                                 CODE OF VIRGINIA

WHEN SECURITY NOT REQUIRED (§ 64.2-505)

A. The court or clerk shall require a personal representative to furnish
security. However, the court or clerk shall not require a personal
representative to furnish security if:

   1. All distributees of a decedent&#8217;s estate or all beneficiaries under
   the decedent&#8217;s will are personal representatives of that
   decedent&#8217;s estate, whether serving alone or with others who are not
   distributees or beneficiaries; however, if all personal representatives of a
   testate decedent are entitled to file a statement in lieu of an accounting
   under &#xA7; 64.2-1314, the security shall be required only upon the portion
   of their bond given in connection with the property passing to beneficiaries
   who are not personal representatives; or

   2. The will waives security of an executor nominated therein.

B. Notwithstanding subsection A, upon the motion of a legatee, devisee, or
distributee of an estate, or any person who has a pecuniary interest in an
estate, the court or clerk may require the personal representative to furnish
security. A copy of such motion shall be served upon the personal
representative. The court shall conduct a hearing on the motion and may require
the personal representative to furnish security in an amount it deems sufficient
and may award the movant reasonable attorney fees and costs which shall be paid
out of the estate.

C. This section shall be deemed to permit qualification without security where
the personal representative is the only distributee or only beneficiary by
virtue of one or more instruments of disclaimer filed prior to, or at the time
of, such personal representative&#8217;s qualification.

HISTORY: Code 1950, § 64-117; 1966, c. 325; 1968, c. 656, § 64.1-121; 1970, c.
426; 1974, c. 140; 1977, c. 144; 1994, c. 393; 1996, c. 57; 2012, c. 614; 2014,
c. 291; 2015, c. 631.