institution, may modify a restriction contained in a gift instrument regarding the management or investment of an institutional fund if the restriction has become impracticable or wasteful, if it impairs the management or investment of the fund, or if, because of circumstances not anticipated by the donor, a modification of a restriction will further the purposes of the fund. The institution shall notify the Attorney General of the application, and the Attorney General shall be given an opportunity to be heard. To the extent practicable, any modification shall be made in accordance with the donor's probable intention.
C. If a particular charitable purpose or restriction contained in a gift instrument on the use of an institutional fund becomes unlawful, impracticable, impossible to achieve, or wasteful, the court, upon application of an institution, may modify the purpose of the fund or the restriction on the use of the fund in a manner consistent with the charitable purposes expressed in the gift instrument. The institution shall notify the Attorney General of the application, and the Attorney General shall be given an opportunity to be heard.
D. If an institution determines that a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund is unlawful, impracticable, impossible to achieve, or wasteful, the institution, without application to the court but with the consent of the Attorney General, may modify the purpose of the fund or the restriction on the use of the fund in a manner consistent with the charitable purposes expressed in the gift instrument if the fund subject to the restriction has a total value of less than $250,000.
E. If an institution determines that a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund is unlawful, impracticable, impossible to achieve, or wasteful, the institution, 60 days after notification to the Attorney General, may release or modify the restriction, in whole or part, if:
1. The institutional fund subject to the restriction has a total value of less than $50,000;
2. More than 20 years have elapsed since the fund was established; and
3. The institution uses the property in a manner consistent with the charitable purposes expressed in the gift instrument.
1973, c. 167, § 55-268.7; 2008, c. 184, § 55-268.16; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 11 - Uniform Prudent Management of Institutional Funds Act › § 64.2-1105. Reviewing compliance

Compliance with this chapter is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight.
2008, c. 184, § 55-268.17; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 11 - Uniform Prudent Management of Institutional Funds Act › § 64.2-1106. Application to existing institutional funds

This chapter applies to institutional funds existing on or established after July 1, 2008. As it applies to institutional funds existing on July 1, 2008, this article governs only decisions made or actions taken on or after that date.
2008, c. 184, § 55-268.18; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 11 - Uniform Prudent Management of Institutional Funds Act › § 64.2-1107. Relation to Electronic Signatures in Global and National Commerce Act

This chapter modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7001 et seq., but does not modify, limit, or supersede § 101 of that act, 15 U.S.C. § 7001(a), or authorize electronic delivery of any of the notices described in § 103 of that act, 15 U.S.C. § 7001(b).
2008, c. 184, § 55-268.19; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 11 - Uniform Prudent Management of Institutional Funds Act › § 64.2-1108. Uniformity of application and construction

In applying and construing this uniform act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
1973, c. 167, § 55-268.9; 2008, c. 184, § 55-268.20; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 12 - Commissioners of Accounts › § 64.2-1200. Commissioners of accounts

A. The judges of each circuit court shall appoint as many commissioners of accounts as may be necessary to carry out the duties of that office. The commissioner of accounts shall have general supervision of all fiduciaries admitted to qualify in the court or before the clerk of the circuit court and shall make all ex parte settlements of the fiduciaries' accounts. The person appointed as a commissioner of accounts shall be a discreet and competent attorney-at-law and shall be removable at the pleasure of the court.
B. In the event more than one commissioner of accounts is appointed, each commissioner of accounts shall maintain his own office and keep his own books, records, and accounts. Each commissioner of accounts shall retain the power of supervision over every account, matter, or thing referred to him until a final account is approved for such account, matter, or thing, unless he resigns, retires, or is removed from office, in which case his successor shall continue such duties.
C. For any given service performed, each commissioner of accounts shall have the authority to establish a lesser fee than that prescribed by the court or to waive one or more fees.
Code 1919, § 5401; 1946, p. 324; Code 1950, § 26-8; 1966, c. 329; 1973, c. 544; 2003, c. 194; 2005, c. 400; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 12 - Commissioners of Accounts › § 64.2-1201. Appointment of assistant commissioners of accounts; duties and powers

The judges of each circuit court may appoint, in addition to commissioners of accounts, assistant commissioners of accounts who shall perform all the duties and exercise all of the powers required of the commissioner of accounts in all cases in which the commissioner of accounts is so situated that he cannot perform the duties of his office or in which the commissioner of accounts is of the opinion that it is improper for him to act. Assistant commissioners of accounts may perform such duties and exercise such powers in any case except cases in which he is so situated that he cannot act or in which he is of the opinion it is improper for him to act. Assistant commissioners of accounts shall act only in such cases that the commissioner of accounts delegates to him. An assistant commissioner of accounts making a settlement of a fiduciary account under the provisions of this section shall, within 30 days, report the fact and date of the settlement to the commissioner of accounts, who shall make an entry of the settlement in his record books. The person appointed as an assistant commissioner of accounts shall be a discreet and competent attorney-at-law and shall be removable at the pleasure of the court.
Code 1919, § 5402; 1930, p. 86; Code 1950, § 26-10; 1966, c. 326; 1973, c. 544; 2001, c. 108; 2003, c. 194; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 12 - Commissioners of Accounts › § 64.2-1202. Appointment of deputy commissioners of accounts in certain cities and counties; duties and powers

In any city or county having a population in excess of 200,000, the commissioner of accounts, with the approval of the judges of the circuit court, may appoint a deputy commissioner of accounts who may discharge any of the official duties of the commissioner of accounts for such jurisdiction for so long as the commissioner of accounts continues to serve. The person appointed as a deputy commissioner of accounts shall be a discreet and competent attorney-at-law and shall be removable at the pleasure of the court.
Before entering upon the duties of his office, any deputy commissioner of accounts shall take and subscribe an oath similar to that provided for the commissioner of accounts. The oath shall be filed with the clerk of court and a record of the appointment and oath shall be entered in the order book of such court.
1954, c. 456, § 26-10.1; 1964, c. 458; 1966, c. 326; 1973, c. 544; 2003, c. 194; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 12 - Commissioners of Accounts › § 64.2-1203. Subpoena powers of commissioners of accounts, assistants, and deputies; penalty

Commissioners of accounts, assistant commissioners of accounts, and deputy commissioners of accounts shall have the power to issue subpoenas to require any person to appear before them and to issue subpoenas duces tecum to require the production of any documents or papers before them. Commissioners of accounts, assistants, and deputies shall not have the power to punish any person for contempt for failure to appear or to produce documents or papers, but may certify the fact of such nonappearance or failure to produce to the circuit court, which may impose penalties for civil contempt as if the court had issued the subpoena. Commissioners of accounts, assistants, and deputies may certify to the circuit court the fact of a fiduciary's failure to inform the clerk or commissioners of his nonresident status and new address pursuant to § 64.2-1409. The court, upon a finding of a violation of § 64.2-1409, may impose a $50 civil penalty. Such penalties shall be paid to the state treasurer for deposit into the general fund.
1974, c. 126, § 26-8.1; 1997, c. 842; 2005, c. 644. 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 12 - Commissioners of Accounts › § 64.2-1204. Commissioners of accounts to examine and report on bonds and whether fiduciaries should be removed

A. When any fiduciary, other than a sheriff or other officer, who is required to file an inventory or an account with the commissioner of accounts has made such a filing, the commissioner of accounts shall examine whether the fiduciary has given bond as the law requires and whether the penalty and surety stated in the bond are sufficient. At any time before a required filing is made by a fiduciary with the commissioner of accounts, upon the application of any interested person or the next friend of an interested infant, and after reasonable notice to the fiduciary, the commissioner of accounts for the circuit court wherein the fiduciary qualified shall investigate (i) the bond given and inquire whether security ought to be required of a fiduciary who may have been allowed to qualify without giving it and (ii) whether it is improper to permit the estate of the decedent, ward, or other person to remain under the fiduciary's control due to the incapacity or misconduct of the fiduciary, the removal of the fiduciary from the Commonwealth, or for any other cause. The commissioner of accounts shall report the result of every examination and inquiry to the court and to the clerk of court.
B. When any fiduciary of an estate has given a bond to the court and then absconds with or improperly disburses any or all of the assets of the estate, the commissioner of accounts may petition the court in which the order was made conferring his authority on the fiduciary and ask the court to order that such bond be forfeited.
Code 1919, § 5416; Code 1950, § 26-2; 1966, c. 340; 1974, c. 156; 1987, c. 489; 1997, c. 842; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 12 - Commissioners of Accounts › § 64.2-1205. Commissioners of accounts to inspect and file inventories with clerks

The commissioner shall inspect all inventories returned to him by fiduciaries and see that they are in proper form. Within 10 days after any inventory is received and approved by the commissioner of accounts, he shall deliver the inventory to the clerk of the circuit court to be recorded as required by law.
Code 1919, § 5403; 1932, p. 337; Code 1950, § 26-14; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 12 - Commissioners of Accounts › § 64.2-1206. Settlement of fiduciaries' accounts

Every fiduciary referred to in this part shall account before the commissioner of accounts of the jurisdiction wherein he qualified as provided in this part. Every account shall be signed by all fiduciaries. A statement in a separate document, signed by the fiduciary and attached to an account, that a fiduciary has received, read, and agrees with the account shall be treated as a signature to the account.
1993, c. 689, § 26-17.3; 1997, c. 842; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 12 - Commissioners of Accounts › § 64.2-1207. Settlement for year to include unsettled portion of preceding year

When a commissioner of accounts has the account of a fiduciary for any year before him for settlement, the settlement shall also include any time prior to such year for which the fiduciary has not settled.
Code 1919, § 5424; Code 1950, § 26-28; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 12 - Commissioners of Accounts › § 64.2-1208. Expenses and commissions allowed fiduciaries

A. In stating and settling the account, the commissioner of accounts shall allow the fiduciary any reasonable expenses incurred by him and, except in cases in which it is otherwise provided, a reasonable compensation in the form of a commission on receipts or otherwise. Unless otherwise provided by the court, any guardian appointed pursuant to Chapter 20 (§ 64.2-2000 et seq.) or Chapter 21 (§ 64.2-2100 et seq.) shall also be allowed reasonable compensation for his services. If a committee or other fiduciary renders services with regard to real estate owned by the ward or beneficiary, compensation may also be allowed for the services rendered with regard to the real estate and the income from or the value of such real estate.
B. Notwithstanding subsection A or any provision under Chapter 7 (§ 64.2-700 et seq.), where the compensation of an institutional fiduciary is specified under the terms of the trust or will by reference to a standard published fee schedule, the commissioner of accounts shall not reduce the compensation below the amount specified unless there is sufficient proof that (i) the settlor or testator was not competent when the trust instrument or will was executed or (ii) such compensation is excessive in light of the compensation institutional fiduciaries generally receive in similar situations.
Code 1919, § 5425; Code 1950, § 26-30; 1985, c. 402; 1997, c. 921; 2005, c. 935; 2011, c. 518; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 12 - Commissioners of Accounts › § 64.2-1209. Who may insist or object before commissioner of accounts

Any interested person, or the next friend of an interested person, may, before the commissioner of accounts, insist upon or object to anything which could be insisted upon or objected to by such interested person if the commissioner of accounts were acting under an order of a circuit court for the settlement of a fiduciary's accounts made in a suit to which such interested person was a party.
Code 1919, § 5424; Code 1950, § 26-29; 2005, c. 681; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 12 - Commissioners of Accounts › § 64.2-1210. Accounts and debts and demands to be reported

The commissioner of accounts shall report every account stated under this part, including a statement of the cash on hand and in bank accounts and the investments held by the fiduciary at the terminal date of the account, and, where applicable, reports of debts and demands under § 64.2-551, along with any matters specially stated deemed pertinent by the commissioner of accounts or that an interested person may require.
Code 1919, § 5426; 1936, p. 250; Code 1950, § 26-31; 1989, c. 492; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 12 - Commissioners of Accounts › § 64.2-1211. Where filed; notice to certain parties

The commissioner of accounts shall file the report in the office of the circuit court by which he is appointed as soon as practicable after its completion. On or before the date of filing a report on a personal representative's account, the commissioner of accounts shall send a copy of the report and any attachments, excluding the account, by first-class mail to every person who (i) was entitled to request a copy of the account pursuant to § 64.2-1303 and (ii) submits a written request therefor to the commissioner of accounts. The copy of the report of the commissioner of accounts shall be accompanied by a statement advising the recipient that the report will stand confirmed by law 15 days after the report is filed with the court in the absence of any objections being filed thereto.
Code 1919, § 5427; Code 1950, § 26-32; 1997, c. 842; 2001, c. 265; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 12 - Commissioners of Accounts › § 64.2-1212. Exceptions to report; examination, correction, and confirmation

A. If no exceptions have been filed, the report shall stand confirmed on the day next following the expiration of the period of 15 days after the day on which the report was filed in the clerk's office.
B. If exceptions have been filed, the circuit court, after 15 days from the time the report has been filed in its office, shall examine such exceptions that have been timely filed. The court shall correct any errors that appear on the exceptions and to this end may (i) commit the report to the same or another commissioner of accounts, as often as it sees cause, (ii) cause a jury to be empaneled to inquire into any matter that in its opinion should be ascertained in that way, or (iii) confirm the report in whole or in a qualified manner. The court shall certify in the order that it has made a personal examination of the exceptions.
Code 1919, § 5428; 1922, p. 873; 1928, p. 23; 1940, p. 614; 1944, p. 107; Code 1950, § 26-33; 1966, c. 335; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 12 - Commissioners of Accounts › § 64.2-1213. Effect of confirmation of report

The report, to the extent to which it is confirmed by an order of the circuit court upon exceptions filed pursuant to subsection B of § 64.2-1212 or in whole when confirmed by lapse of time without exceptions pursuant to subsection A of § 64.2-1212, shall be taken to be correct, except so far as it may, in a suit, in proper time, be surcharged or falsified. However, no person who was a party to exceptions filed to the report shall bring a suit to surcharge or falsify the report, and in such case the action of the court on the report shall be final as to such party, except that it may be appealed from as in other suits.
Code 1919, § 5429; 1932, p. 554; 1944, p. 107; Code 1950, § 26-34; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 12 - Commissioners of Accounts › § 64.2-1214. Recordation of report

The clerk shall record every report so confirmed, whether by order of the circuit court upon exceptions filed or by the lapse of the time without exceptions filed, and note at the foot of it the order of confirmation or the clerk's certificate that no exceptions were filed, as the case may be, in the will book or the book in which the fiduciary accounts in the clerk's office are recorded and index it according to the provisions of § 17.1-249.
Code 1919, § 5428; 1922, p. 873; 1928, p. 23; 1940, p. 614; 1944, p. 107; Code 1950, § 26-35; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 12 - Commissioners of Accounts › § 64.2-1215. Power of commissioner of accounts to enforce the filing of inventories

A. If any fiduciary fails to make the return required by § 64.2-1300, the commissioner of accounts shall issue, through the sheriff or other proper officer, a summons to the fiduciary requiring him to make such return. If the fiduciary fails to make the required return within 30 days after the date of service of the summons, the commissioner of accounts shall report the fact to the circuit court. The court shall immediately issue a summons to the fiduciary requiring him to appear and shall, upon his appearance, assess a fine against the fiduciary in an amount not to exceed $500 unless excused for sufficient reason. If, after his appearance before the court, the fiduciary continues to fail to make the required return within such time as the court may prescribe, the fiduciary shall be punished for contempt of court.
B. Whenever the commissioner of accounts reports to the court that a fiduciary who is an attorney-at-law licensed to practice in the Commonwealth has failed to make the required return within 30 days after the date of service of a summons, the commissioner of accounts shall also mail a copy of his report to the Virginia State Bar.
Code 1919, § 5403; 1932, p. 337; Code 1950, § 26-13; 1956, c. 159; 2003, c. 193; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 12 - Commissioners of Accounts › § 64.2-1216. Failure to account; enforcement

A. If any fiduciary required to account fails to make a complete and proper account within the time allowed, the commissioner of accounts shall either (i) proceed against the fiduciary in accordance with the procedures set forth in § 64.2-1215 or (ii) file with the circuit court and the clerk at such times as the court shall order, but not less than twice a year, a list of all fiduciaries who have failed to make a complete and proper account within the time allowed, excepting those fiduciaries to whom the commissioner of accounts has granted additional time. Upon the filing of this list, the clerk shall issue a summons against each fiduciary on the list, returnable to the first day of the next term of court, and the court shall take action against the fiduciary in accordance with the procedures set forth in § 64.2-1215.
B. Every commissioner of accounts shall file with the court and the clerk at such times as the court shall order, but not less than quarterly, a list of all fiduciaries whose accounts for any reason have been before the commissioner of accounts for more than five months. The commissioner of accounts shall note on the list the fiduciaries who are deemed delinquent.
C. Whenever the commissioner of accounts reports to the court that a fiduciary who is an attorney-at-law licensed to practice in the Commonwealth has failed to make the required settlement within 30 days after the date of service of a summons, the commissioner of accounts shall also mail a copy of his report to the Virginia State Bar.
Code 1919, § 5408; 1936, p. 250; 1946, p. 325; Code 1950, § 26-18; 1995, c. 653; 1997, c. 842; 1999, c. 378; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 12 - Commissioners of Accounts › § 64.2-1217. Forfeiture of fiduciary's commission

If a fiduciary wholly fails to file an account before the commissioner of accounts containing a statement of all matters required in § 64.2-1206, together with all other statements and items therein required for any year, within four months after the year's expiration or, though the fiduciary files an account before the commissioner of accounts, if the commissioner of accounts finds the fiduciary is chargeable for that year with any money or other property not included in the statement, the fiduciary shall receive no compensation for his services during such year or any commission on such money or other property unless allowed by the commissioner of accounts for good cause shown. The circuit court shall review the commissioner of accounts' action in such case upon the filing of timely exceptions by any interested person. This section shall not apply to a fiduciary who has filed a statement of his accounts within such year before a commissioner in chancery who in a pending suit has been ordered to settle his account.
Code 1919, § 5409; 1946, p. 326; Code 1950, § 26-19; 1999, c. 378; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 12 - Commissioners of Accounts › § 64.2-1218. When fiduciaries personally liable for costs

The costs of all proceedings against a fiduciary who fails without good cause to make the returns and exhibits required shall be paid by him personally, and he shall receive no allowance for the costs in the settlement of his accounts.
Code 1919, § 5413; Code 1950, § 26-23; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 12 - Commissioners of Accounts › § 64.2-1219. Fees of commissioners of accounts

Except as otherwise provided, the circuit court appointing a commissioner of accounts shall prescribe the fees of such commissioner of accounts.
Code 1919, § 5414; 1938, p. 141; Code 1950, § 26-24; 1997, cc. 214, 842; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 12 - Commissioners of Accounts › § 64.2-1220. Receipt for vouchers filed in settlement; effect thereof

Any commissioner of accounts having before him the accounts of a fiduciary for settlement shall, on request, execute and deliver to the fiduciary a receipt for all vouchers filed with the commissioner of accounts. The receipt, if such vouchers are subsequently lost or destroyed, shall be evidence of the delivery to the commissioner of accounts of the vouchers mentioned in the receipt in any suit or proceeding against the fiduciary.
Code 1919, § 5415; Code 1950, § 26-26; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 12 - Commissioners of Accounts › § 64.2-1221. Report on fiduciaries' bonds; "record of fiduciaries."

A. The clerk of each circuit court shall furnish to the commissioner of accounts at the end of each month a list of the fiduciaries authorized to act as such under orders entered during that month and shall examine whether each fiduciary has given such bond as the law requires. If it appears that the fiduciary has given no bond or that his bond is defective, the clerk shall immediately report this fact to the circuit court.
B. The commissioner of accounts shall keep a book or other proper record called the "record of fiduciaries," in which the following shall be entered in separate columns:
1. The name of every fiduciary;
2. The name of the decedent whose estate the fiduciary represents or the name of the living person for whom he is acting in fiduciary capacity;
3. The penalty of his bond;
4. The names of his sureties;
5. The date of the order conferring his authority;
6. The date of any order revoking his authority;
7. The date of the return of every inventory of the estate; and
8. The date of each settlement of the accounts of the fiduciary.
The commissioner of accounts shall index the record of fiduciaries in the name of the decedent or person represented by the fiduciary.
C. The clerk shall certify to the commissioner of accounts the revocation of the authority of any fiduciary within 10 days of the revocation.
D. Any commissioner failing to make entries pursuant to subsection B or any clerk failing to certify the revocation of a fiduciary's authority pursuant to subsection C shall forfeit $20 for every such failure.
Code 1919, § 5401; 1946, p. 324; Code 1950, § 26-9; 1956, c. 59; 1973, c. 544; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 12 - Commissioners of Accounts › § 64.2-1222. Commissioners of accounts to post list of fiduciaries whose accounts are before them for settlement

Every commissioner of accounts shall, on the first day of the term of the circuit court that appointed him, or during the first week of each month, post at the front door of the courthouse of the circuit court a list of the fiduciaries whose accounts are before him for settlement. The list shall contain (i) the names of the fiduciaries; (ii) the nature of their accounts, whether as a personal representative, guardian, conservator, curator, committee, or trustee; and (iii) the name of their decedents or of the persons for whom they are guardians, conservators, curators, or committees or under whose deed or other trust instrument they are acting. The commissioner of accounts shall not settle and approve the account of any fiduciary until 10 days after posting the list containing the name of the fiduciary as provided by this section.
Code 1919, § 5423; 1924, p. 9; Code 1950, § 26-27; 1966, c. 324; 1991, c. 147; 1997, c. 801; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 13 - Inventories and Accounts › § 64.2-1301. When inventory and settlement not required

An inventory under § 64.2-1300 or a settlement under § 64.2-1206 shall not be required of a personal representative who qualifies for the sole purpose of bringing an action under § 8.01-50. However, if there is no surviving relative designated as a beneficiary under § 8.01-53 and the circuit court directs that the funds recovered in such action be paid to the personal representative for distribution according to law, the personal representative shall file the inventory required in § 64.2-1300 and the statement required under § 64.2-1206.
1966, c. 338, § 26-12.2; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 13 - Inventories and Accounts › § 64.2-1302. Waiver of inventory and settlement for certain estates

When a decedent's personal estate passing by testate or intestate succession does not exceed $25,000 in value and an heir, beneficiary, or creditor whose claim exceeds the value of the estate seeks qualification, the clerk of the circuit court shall waive the inventory under § 64.2-1300 and the settlement under § 64.2-1206. This section shall not apply if the decedent died owning any real estate over which the person seeking qualification would have the power of sale.
1980, c. 563, § 26-12.3; 1987, c. 605; 1989, c. 387; 1998, c. 117; 2001, c. 598; 2002, cc. 220, 227; 2012, c. 614; 2014, c. 532.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 13 - Inventories and Accounts › § 64.2-1303. Copies of inventories and accounts to be provided by personal representatives

A. Every personal representative filing with the commissioner of accounts an inventory or account, including an affidavit of intent to file a statement in lieu of an account pursuant to § 64.2-1314, or any document making changes to either, shall, on or before the date of such filing, send a copy thereof by first-class mail to those persons to whom notice was given pursuant to subsections A and B of § 64.2-508 and who requested the same from the personal representative in writing. Copies sent pursuant to this subsection need not include copies of any supporting vouchers and such copies need not be given to (i) persons who would take only as heirs at law in a case where all of the decedent's probate estate is disposed of by will or (ii) beneficiaries whose gifts have been satisfied in full prior to such filing. A request for copies may be made to a personal representative at any time. The request may relate to one specific filing or to all filings to be made by the personal representative but it is not effective for filings made prior to its receipt by a personal representative.
B. No commissioner of accounts shall approve any personal representative's inventory or account (i) until 21 days have elapsed from the receipt of such inventory or account and (ii) unless the inventory or account contains a statement that any copies requested pursuant to this section have been mailed and shows the names and addresses of the persons to whom they were mailed and the date of such mailing.
2001, c. 265, § 26-12.4; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 13 - Inventories and Accounts › § 64.2-1304. Personal representatives

A. Within 16 months from the date of the qualification, personal representatives shall exhibit before the commissioner of accounts a statement of all money and other property that the fiduciary has received, has become chargeable with, or has disbursed within 12 months from the date of qualification.
B. After the first account of the fiduciary has been filed and settled, the second and subsequent accounts for each succeeding 12-month period shall be due within four months from the last day of the 12-month period commencing on the terminal date of the preceding account unless the commissioner of accounts extends the period for filing upon reasonable cause.
C. Notwithstanding subsections A and B, a personal representative may file a first or subsequent account at an earlier date, and the commissioner of accounts or the circuit court may require the personal representative to file a first or subsequent account at an earlier date upon reasonable cause shown.
1993, c. 689, § 26-17.5; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 13 - Inventories and Accounts › § 64.2-1305. Conservators, guardians of minors' estates, committees, trustees under § 64.2-2016, and receivers

A. Within six months from the date of the qualification, conservators, guardians of minors' estates, committees, and trustees under § 64.2-2016 shall exhibit before the commissioner of accounts a statement of all money and other property that the fiduciary has received, has become chargeable with, or has disbursed within four months from the date of qualification.
B. After the first account of the fiduciary has been filed and settled, the second and subsequent accounts for each succeeding 12-month period shall be due within four months from the last day of the 12-month period commencing on the terminal date of the preceding account unless the commissioner of accounts extends the period for filing upon reasonable cause.
C. For fiduciaries acting on behalf of Medicaid recipients, the fees charged by the commissioners of accounts under subsection A or B shall not exceed $25.
D. Any account filed with the commissioner pursuant to this section shall be signed under oath by the fiduciary making such filing. If a fiduciary makes a false entry or statement in such a filing, he shall be subject to a civil penalty of not more than $500. Such penalty shall be collected by the attorney for the Commonwealth or the county or city attorney, and the proceeds shall be deposited into the general fund.
1993, c. 689, § 26-17.4; 1997, cc. 214, 921; 1999, cc. 16, 378; 2012, c. 614; 2020, cc. 190, 372.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 13 - Inventories and Accounts › § 64.2-1306. Testamentary trustees

A. Except as provided in subsections B and C, testamentary trustees shall exhibit a statement of all money and other property that the fiduciary has received, has become chargeable with, or has disbursed for each calendar year before the commissioner of accounts of the circuit court where the order conferring his authority was entered on an annual basis commencing on or before May 1 of the calendar year following initial funding of the trust. Accounts for each calendar year thereafter shall be filed on or before May 1 of the following calendar year.
B. All testamentary trustees who qualify prior to July 1, 1993, and elect to file accounts on a fiscal year basis may continue to file such accounts on an annual basis within four months after the end of the fiscal year selected.
C. Accountings for trusts where one of the trustees is a corporation qualified under § 6.2-803, and by other testamentary trustees permitted by the Internal Revenue Code to file income tax returns on a fiscal year, may be filed on the basis of the trust fiscal year. The first account shall be filed within 16 months of the date on which the trust was initially funded.
1993, c. 689, § 26-17.6; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 13 - Inventories and Accounts › § 64.2-1308. Forms for inventories and accounts

The Office of the Executive Secretary of the Supreme Court shall provide to each circuit court clerk forms and instructions for the inventories required by § 64.2-1300 and forms and instructions for accounts. The clerk shall provide the appropriate forms to every fiduciary who qualifies in the clerk's office. An inventory filed pursuant to § 64.2-1300 or an account filed pursuant to § 64.2-1206 may be made on the form provided to the fiduciary by the clerk of the court, on a computer-generated facsimile of the appropriate form, or in any other clear format.
1966, c. 336, §§ 26-12.1, 26-17.3; 1972, c. 411; 1993, cc. 581, 689, § 26-17.3; 1997, c. 842; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 13 - Inventories and Accounts › § 64.2-1309. Accounts of sales under deeds of trust

A. Within six months after the date of a sale made under any recorded deed of trust, mortgage, or assignment for benefit of creditors, other than under a decree, the trustee shall return an account of the sale to the commissioner of accounts of the circuit court where the instrument was first recorded. After recording any trustee's deed, the trustee shall promptly deliver to the commissioner of accounts a copy of the deed. The date of sale is the date specified in the notice of sale, or any postponement thereof, as required by subsection A of § 55.1-321. The commissioner of accounts shall state, settle, and report to the court an account of the transactions of the trustee, which shall be recorded as other fiduciary reports. Any trustee failing to comply with this section shall forfeit his commissions on such sale, unless such commissions are allowed by the court.
B. If the commissioner of accounts of the court where an instrument was first recorded becomes aware that an account as required by this section has not been filed, the commissioner of accounts and the court shall proceed against the trustee and impose penalties in the same manner as set forth in § 64.2-1215, unless the trustee is excused for sufficient reason. If after a deed of trust is given on land located in a county, and before a sale under the deed of trust, the land is taken within the limits of the incorporated city, the returns of the trustee and settlement of his accounts shall be before the commissioner of accounts of such city.
C. Whenever the commissioner of accounts reports to the court that a fiduciary who is an attorney-at-law licensed to practice in the Commonwealth has failed to make the required return within 30 days after the date of service of a summons, the commissioner of accounts shall also mail a copy of his report to the Virginia State Bar.
Code 1919, § 5404; 1946, p. 325; Code 1950, § 26-15; 1966, c. 333; 1980, c. 148; 1996, c. 681; 1997, c. 842; 1998, c. 610; 2003, c. 193; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 13 - Inventories and Accounts › § 64.2-1310. Recordation of inventories and accounts of sales

Every inventory and account of sales returned under §§ 64.2-1300 and 64.2-1309 shall be recorded by the clerk in the will book and indexed as required by § 17.1-223.
Code 1919, § 5405; Code 1950, § 26-16; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 13 - Inventories and Accounts › § 64.2-1311. Vouchers and statement of assets on hand; direct payments to account; vouchers for IRS payments

A. Vouchers for disbursements and a statement of cash on hand or in a bank and all investments held at the terminal date of the account shall also be exhibited with each account. A voucher shall not be required when a disbursement, not exceeding the value of $50, is made to a legatee under the authority of a will and such legatee refuses to take the possession or fails to present the disbursement check to a bank for payment. In such case the fiduciary shall file an affidavit stating that he has made a good faith effort to comply with the terms of the will and the provisions of this section.
B. A fiduciary may make payment to a beneficiary by transfer to the beneficiary's bank account with the fiduciary or by payment to an account with another bank through an automated clearinghouse, wire transfer, or similar mechanism, if the beneficiary has consented in writing to such method of payment. In either case, a record or statement of the bank making such payment shall be a sufficient voucher for the purpose of subsection A.
C. In the case of payments to the Internal Revenue Service for income tax estimates or any other payments required or permitted to be made by wire transfer or similar mechanism, a record or statement of the bank making such payment shall be a sufficient voucher for the purpose of subsection A.
D. In the case of payments of debts, taxes, and expenses, a corporate fiduciary's affidavit signed by an officer familiar with the facts that describes each payment by date, payee, purpose, and amount shall be a sufficient voucher for the purpose of subsection A. However, the commissioner of accounts may require that the corporate fiduciary exhibit a voucher for a specific payment.
E. In the event a fiduciary seeks to use a check as a voucher or receipt under this section, (i) a copy of both sides of the check shall be sufficient or (ii) a copy of the front side of the check and the periodic statement from the financial institution showing the check number and amount that coincides with the copy shall be sufficient, provided that (a) the copy was made in the regular course of business in accordance with the admissibility requirements of § 8.01-391 and (b) the commissioner of accounts may require a fiduciary to exhibit a proper voucher for a specific payment or for distributions to beneficiaries or distributees. However, the commissioner of accounts shall not require a fiduciary to exhibit an original check as a voucher under this subsection.
1993, c. 689, § 26-17.9; 1999, c. 74; 2003, c. 201; 2005, cc. 261, 277; 2012, c. 614; 2014, c. 532.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 13 - Inventories and Accounts › § 64.2-1312. Report to circuit court; death of fiduciary; fiduciary for recipient of federal benefits

A. The commissioner of accounts shall state, settle, and report to the circuit court an account of the transactions of a fiduciary, as provided by law. Every fiduciary shall also, at the request of the commissioner of accounts, exhibit (i) the securities held by the fiduciary together with a statement from every bank in which cash is held at the terminal date of the account and (ii) proof that all premiums due upon any required surety bond have been paid.
B. If a personal representative of a decedent's estate, a testamentary trustee, a guardian, a conservator, or a committee dies prior to the filing and settlement of the fiduciary's account, the personal representative of the fiduciary's estate shall have the obligation to make the requisite filing and settlement through the date of death unless any successor fiduciary makes the requisite filing.
C. For fiduciaries acting on behalf of a recipient of social security, supplemental security income, or veteran's or other federal benefits, no accounting to the commissioner of accounts shall be required of benefits paid to a designated representative on behalf of the recipient if the representative is otherwise required to account for such benefits. However, any fiduciary otherwise required to make an accounting to the commissioner of accounts shall disclose in the account the total amount of such benefits received during the accounting period for which no incremental fee for such benefits shall be charged by the commissioner of accounts.
1993, c. 689, § 26-17.10; 1997, c. 801; 1999, c. 108; 2000, c. 324; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 13 - Inventories and Accounts › § 64.2-1313. Exhibition of accounts when sum does not exceed certain amount

If the principal sum held by any fiduciary mentioned in § 64.2-1206 does not exceed $25,000, the fiduciary shall exhibit his accounts before the commissioner of accounts within the appropriate time period provided in §§ 64.2-1305, 64.2-1306, and 64.2-1307. Thereafter, the commissioner of accounts may permit the fiduciary to exhibit his accounts every three years, which permission may be revoked by the commissioner of accounts on his own motion or upon request of any interested person. The provisions of this section shall apply to any case in which the corpus of the estate in the hands of the fiduciary has been reduced to $25,000 or less although it formerly exceeded that amount. Any fiduciary exhibiting his accounts in accordance with the provisions of this section shall be entitled to compensation for his services.
1934, p. 80; Michie Code 1942, § 5409a; 1946, p. 326; Code 1950, § 26-20; 1962, c. 148; 1976, c. 435; 1999, c. 378; 2002, cc. 220, 227; 2003, c. 193; 2012, c. 614; 2014, c. 532.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 13 - Inventories and Accounts › § 64.2-1314. Statement in lieu of settlement of accounts by personal representatives in certain circumstances

A. For the purposes of this section, the term "residuary beneficiary" shall not include the trustee of a trust that receives a residuary gift under a decedent's will.
B. If all distributees of a decedent's estate or all residuary beneficiaries under a decedent's will are personal representatives of that decedent's estate, whether serving alone or with others who are not distributees or residuary beneficiaries, the personal representatives may, in lieu of the settlement of accounts required by § 64.2-1304, file with the commissioner of accounts a statement under oath that (i) all known charges against the estate have been paid, (ii) six months have elapsed since the personal representatives qualified in the clerk's office, and (iii) the residue of the estate has been delivered to the distributees or beneficiaries. In the case of a residuary beneficiary, the statement shall include an itemized listing, substantiated and accompanied by proper vouchers, showing satisfaction of all other bequests in the will. The statement shall be considered an account stated and subject to all the provisions of this chapter applicable to accounts stated.
C. If the statement authorized by this section cannot be filed with the commissioner of accounts within the time prescribed by § 64.2-1304, the personal representatives, within that time, shall file either (i) an interim account or (ii) a written notice under oath that the personal representatives intend to file a statement in lieu of the settlement of accounts when all requirements of this section have been met, which shall include an explanation of why such a statement cannot presently be filed. Second and subsequent interim accounts or notices of intent to file shall be filed annually until the statement in lieu of the settlement of accounts is filed. A commissioner of accounts who determines that the reasons offered for not presently filing a statement in lieu of settlement are not sufficient, whether in a first or subsequent written notice, may require the personal representatives to file an interim account in addition to the notice. The filing of an interim account shall not preclude the filing of a subsequent statement.
1960, c. 428, § 26-20.1; 1972, c. 326; 1975, c. 192; 1980, c. 199; 1981, c. 113; 1983, c. 328; 1984, c. 309; 1993, c. 525; 1998, c. 610; 2001, c. 107; 2012, c. 614; 2017, c. 638.