A new search for the decay modes of the fourfold forbidden nonunique decay of V50 has been performed at the Gran Sasso Underground Laboratory (LNGS). In total, an exposure of 197 kg d has been accumulated. The half-life for the electron capture into the first excited state of Ti50 has been measured with the highest precision to date as 2.67-0.18+0.16×1017 yr (68% C.I.) in which systematics uncertainties dominate. The search for the β decay into the first excited state of Cr50 resulted in a lower limit of 1.9×1019 yr (90% C.I.), which is an improvement of almost one order of magnitude compared to existing results. The sensitivity of the new measurement is now in the region of theoretical predictions.