The bond mentioned in subdivision 2 of § 46.2-436 shall be duly executed by the person giving proof and by a surety company duly authorized to transact business in the Commonwealth or by the person giving proof and by one or more individual sureties owning real estate within the Commonwealth and having an equity therein in at least the amount of the bond and the real estate shall be scheduled in the bond. But the Commissioner may not accept any real estate bond unless it is first approved by the circuit court of the jurisdiction wherein the real estate is located.

Terms Used In Virginia Code 46.2-444

  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
  • real estate: includes lands, tenements and hereditaments, and all rights and appurtenances thereto and interests therein, other than a chattel interest. See Virginia Code 1-219

Code 1950, § 46-465; 1958, c. 541, § 46.1-476; 1989, c. 727.

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