Code of Virginia § 64.2-516. Duties of fiduciaries as to certain obligations of the United States.
219 words·~1 min read·
/va/title-64-2/chapter-5/64-2-516·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Except as provided in subsection B, a fiduciary charged with the administration of the estate of a decedent is not required to assert a claim to or seek to recover the whole or any part of funds arising from the redemption or payment of bonds of the United States that are paid or payable to others under the applicable laws of the United States or rules and regulations of the U.S. Department of the Treasury.
B. The fiduciary shall assert a claim to such funds if he receives a request in writing from any person interested in the estate within six months from the date of the initial qualification of the estate. The fiduciary, or his attorney, shall acknowledge in writing receipt of such request within 10 days, and if the fiduciary is the co-owner of such funds, the fiduciary shall segregate such funds and place such funds in an interest-bearing account, awaiting an appropriate court order concerning the ultimate disposition of such funds.
The fiduciary shall not use such funds for his own personal account. However, if the fiduciary accedes to the request that such funds be treated as estate funds, the fiduciary may distribute the funds according to law without any court order.
Code 1950, § 64-131.2; 1968, c. 656, § 64.1-141; 2012, c. 614 .