Fiduciaries Generally

Passed

P HB1919

Failure to file inventory. Requires a commissioner of accounts to report to the Virginia State Bar any fiduciary who is also an attorney and who fails to file a proper inventory or account of a foreclosure after being summonsed to do so. This is consistent with the current obligation of a commissioner to report a fiduciary who is also an attorney and who does not file a proper account for an estate, trust, guardianship, or conservatorship. The bill also updates language in § 26-20. This bill is a recommendation of the Judicial Council.
Patron - Almand

P HB1920

Commissioners of accounts. Requires that a commissioner of accounts, deputy commissioner of accounts and assistant commissioner of accounts be an attorney. The Judicial Council, which recommended this bill, is not aware of any persons currently holding such positions who are not attorneys.
Patron - Almand

P HB2096

Commissioner of accounts; vouchers and statement of assets. Provides that when a fiduciary seeks to use a check as a voucher or receipt, a copy of the front side of the check and the periodic statement from the financial institution showing the check number and amount that coincides with the copy shall be sufficient evidence, in lieu of a copy of both sides of the check showing that it has been negotiated, provided the copy meets the requirements of the exception to the best evidence rule in § 8.01-391. The bill also allows the commissioner of accounts to require a fiduciary to exhibit the original check or proper voucher for a specific payment or for distributions to beneficiaries or distributees.
Patron - Joannou

Failed

F HB1380

Fees of commissioners of accounts. Provides for the refund or crediting of the amount of any overpayment of a fee paid to a commissioner of accounts.
Patron - Janis

F HB1979

Fiduciaries; legal investments. Limits the use of the legal list of investments, which affords the fiduciary immunity from the "prudent investor rule," to those funds within a trust or an estate with an actual value of not more than $100,000. A delayed effective date is proposed to give fiduciaries time to modify investment approaches.
Patron - Athey

CONTENTS | < PREVIOUS | NEXT > | BILL INDEX

General Assembly>Division of Legislative Services>Publications>Session Summaries>2003>Fiduciaries Generally

E-mail Webmaster