6.2-1003 - (Effective October 1, 2010) When security not required; payment of probate taxes and fees. - Virginia Statutes

§ 6.2-1003. (Effective October 1, 2010) When security not required; paymentof probate taxes and fees.

A. No bank or trust company with a minimum unimpaired capital stock of$50,000 or more shall be required by any officer or court of the Commonwealthto (i) give security upon appointment to or acceptance of any office of trustwhich it may, by law, be authorized to execute or (ii) give security upon anybond given pursuant to § 4.1-341 or similar statute; however, no bank ortrust company shall qualify on an estate having a value in excess of itscombined unimpaired capital and surplus without giving bond for such excess.

B. When such bank or trust company shall qualify on any office of trust, theclerk in lieu of collecting the fees under Title 17.1 and probate taxes mayrender a bill or statement to the bank or trust company to be paid withinfive business days.

(Code 1950, § 6-95; 1966, c. 584, § 6.1-18; 1988, c. 348; 1993, c. 866; 2010,c. 794.)