§ 26-17.9. Vouchers and statement of assets on hand; direct payments toaccount; vouchers for IRS payments.
A. Vouchers for disbursements and a statement of cash on hand or in a bankand all investments held at the terminal date of the account shall also beexhibited with each account. A voucher shall not be required when adisbursement, not exceeding the value of $25, is made to a legatee under theauthority of a will and such legatee refuses to take the possession or failsto present the disbursement check to a bank for payment. In such case thefiduciary shall file an affidavit stating that he has made a good faitheffort to comply with the terms of the will and the provisions of thissection.
B. A fiduciary may make payment to a beneficiary by transfer to thebeneficiary's bank account with the fiduciary or by payment to an accountwith another bank through an automated clearinghouse, wire transfer orsimilar mechanism, if the beneficiary has consented in writing to such methodof payment. In either case, a record or statement of the bank making suchpayment shall be a sufficient voucher.
C. In the case of payments to the Internal Revenue Service for income taxestimates or any other payments required or permitted to be made by wiretransfer or similar mechanism, the fiduciary shall not be required to exhibita receipt for such payment. A record or statement of the bank making suchpayment shall be a sufficient voucher.
D. In the case of payments of debts, taxes and expenses, a corporatefiduciary's affidavit signed by an officer familiar with the facts thatdescribes each payment by date, payee, purpose and amount shall be asufficient voucher for the purpose of subsection A. However, the commissionerof accounts may require that the corporate fiduciary exhibit a voucher for aspecific payment.
E. In the event a fiduciary seeks to use a check as a voucher or receipthereunder, (i) a copy of both sides of the check shall be sufficient or (ii)a copy of the front side of the check, and the periodic statement, from thefinancial institution showing the check number and amount that coincides withthe copy shall be sufficient, provided such copy was made in the regularcourse of business in accordance with the admissibility requirements of §8.01-391, and provided further, that the commissioner of accounts may requirea fiduciary to exhibit a proper voucher for a specific payment or fordistributions to beneficiaries or distributees. However, the commissioner ofaccounts shall not require a fiduciary to exhibit an original check as avoucher hereunder.
(1993, c. 689; 1999, c. 74; 2003, c. 201; 2005, cc. 261, 277.)
§ 26-17.9. Vouchers and statement of assets on hand; direct payments toaccount; vouchers for IRS payments.
A. Vouchers for disbursements and a statement of cash on hand or in a bankand all investments held at the terminal date of the account shall also beexhibited with each account. A voucher shall not be required when adisbursement, not exceeding the value of $25, is made to a legatee under theauthority of a will and such legatee refuses to take the possession or failsto present the disbursement check to a bank for payment. In such case thefiduciary shall file an affidavit stating that he has made a good faitheffort to comply with the terms of the will and the provisions of thissection.
B. A fiduciary may make payment to a beneficiary by transfer to thebeneficiary's bank account with the fiduciary or by payment to an accountwith another bank through an automated clearinghouse, wire transfer orsimilar mechanism, if the beneficiary has consented in writing to such methodof payment. In either case, a record or statement of the bank making suchpayment shall be a sufficient voucher.
C. In the case of payments to the Internal Revenue Service for income taxestimates or any other payments required or permitted to be made by wiretransfer or similar mechanism, the fiduciary shall not be required to exhibita receipt for such payment. A record or statement of the bank making suchpayment shall be a sufficient voucher.
D. In the case of payments of debts, taxes and expenses, a corporatefiduciary's affidavit signed by an officer familiar with the facts thatdescribes each payment by date, payee, purpose and amount shall be asufficient voucher for the purpose of subsection A. However, the commissionerof accounts may require that the corporate fiduciary exhibit a voucher for aspecific payment.
E. In the event a fiduciary seeks to use a check as a voucher or receipthereunder, (i) a copy of both sides of the check shall be sufficient or (ii)a copy of the front side of the check, and the periodic statement, from thefinancial institution showing the check number and amount that coincides withthe copy shall be sufficient, provided such copy was made in the regularcourse of business in accordance with the admissibility requirements of §8.01-391, and provided further, that the commissioner of accounts may requirea fiduciary to exhibit a proper voucher for a specific payment or fordistributions to beneficiaries or distributees. However, the commissioner ofaccounts shall not require a fiduciary to exhibit an original check as avoucher hereunder.
(1993, c. 689; 1999, c. 74; 2003, c. 201; 2005, cc. 261, 277.)
§ 26-17.9. Vouchers and statement of assets on hand; direct payments toaccount; vouchers for IRS payments.
A. Vouchers for disbursements and a statement of cash on hand or in a bankand all investments held at the terminal date of the account shall also beexhibited with each account. A voucher shall not be required when adisbursement, not exceeding the value of $25, is made to a legatee under theauthority of a will and such legatee refuses to take the possession or failsto present the disbursement check to a bank for payment. In such case thefiduciary shall file an affidavit stating that he has made a good faitheffort to comply with the terms of the will and the provisions of thissection.
B. A fiduciary may make payment to a beneficiary by transfer to thebeneficiary's bank account with the fiduciary or by payment to an accountwith another bank through an automated clearinghouse, wire transfer orsimilar mechanism, if the beneficiary has consented in writing to such methodof payment. In either case, a record or statement of the bank making suchpayment shall be a sufficient voucher.
C. In the case of payments to the Internal Revenue Service for income taxestimates or any other payments required or permitted to be made by wiretransfer or similar mechanism, the fiduciary shall not be required to exhibita receipt for such payment. A record or statement of the bank making suchpayment shall be a sufficient voucher.
D. In the case of payments of debts, taxes and expenses, a corporatefiduciary's affidavit signed by an officer familiar with the facts thatdescribes each payment by date, payee, purpose and amount shall be asufficient voucher for the purpose of subsection A. However, the commissionerof accounts may require that the corporate fiduciary exhibit a voucher for aspecific payment.
E. In the event a fiduciary seeks to use a check as a voucher or receipthereunder, (i) a copy of both sides of the check shall be sufficient or (ii)a copy of the front side of the check, and the periodic statement, from thefinancial institution showing the check number and amount that coincides withthe copy shall be sufficient, provided such copy was made in the regularcourse of business in accordance with the admissibility requirements of §8.01-391, and provided further, that the commissioner of accounts may requirea fiduciary to exhibit a proper voucher for a specific payment or fordistributions to beneficiaries or distributees. However, the commissioner ofaccounts shall not require a fiduciary to exhibit an original check as avoucher hereunder.
(1993, c. 689; 1999, c. 74; 2003, c. 201; 2005, cc. 261, 277.)
