SD17 - Commissioners of Accounts and Fiduciaries
Executive Summary: Over the past several years prior to 1964 it had become increasingly apparent that there was wide variance in the interpretation of Virginia's laws relating to the settlement of estates; primarily, as to the accounting · of fiduciaries, filing of inventories and appraisals, and the practice of approving accounts by Commissioners of Accounts. Realizing that the problems existing in this vital area could not be solved by piecemeal amendments, the General Assembly of Virginia at its 1964 Session, directed the Virginia Advisory Legislative Council to study and report upon the laws relating to Commissioners of Accounts and Fiduciaries and related matters. During the two-year interim between the 1964 and 1966 Session of the General Assembly the Council carefully studied the various aspects of the problems involved. Because of the breadth and depth of the study assigned as well as time limitations, the Council was not able to treat all areas as carefully as it thought appropriate to allow specific recommendations to be made in each. The Council in that study made some twenty-seven major recommendations, all of which were adopted by the General Assembly of Virginia at its 1966 Session, including the recommendation that its study be continued. The General Assembly thought well of the suggestion and by Senate Joint Resolution directed its continuation with particular emphasis on the distinctions between real and personal property in the administration of estates, orders of distribution, final discharge of fiduciaries, pour over trusts and whether or not Virginia should adopt the Uniform Fiduciaries Act. J. C. Hutcheson, of Lawrenceville, member of the Senate of Virginia and member of the Council, was selected as Chairman of the Committee to make the preliminary study and report to the Council. The following persons were chosen to serve as members of the Committee with Senator Hutcheson: Edward L. Breeden, Jr., Attorney, Assistant Commissioner of Accounts and member. of the Senate of Virginia, Norfolk; Hale Collins, Attorney and member of the Senate of Virginia, Covington; William P. Dickson, Jr., Attorney, Norfolk; George T. Ellis, Senior Vice-President and Trust Officer, First National Exchange Bank of Virginia, Roanoke; Brockenbrough Lamb, former Judge, Chancery Court, Richmond; Robert J. Mccandlish, Jr., Attorney and Commissioner of Accounts, Fairfax; Miles Poindexter, II, Vice-President and Trust Officer, American National Bank and Trust Company, Danville; Charles H. Ryland, Attorney and Commissioner of Accounts, Warsaw; Virginius R. Shackelford, Jr., Attorney and Commissioner of Accounts, Orange; K. MacFarlane Smith, Attorney, Arlington; and McDonald Wellford, Attorney and Commissioner of Accounts, Richmond. The Committee organized and elected G. M. Lapsley as Secretary and Robert L. Masden served as Staff Attorney to the Committee. |