reglab/statecodes huggingface dataset:
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 13 - Inventories and Accounts › § 64.2-1315. Certification and recording of accounts settled in a judicial proceeding

When the account of any fiduciary is settled in a judicial proceeding, it shall be the duty of the clerk of the circuit court in which the judicial proceeding was held, as soon as may be practicable after entry of a final order, to certify to the clerk of the circuit court in which the fiduciary qualified a copy of the account so far as the account has been confirmed, with a memorandum at the foot of the copy stating the style of the suit and the date of the final order. The account and memorandum so certified shall be recorded by the clerk to whom it is certified in the book in which accounts of fiduciaries are required to be recorded under § 64.2-1214. If in a proceeding subsequent to the entry of the final order, the account is reformed or altered, a copy of such reformed or altered account shall be certified and recorded, together with a memorandum stating the style of the suit and the date of the order or decree of confirmation, in the same manner as the final order. When the judicial proceeding is conducted in the same court in which the fiduciary qualified, the clerk of such court shall make the memoranda and recordations required by this section, and shall for such purpose use the original papers. For making any copy under this section, the clerk shall be entitled to the fees prescribed in like cases, and for recording such account of the fiduciary he shall be entitled to the fees allowed for recording accounts settled ex parte. The fees for copying and recording shall be paid as the court in which the judicial proceeding was held shall direct.
Code 1919, § 5411; Code 1950, § 26-21; 2005, c. 681; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 13 - Inventories and Accounts › § 64.2-1316. Settlement of fiduciary's accounts by commissioner in chancery; report to commissioner of accounts

On the motion of any fiduciary having charge of an estate or any interested person, the circuit court may require a commissioner in chancery to settle the accounts of the fiduciary. In addition, a court may require a commissioner in chancery to settle the accounts of any of the fiduciaries mentioned in this chapter. A commissioner in chancery making a settlement under such order of a court shall report the fact and date of the settlement to the commissioner of accounts within 30 days, who shall make an entry of the same in his record book.
Code 1919, § 5415; Code 1950, § 26-25; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 13 - Inventories and Accounts › § 64.2-1317. Disposition of papers relating to estates

A. The circuit court or the clerk at the time of the confirmation of an account shall return all inventories and original accounts of sales filed with the clerk of the circuit court as required by §§ 64.2-1205 and 64.2-1310, all reports filed with the clerk under § 64.2-1214 when the reports have been actually recorded by the clerk, compared, indexed, and confirmed as required by law, and all vouchers or other evidence filed with the commissioner of accounts upon request made at the time of such filing, or in the discretion of the commissioner of accounts if no request is made, to the fiduciary or other person who filed such inventories, accounts, reports, vouchers, or other evidence, provided, however, that such inventories, accounts, reports, vouchers, or other evidence is not required as evidence of any further matter of inquiry pending before the court or the commissioner of accounts.
B. The clerk of court may destroy any papers mentioned in subsection A or any other papers relating to estates, when the matter concerned has been closed with a final settlement for more than three years and appropriate recordations have been made. However, nothing in this section shall apply to original documents recorded by binding. If recordation is done by facsimile or microfilm reproduction process, such papers may be destroyed if the return of such papers was not requested at the time of filing for recordation.
C. The commissioner of accounts may destroy any papers mentioned in subsection A or any other papers relating to estates when the matter concerned has been closed with a confirmed final accounting for more than one year.
Code 1919, § 5428; 1922, p. 873; 1928, p. 24; 1940, p. 614; 1944, p. 107; 1950, p. 818, § 26-37; 1962, c. 111; 1977, c. 96; 1997, c. 842; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1400. Authority to qualify trustee; necessity for security; notice of qualification; qualification by less than all of trustees named

A. Subject to the provisions of § 64.2-1406, the clerk of any circuit court or any duly qualified deputy of such clerk may qualify any trustee named in a will, deed, or other writing, and require and take from them the necessary bonds in the same manner and with like effect as the court.
B. Pursuant to the provisions of § 64.2-1426, the clerk or deputy may appoint and qualify an individual or a corporation authorized under § 6.2-803 as trustee. Such appointment may be made in the same manner and subject to the provisions of § 64.2-500.
C. The clerk shall not require security from a trustee if the will, deed, or other writing directs that a trustee shall not give security, unless, based on the application of any interested person or on the clerk's own knowledge, the clerk determines that security ought to be required. This section shall not be construed to require security where security is not required pursuant to § 6.2-1003 or 64.2-1401 or to affect the jurisdiction of the court to qualify trustees and to require security or not, as the court sees fit.
D. Qualification of a trustee under this section may be ex parte, and no prior notice to the beneficiaries of the qualification shall be required. If less than all the trustees named in the deed, will, or other writing desire to qualify, then the trustee shall only be qualified after reasonable notice is given to any other named trustees.
E. If less than all the trustees named in the will, deed, or other writing qualify, then the trust powers conferred by the trust instrument shall be exercisable only by the trustees who have qualified under this section or in any other manner permitted by law.
1964, c. 464, § 26-46.1; 1977, c. 256; 1981, c. 239; 1997, c. 220; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1401. Jurisdiction for qualification of testamentary trustee; qualification and bond; when surety not required

A. In the case of a testamentary trust, the jurisdiction where the will has been admitted to probate in the Commonwealth shall be the exclusive jurisdiction for the qualification of the trustee under such will. In the case of a will of a nonresident that has not been admitted to probate in the Commonwealth, the trustee under such will shall be permitted to qualify in any jurisdiction in which such will could be probated or, if there is no such jurisdiction, then the trustee shall be permitted to qualify pursuant to § 64.2-1402.
B. Before proceeding to act as trustee, the trustee named in a will probated after July 1, 1968, shall qualify and give bond before the proper circuit court or clerk with surety as may be required by the court or clerk unless (i) the will waives surety on the bond, (ii) surety is not required under § 6.2-1003, or (iii) the will was executed prior to July 1, 1968, and the trustee offering to qualify as such was also named in the will as executor and qualifies as such, and the will waives surety upon the bond of such executor.
C. The provisions hereof shall not apply to a testamentary devise or bequest to a church or its trustees.
D. If real estate located in the Commonwealth constitutes any of the trust assets, the qualification of the trustee under this section shall not be in lieu of any other recordation required by law.
1964, c. 464, §§ 26-46.2, 26-46.3; 1966, c. 327; 1968, c. 514; 1981, c. 239, 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1402. Jurisdiction for qualification of certain testamentary trustees and trustees generally

A. In the case of a testamentary trust for which there is no jurisdiction for probate as provided in § 64.2-1401 and in the case of any trust under any deed or other writing, other than a will, the trustee may qualify in any jurisdiction where the trustee resides, or if one trustee is a corporate trustee, then in the jurisdiction where the corporate trustee has its registered office.
B. If real estate located in the Commonwealth constitutes any of the trust assets, the qualification of the trustee under this section shall not be in lieu of any other recordation required by law.
1964, c. 464, § 26-46.3; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1403. Qualification of trustees

A. For the purposes of this section, the phrase "deed or other writing" does not include a will.
B. Any trustee appointed by a deed or other writing where the deed or other writing requires that the trustee qualify shall not act as trustee until he has qualified before the circuit court or clerk by giving bond and taking oath that he will perform the duties of his office. The oath may be taken on behalf of a corporate trustee by its president or other officer.
C. Any trustee appointed by a deed or other writing where the deed or other writing does not require that the trustee qualify may voluntarily qualify. However, regardless of whether the deed or other writing does not require qualification, upon the request of any interested party, the administration of the trust shall be in the same manner as if qualification had been required by the terms of the deed or other writing creating it.
1968, c. 382, § 26-1.1; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1404. New fiduciary appointed when authority of former revoked

If an order revoking and annulling the powers of any fiduciary is entered, the circuit court in which he qualified shall, at or after the date of the order, appoint an administrator de bonis non, a new guardian, or other fiduciary as if the fiduciary whose powers have been revoked and annulled had died at that date.
Code 1919, § 5148; Code 1950, § 26-47; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1405. Court may appoint trustee in place of one named in will, deed, or other writing; management by corporate trustee outside of the Commonwealth

A. If a trustee named in a will, deed, or other writing (i) dies, (ii) becomes incapable of executing the trust on account of physical or mental disability or confinement in prison, (iii) if residency is statutorily required, is no longer a resident of the Commonwealth, (iv) declines to accept the trust, (v) resigns the trust after having accepted the trust, (vi) in the case of a corporate trustee, is adjudicated bankrupt or for any reason loses its charter, (vii) for any other reason ceases to be eligible to continue serving as trustee, or (viii) for any other good cause shown, the circuit court in which such will was admitted to probate or such deed or other writing is or might have been recorded, or if the trustee is a corporation, in which its principal office in the Commonwealth is located, or in which the trustee resides, may on motion of any interested party, and upon satisfactory evidence of any of the conditions in clauses (i) through (viii), appoint a trustee in place of the trustee named in the instrument.
B. The circuit court may appoint a substitute corporate trustee whenever a corporate trustee removes the management function over an existing trust which was previously managed in the Commonwealth to a jurisdiction outside of the Commonwealth if the court finds that the management of the trust after such removal results in good cause for the substitution of the trustee. A corporate trustee that maintains a place of business in the Commonwealth where one or more trust officers are available on a regular basis for personal contact with trust customers or beneficiaries shall not be deemed to have removed such management function.
Code 1919, § 6298; 1930, p. 350; 1934, p. 162; 1950, p. 457, § 26-48; 1998, cc. 392, 410; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1406. Notice required; certain substitutions validated

A. Reasonable notice of a motion made pursuant to § 64.2-1405 for the appointment of a substitute trustee shall be provided to all persons interested in the execution of the trust other than the moving party. If any interested person is under 18 years of age, the circuit court or clerk shall appoint a discreet and competent attorney-at-law as guardian ad litem for such person on whom notice may be served. If any interested person is incapacitated or incarcerated, the notice shall be served on his committee, guardian, or conservator, if any, or if none exists, the court or clerk shall appoint a discreet and competent attorney-at-law as a guardian ad litem for such person on whom notice may be served. Notice does not need to be given to a trustee or, if one has previously been appointed, a substitute trustee who no longer resides the Commonwealth, declined to accept the trust, or resigned, or to the personal representative of a deceased trustee, or to a corporate trustee that has been adjudicated bankrupt or that has lost its charter.
B. In the case of the substitution of the trustee in a deed of trust securing the payment of indebtedness, notice of the motion made pursuant to § 64.2-1405 need only be given to the trustee or, if one has previously been appointed, to the substitute trustee unless notice to him is not required pursuant to subsection A; any beneficiaries appearing of record or known to the moving party; any debtors mentioned in the deed of trust; any persons who may be shown by the deed records to have assumed payment of the indebtedness in whole or in part; and the person in whom the equitable title to the property conveyed by the deed of trust is vested at the time of the motion as shown by the deed records. In such case when the written notice of motion has been filed in the clerk's office of the court having jurisdiction as defined in § 64.2-1405, service of the notice as to all parties mentioned in § 8.01-316 may be made in conformity with the provisions of §§ 8.01-316, 8.01-317, 8.01-318, 8.01-320, 8.01-322, and 8.01-323.
C. Any decree or order of substitution heretofore made by a court of competent jurisdiction is hereby validated.
D. Nothing in this section shall be construed as preventing a court from substituting a trustee in a suit instituted for that purpose.
Code 1919, § 6299; 1930, p. 350; 1932, p. 135; 1934, p. 156; 1944, p. 337; Code 1950, § 26-50; 1972, c. 825; 1997, c. 921; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1407. Who to execute the trust until new trustee appointed

A. The personal representative of a deceased trustee, or the remaining trustee or trustees if there were more than one trustee and one or more but less than all of them have died, resigned, become incapable of executing the trust on account of physical or mental disability or confinement in prison, become ineligible to continue to serve as trustee because of no longer being a resident of the Commonwealth where residency is statutorily required, or otherwise become ineligible to continue serving as trustee, shall execute the trust, or so much of the trust as remained unexecuted at the time such lack of capacity to execute the trust or such ineligibility came into being until an appointment is made pursuant to this part, unless the instrument creating the trust directs otherwise or some other trustee is appointed for the purpose by a circuit court having jurisdiction of the case. In the case of removal of the trust management function by a corporate trustee, the corporate trustee shall continue to execute the trust until such time as an appointment is made pursuant to this part.
B. The provisions of this section shall not apply to any trust governed by the Uniform Trust Code (§ 64.2-700 et seq.).
Code 1919, § 6300; 1930, p. 350; 1940, p. 302; 1942, p. 168; Code 1950, § 26-51; 1998, cc. 392, 410; 2001, c. 38; 2005, c. 935; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1408. Circuit court may exercise same powers in suit to enforce or administer trust

A circuit court may exercise all the powers conferred by §§ 64.2-1405, 64.2-1406, 64.2-1407, and 64.2-1412 in a suit pending to enforce or administer the trust.
Code 1919, § 6302; Code 1950, § 26-52; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1409. Information to be provided to clerk by fiduciary

A. On and after July 1, 1998, every person seeking to qualify in any fiduciary capacity before the circuit court or clerk shall provide to the court or clerk the information required to make the qualification on forms provided to the proposed fiduciary by the clerk. The forms, with appropriate instructions concerning their use, shall be provided to each clerk by the Office of the Executive Secretary of the Supreme Court. In lieu of any form, a computer-generated facsimile of the form may be used by any person seeking to qualify.
B. Every qualified fiduciary who moves from the Commonwealth and becomes resident in another state shall inform the clerk and the commissioner of accounts of the court in which he was qualified of his new address within 30 days of the date of the change in residency. Any fiduciary who fails to so inform the clerk and commissioner of accounts shall be subject to a civil penalty of $50. For purposes of this section, a person becomes resident in another state when he can no longer satisfy the residency requirements specified in § 38.2-1800.1. This section shall not apply to any fiduciary whose cofiduciary is a resident of the Commonwealth.
1997, c. 842, § 26-1.2; 2005, c. 644; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1410. When court may require new bond or revoke authority; giving new bond upon motion of fiduciary, surety, or other party in interest

A. Regardless of whether a fiduciary has given bond with or without sureties, at any time the circuit court under whose order or under the order of whose clerk any such fiduciary derives his authority shall, on the application of any surety or his personal representative, or may, (i) upon motion of the fiduciary or (ii) when it appears proper on report of the clerk or a commissioner of accounts or on evidence adduced before it by any interested party, order the fiduciary to give before the court or clerk a new bond or additional bond in a reasonable time as prescribed by the court and in such penalty and with or without sureties as the court deems proper. The new bond or additional bond shall have the effect provided by § 49-14. In all cases where the fiduciary qualified pursuant to an order issued by a clerk, the clerk shall have the same power as the court regarding bond and surety under this section. If the order of the court or clerk is not complied with, or whenever from any cause it appears proper, the court may revoke and annul the powers of any such fiduciary. However, no such order shall be made unless reasonable notice appears to have been given to the fiduciary by (a) the commissioner of accounts who made the report, (b) the surety or his representative making the application, or (c) the service of a rule or otherwise. No order or revocation shall invalidate any previous act of such fiduciary.
B. When the court or clerk orders a new bond, additional bond, or a reduction in bond, the court or clerk shall, in lieu of requiring a personal appearance by the fiduciary for the execution thereof, allow the fiduciary's execution to be made by the fiduciary's agent under a power of attorney expressly authorizing the same.
Code 1919, § 5417; Code 1950, § 26-3; 1966, c. 328; 1997, c. 842; 2001, c. 79; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1412. How trustee required to give bond; when to be removed and another appointed

After reasonable notice to a trustee, whether appointed by will, deed, or other writing, the circuit court that has jurisdiction to administer the trust may, on motion of any interested person, order the trustee to give bond with surety before the court, or before the clerk of the court, within a reasonable time and in a penalty to be prescribed by the court, for the faithful execution of the trust if the court deems the bond is proper for the security of the trust estate. If the order is not complied with, or whenever for any cause it appears proper, the court may remove the trustee and appoint another in his place.
Code 1919, § 6301; Code 1950, § 26-1; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1414. Effect of orders of qualification of bank as committee or guardian

If a bank qualifies as committee or guardian and the order of qualification fails to specify that the bank is to be guardian or committee of the person, it shall be deemed a qualification solely as committee, conservator, or guardian of the estate.
2010, c. 794, § 26-7.5; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1415. Liability for losses by negligence or failure to make defense

A. If any personal representative, guardian, conservator, curator, or committee, or any agent or attorney-at-law, by his negligence or improper conduct, loses any debt or other money, he shall be charged with the principal of what is so lost, and interest thereon, in like manner as if he had received such principal.
B. If any personal representative, guardian, conservator, curator, or committee pays any debt the recovery of which could be prevented by reason of illegality of consideration, lapse of time, or otherwise, knowing the facts by which the recovery could have been prevented, no credit shall be allowed to him for such payment.
Code 1919, § 5406; Code 1950, § 26-5; 1997, c. 801; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1416. Liability of fiduciary for actions of cofiduciary

A. As used in this section, "fiduciary" has the same meaning as provided in § 8.01-2, except that it shall not include trustees subject to the requirements and provisions of the Uniform Trust Code (§ 64.2-700 et seq.).
B. Any power vested in three or more fiduciaries may be exercised by a majority of the fiduciaries, but a fiduciary who has not joined in exercising a power is not liable to the beneficiaries or to others for the consequences of the exercise. A dissenting fiduciary is not liable for the consequences of an act in which he joins at the direction of the majority of the fiduciaries if he expressed his dissent in writing to any of his cofiduciaries, if the act is not of itself a patent breach of trust.
C. A fiduciary shall be answerable and accountable only for his own acts, receipts, neglects, or defaults, and not for those of any cofiduciary, or for those of any banker, broker, or other person with whom the trust money or securities may be lawfully deposited, or for any loss that does not result from his own default or negligence.
D. Whenever the instrument under which a fiduciary or fiduciaries are acting reserves the authority to direct the making or retention of any investment for the settlor, testator, or creator or vests such authority in an advisory or investment committee or any other person, including a cofiduciary, to the exclusion of the fiduciary or the exclusion of one or more of several fiduciaries,, the excluded fiduciary or cofiduciary shall be liable, if at all, only as a ministerial agent and shall not be liable as fiduciary or cofiduciary for any loss resulting from the making or retention of any investment pursuant to such authorized direction.
E. This section does not excuse a cofiduciary from liability for failing to (i) participate in the administration of trust, (ii) attempt to prevent a breach of trust, or (iii) seek advice and guidance from the circuit court in an apparently recurring situation unless otherwise expressly provided by the instrument under which the cofiduciary is acting.
1978, c. 327, § 26-5.2; 1980, c. 440; 2005, c. 935; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1417. How judgment may be entered against personal representative, conservator, or committee

A judgment or decree against the personal representative of a decedent, committee of a convict, or conservator of an incapacitated person as defined in § 64.2-2000 for a debt due from the decedent, convict, or incapacitated person may, without taking an account of the transactions of the representative, conservator, or committee, be entered to be paid out of the estate of the decedent, convict, or incapacitated person in, or that shall come into, the possession of the representative, conservator, or committee to be administered. If the circuit court holds that the proceeding for the debt would not have been brought if the fiduciary had prudently discharged his duty, the amount of the judgment or decree for costs shall be paid out of the estate of the representative, conservator, or committee.
Code 1919, § 5407; 1950, p. 356, § 26-6; 1997, c. 921; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1418. Court order for payments due from fiduciaries; effect

When a report of the accounts of any guardian, curator, conservator, committee, or trustee is confirmed, either in whole or in a qualified manner, the circuit court for the clerk's office where the report is filed may order payment of what appears due on such accounts to such persons as would be entitled to recover the same by suit. Any guardian, curator, conservator, committee, or trustee who has, in good faith and in compliance with the order of such court, paid and delivered the money and other estate in his possession to whomsoever the court has adjudged is entitled thereto, shall be fully protected against the demands of creditors and all other persons.
Code 1919, § 5433; 1942, p. 480; Code 1950, § 26-7; 1997, c. 801; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1419. Execution of fiduciary bond or appointment of agent designates clerk as attorney for service of process

A. Every person who qualifies in a circuit court or clerk's office as a personal representative of a decedent, guardian, conservator, committee, trustee, or receiver, and the surety upon any such fiduciary's bond, shall, by executing the bond required of the fiduciary, be deemed to have designated the clerk of the court in which the qualification is had, and his successor in office, as the true and lawful attorney of the fiduciary upon whom service of any notice, process, or rule issuing from a court of the Commonwealth or a commissioner of such court may be executed, whenever the fiduciary cannot be found and served within the Commonwealth after the exercise of due diligence. This section only applies if the proceeding relates to the proper administration or distribution of the fiduciary estate, including a proceeding to assert a claim against the estate or to remove the fiduciary or to obtain a personal judgment against him and his surety, either or both, for nonfeasance, misfeasance, or malfeasance in the performance of the fiduciary's duties. The designation shall terminate and no longer be in effect when the fiduciary's final account shall stand confirmed as provided in § 64.2-1212 or by order of court.
B. Every nonresident trustee who, pursuant to § 64.2-427 or 64.2-428, files a consent in writing with a clerk of a circuit court that any service of process or notice may be by service upon a resident of the Commonwealth at such address as the trustee may appoint in the written instrument filed with the clerk shall, by filing such consent, be deemed to have designated the clerk of the court in which the consent is filed, and his successor in office, as the true and lawful attorney of the nonresident trustee upon whom service of any notice, process, or rule issuing from a court of the Commonwealth may be executed, whenever the resident appointed to receive service cannot be found and served within the Commonwealth after the exercise of due diligence.
1954, c. 601, § 26-7.1; 1997, c. 801; 2000, c. 320; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1420. Clerk to mail notice, process, or rule to person served

Whenever any notice, process, or rule is served on the clerk of a circuit court pursuant to § 64.2-1419, the clerk shall mail the notice, process, or rule forthwith by certified or registered mail, postage prepaid, to the person thus served, to his last known address as shown by the court papers, the cost thereof to be paid in advance by the person desiring the service. In lieu of using certified or registered mail, the clerk of court may also use overnight delivery, with the cost thereof to be paid in advance by the person desiring service.
1954, c. 601, § 26-7.2; 2004, c. 367; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1421. What judgment or decree based upon service upon clerk shall specifically adjudicate

Any judgment or decree based upon service of notice, process, or rule upon the clerk of the circuit court shall specifically adjudicate that due diligence has been used and that the person thus served cannot be found and served within the Commonwealth, that the requirements of § 64.2-1420 have been complied with, and that the fiduciary's final account does not stand confirmed as provided in § 64.2-1212 or by order of court.
1954, c. 601, § 26-7.3; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1422. Environmental liability of fiduciaries

A. As used in this section:
"Environmental law" means any federal, state, or local law, rule, regulation, or ordinance relating to protection of the environment or human health.
"Fiduciary" includes guardians, committees, conservators, trustees, executors, administrators and administrators with the will annexed, curators of decedents' wills, and attorneys-in-fact or agents acting for principals under written powers of attorney, and any combination of individuals, corporations, and other entities serving in those capacities.
"Individual capacity" means the nonfiduciary capacity of any individual, corporation, or other entity serving as a fiduciary.
B. As to any property held in trust or in an estate, a fiduciary shall not be considered in its individual capacity to be (i) the owner or operator of that property as defined under any applicable environmental law or (ii) a party otherwise liable under any environmental law unless the fiduciary's acts or omissions outside the scope of its fiduciary duties constitute conduct that independently would give rise to individual liability.
C. A fiduciary shall not be liable in its individual capacity to any beneficiary or other party for any decrease in value of assets in trust or in an estate by reason of the fiduciary's investigation or evaluation of potential contamination of property held in the trust or estate or the fiduciary's compliance with any environmental law, specifically including any reporting or disclosure requirement under such law.
D. Neither a fiduciary's acceptance of property nor its failure to inspect property shall be deemed to create any implication as to whether or not there is or may be any liability under any environmental law with respect to such property.
E. Nothing in this section shall affect or modify any defense to individual liability under any environmental law available to any fiduciary under any other provision of state or federal law, including the common law.
1994, c. 476, § 26-7.4; 1997, c. 801; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1423. Trustee not disqualified due to status as stockholder, employee, or officer of corporate noteholder; sale of property by trustee not voidable

A. The fact that a trustee in a deed of trust to secure a debt due to a corporation is a stockholder, member, employee, officer, or director of, or counsel to, the corporation does not disqualify the trustee from exercising the powers conferred by the deed of trust, nor does it render voidable a sale by the trustee in the exercise of the powers conferred on him by the deed of trust so long as the trustee did not participate in the corporation's decision as to the amount to be bid at the sale of the trust property.
B. In addition to the provisions of subsection A, if the lender secured by the deed of trust bids the amount secured, including interest through the date of sale and costs of foreclosure, the trustee's participation in fixing the bid price by the lender shall not be deemed improper and the sale shall not be rendered voidable solely by reason of the trustee's participation.
C. All sales made before July 1, 1990, by any trustee by virtue of a deed of trust and any deed made by the trustee in pursuance of such sales are hereby declared to be valid and effective in all respects, if otherwise valid according to laws then in force, the same as if the trustee had not been a stockholder, member, employee, officer, or director of, or counsel to, the corporation thereby secured.
1920, p. 502; 1932, p. 523; Michie Code 1942, § 6304b; Code 1950, § 26-58; 1990, c. 763; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1424. Resignation by fiduciary of his trust

The circuit court in which or before the clerk of which a fiduciary qualified may allow any personal representative, guardian, conservator, or committee to resign his trust conditioned upon his accounts as the fiduciary being stated and settled in the mode prescribed by law. Such resignation shall not invalidate any act done or affect any liability incurred by him while holding such trust.
Code 1919, § 5419; 1938, p. 790; Code 1950, § 26-46; 1997, c. 801; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1425. How securities transferred to successor

When any securities for money loaned or invested shall be standing in the name of any fiduciary who has died or resigned or whose power has been revoked, and the fiduciary or his personal representative has not transferred the securities to his successor, the circuit court in which the fiduciary qualified, upon the petition of the successor or of any other interested person, may direct that the securities be transferred to the successor, a receiver of the court, or otherwise, and may direct that the dividends, interest, or proceeds of the securities be received or paid in such manner as the court deems proper.
Code 1919, § 5432; Code 1950, § 26-56; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1427. How property of nonresident infant or incapacitated person transferred to foreign guardian, conservator, or committee

When any nonresident infant or incapacitated person is entitled to property or money in the Commonwealth, a petition to remove the property or money to the domicile of the infant or incapacitated person may be filed by his guardian, conservator, committee, or other fiduciary lawfully appointed and qualified in the state or country of his residence, in the circuit court of the county or city in which the property or money, or some part thereof, is located. If entitlement to the property or money was acquired other than by a will or was acquired by a will that restricts the transfer out of the Commonwealth, the infant or incapacitated person, and the guardian of the infant or the conservator or other fiduciary of the incapacitated person appointed in the Commonwealth, if there is one, shall be made a party defendant to this petition. The court shall appoint a guardian ad litem for the infant or incapacitated person who, as well as the conservator or other fiduciary, if there is one, shall answer the petition on oath. Upon a hearing of the case on its merits, or upon the petition without hearing if entitlement to the property or money was acquired by a will that does not restrict the transfer out of the Commonwealth, the court may order the fiduciary to pay and deliver to the foreign guardian, conservator, committee, or fiduciary, or his agent or attorney, all personal property and money in his possession belonging to the infant or incapacitated person, and authorize the foreign guardian, conservator, committee, or fiduciary to sue for, recover, and receive all money and personal property, including the accruing rents of his real estate, that belongs to the infant or incapacitated person in the same manner as if he were appointed a guardian, conservator, committee, or fiduciary of the infant or incapacitated person in the Commonwealth, and to remove the money and personal property to the state or country in which the foreign fiduciary was appointed and qualified.
Code 1919, § 5350; Code 1950, § 26-60; 1968, c. 399; 1983, c. 487; 1997, c. 801; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1428. Transfer of proceeds of sale of real estate of nonresident beneficiary to foreign fiduciary

When the proceeds of sale of the real estate of an infant, incapacitated person, or cestui que trust are invested, or required to be invested under the direction of the circuit court, and the infant, incapacitated person, or cestui que trust does not reside in the Commonwealth, on the petition of a guardian, committee, conservator, or trustee lawfully appointed or qualified in the state or country of residence of the infant, incapacitated person, or cestui que trust, the court under whose direction such proceeds are so invested, or required to be invested, may, with the consent of the persons residing in the Commonwealth who would be the heirs of the infant, incapacitated person, or cestui que trust, if he were dead, order such proceeds to be paid and delivered to the foreign guardian, committee, conservator, or trustee, or his agent or attorney, and removed by him to the state or country in which he was appointed and qualified. The court may refuse to permit the payment and delivery if the court determines that the removal of the trust subject will defeat or conflict with the provisions of the deed, will, or other instrument creating the trust.
Code 1919, § 5351; Code 1950, § 26-61; 1997, c. 801; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1429. Notice and bond required prior to transfer

No order shall be made pursuant to §§ 64.2-1427 and 64.2-1428 until (i) notice of the petition has been published once a week for four successive weeks in a newspaper published in the county or city in which the petition is filed, or if there is none, then in a newspaper published in an adjoining county; (ii) it is shown by authentic documentary evidence that the foreign guardian, conservator, or committee has, in the state or country where he qualified, given bond with surety sufficient to insure his accountability for the whole amount of the estate in his possession or that may be received by him; and (iii) the circuit court determines that the removal of such money or property from the Commonwealth will not impair the rights or be prejudicial to the interests either of the infant or incapacitated person or of any other person.
Code 1919, § 5352; 1930, p. 736; Code 1950, § 26-62; 1997, c. 801; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1430. When bond may be dispensed with

In any case in which the circuit court finds that the laws of the state or country in which the infant or incapacitated person resides and the foreign guardian, conservator, or committee was appointed and qualified do not provide for the giving of a bond by the guardian, conservator, or committee, the court, in its discretion, may permit the money and other estate of the infant or incapacitated person to be paid and delivered to the foreign fiduciary although he has not given the bond required by § 64.2-1429.
Code 1919, § 5352; 1930, p. 736; Code 1950, § 26-63; 1997, c. 801; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1431. Sale of property and payment of proceeds to nonresident trustee

If, in any proceeding under § 64.2-1427 or in case of an interest in property acquired by a will that does not restrict the transfer of property out of the Commonwealth upon petition under § 64.2-1427, the circuit court may order the property, or any part of it, to be sold, and the proceeds to be paid to the foreign guardian, conservator, committee, or nonresident trustee.
Code 1919, § 5355; Code 1950, § 26-66; 1968, c. 399; 1997, c. 801; 2005, c. 935; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 14 - Fiduciaries Generally › § 64.2-1432. Discharge from liability of resident guardian, committee, conservator, or trustee

When any guardian, committee, conservator, trustee, or other person in the Commonwealth shall pay over, transfer, or deliver any estate in his possession or vested in him, under any order or decree made in pursuance of this chapter, he shall be discharged from all responsibility therefor.
Code 1919, § 5356; Code 1950, § 26-67; 1997, c. 801; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 15 - Investments › § 64.2-1500. Court orders regarding money in possession of fiduciary

If a report made pursuant to § 64.2-1210 or a special report of the commissioner of accounts shows that money is in the possession of a fiduciary, the circuit court in which the report is filed may order that the money be invested or loaned out, or make such other order respecting the money as the court deems proper.
Code 1919, § 5430; Code 1950, § 26-38; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 15 - Investments › § 64.2-1501. Time within which guardian of an estate, conservator, or other fiduciary to invest funds; reasonable diligence required

A. Whenever a guardian of an estate, conservator, or other fiduciary charged with the investment of funds collects any principal, he shall have a reasonable time, not to exceed four months, to invest or loan the funds and shall not be charged with interest thereon until the expiration of such time. A guardian of an estate, conservator, or any other fiduciary shall only be required to invest in accordance with the provisions of §§ 64.2-1502 through 64.2-1506 and the Uniform Prudent Investor Act (§ 64.2-780 et seq.) and, if he invests in accordance with these provisions, he shall be accountable only for such interest and profits as are earned. If any funds are otherwise invested without the previous consent of the court having jurisdiction of such trust funds, the burden shall be on the guardian of an estate, conservator, or other fiduciary before his settlement is approved by the commissioner of accounts to show to the satisfaction of the commissioner of accounts that, after exercising reasonable diligence, he was unable to invest the funds in accordance with these provisions and that the investment made was reasonable and proper under all of the circumstances and fair to the beneficiary of the funds.
B. This section shall not be construed as altering the provisions of any will, deed, or other instrument that give the fiduciary discretion as to the rate of interest, character of security, nature or investment under the trust, or time within which the trust funds are to be loaned or invested.
Code 1919, § 5325; 1938, p. 203; 1946, p. 223; Code 1950, § 26-39; 1997, c. 842; 1999, c. 772; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 15 - Investments › § 64.2-1503. Investment in bonds or other obligations issued, guaranteed, or assured by Inter-American Development Bank

Executors, administrators, trustees, and other fiduciaries, both individual and corporate, may invest the funds held by them in a fiduciary capacity in bonds and other obligations issued, guaranteed, or assured by the Inter-American Development Bank, which are and shall be considered lawful investments.
1968, c. 65, § 26-40.1; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 15 - Investments › § 64.2-1504. Investments in municipal bonds by banks or trust companies

Subject to the Uniform Prudent Investor Act (§ 64.2-780 et seq.) and the common law duties of a fiduciary, unless the governing instrument or a court order specifically directs otherwise, a bank or trust company serving as personal representative, trustee, guardian, agent, or in any other fiduciary capacity, may purchase during the existence of any underwriting or selling syndicate any state or municipal security otherwise authorized by this title in spite of the fact that the fiduciary, or an affiliate thereof under common ownership, participates or has participated as a member of a syndicate underwriting such security if the fiduciary purchases the security from another syndicate member or from an affiliate thereof and not from itself or any of its affiliates.
1988, c. 347, § 26-40.2; 1999, c. 772; 2012, c. 614.
2023 Code of Virginia › Title 64.2 - Wills, Trusts, and Fiduciaries › Chapter 15 - Investments › § 64.2-1505. Investments that cease to be eligible may be retained

Investments made under the provisions of § 64.2-1502, if in conformity with the requirements of that section at the time the investments were made, may be retained even though they cease to be eligible for purchase under the provisions of that section, but shall be subject to the provisions of the Uniform Prudent Investor Act (§ 64.2-780 et seq.).
Code 1919, § 5431; 1942, p. 662; Code 1950, § 26-44; 1992, c. 810; 1999, c. 772; 2012, c. 614.