Virginia Statutes
§ 55.1-1944 — Deposit of funds
Virginia § 55.1-1944
JurisdictionVirginia
Title 55.1Property and Conveyances
Subtitle IVCommon Interest Communities
Ch. 19Virginia Condominium Act
Art. 3Management of Condominium
This text of Virginia § 55.1-1944 (Deposit of funds) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Va. Code Ann. § 55.1-1944 (2026).
Text
All funds deposited with a managing agent shall be handled in a fiduciary capacity and shall be kept in a fiduciary trust account in a federally insured financial institution separate from other assets of the managing agent. The funds shall be the property of the unit owners' association and shall be segregated for each account in the records of the managing agent in a manner that permits the funds to be identified on an individual unit owners' association basis.
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Legislative History
2007, cc. 696, 712, § 55-79.74:01; 2019, c. 712.
Nearby Sections
15
§ 55.1-1000
Definitions§ 55.1-1001
Limitation on applicability of chapter§ 55.1-1003
Persons who may act as a settlement agent§ 55.1-1004
Duties of settlement agents§ 55.1-1006
Choice of settlement agent§ 55.1-1007
Disclosure§ 55.1-1008
Conditions for providing escrow, closing, or settlement services and for maintaining escrow accounts§ 55.1-1009
Falsifying settlement statements prohibited§ 55.1-1009.1
Prohibition against payment or receipt of settlement services kickbacks, rebates, commissions, and other payments§ 55.1-1011
Record retention requirementsCite This Page — Counsel Stack
Bluebook (online)
Virginia § 55.1-1944, Counsel Stack Legal Research, https://law.counselstack.com/statute/va/55.1/55.1-1944.