26-46.2 - Jurisdiction for qualification of trustee; qualification and bond; when surety not required. - Virginia Statutes

§ 26-46.2. Jurisdiction for qualification of trustee; qualification and bond;when surety not required.

In the case of testamentary trusts, if the will has been admitted to probatein this Commonwealth, the jurisdiction where the will has been probated shallbe the exclusive jurisdiction for qualification of the trustee or trusteesunder such will. If such will is the will of a nonresident, and has not beenadmitted to probate, then the trustee or trustees thereunder shall bepermitted to qualify in any jurisdiction in which such will could beprobated, and if there be no such jurisdiction, then qualification shall beas permitted in § 26-46.3.

Each trustee named in a will probated after July 1, 1968, before proceedingto act thereunder, shall qualify and give bond before the proper court orclerk thereof with surety, as may be required by the court or clerk unless(i) the will waives surety on the bond, or (ii) the necessity for surety isdispensed with under § 6.1-18, or (iii) the will was executed prior to July1, 1968, and the trustee or trustees offering to qualify as such were alsonamed in the will as executor or executors and qualify as such, and (iv) thewill waives surety upon the bond of such executor or executors.

The provisions hereof shall not apply to a testamentary devise or bequest toa church or its trustees.

(1964, c. 464; 1966, c. 327; 1968, c. 514; 1981, c. 239.)