55-170 - Increase or reduction of penalty of their bonds; its effect. - Virginia Statutes

§ 55-170. Increase or reduction of penalty of their bonds; its effect.

The court may, at any time, on reasonable notice to the escheator, increaseor reduce the penalty of the bond; provided that in no case shall suchpenalty be reduced to less than $1,000. If an escheator be required to give abond with increased penalty and he fail to give it within a reasonable timeto be prescribed by the court, such failure shall be deemed a neglect ofofficial duty within the meaning of § 55-169. Upon bond being given under anorder increasing or reducing the penalty of a former bond, the sureties insuch former bond and their estates shall be discharged from all liability forany breach of official duty committed by such escheator after that time.

(Code 1919, § 491.)