64.1-120 - Penalty of bond of executor or administrator. - Virginia Statutes

§ 64.1-120. Penalty of bond of executor or administrator.

A. Except as provided in subsection B, every bond of an executor oradministrator shall be in a penalty equal, at the least, to the full value ofthe personal estate of the deceased to be administered; and when there is awill which authorizes the executor or administrator to sell real estate, orreceive the rents and profits thereof, the bond shall be in a penalty equal,at the least, to the full value both of the personal estate and of such realestate, or rents and profits, as the case may be.

B. Upon the request of an executor or administrator, the clerk shallredetermine the penalty of the bond in light of any reduction in the currentmarket value of the estate in the executor's or administrator's possession orsubject to his power, whether such reduction is due to disbursements,distributions or valuation of assets, if such reduction is reflected in anaccounting that has been confirmed by the court or an inventory that has beenapproved by the commissioner of accounts and recorded in the clerk's office.This provision shall not apply to any bond set by the court.

(Code 1950, § 64-116; 1968, c. 656; 1996, c. 317.)