6.2-1085 - (Effective October 1, 2010) When security not required. - Virginia Statutes

§ 6.2-1085. (Effective October 1, 2010) When security not required.

No association with a minimum combined unimpaired capital and surplus of$50,000 or more shall be required by any officer or court of the Commonwealthto give security upon appointment to or acceptance of any fiduciary officewhich it may, by law, be authorized to execute, or to give security upon anybond given pursuant to § 4.1-341 or similar statute. No association shallqualify on an estate having a value in excess of its combined unimpairedcapital and surplus without giving security for such excess on its bond,unless the giving of such security is waived under the terms of the governinginstrument or by court order.

(1984, c. 303, § 6.1-195.82; 1993, c. 866; 2010, c. 794.)