Code of Virginia § 54.1-2354.1. Definitions.
165 words·~1 min read·
/va/title-54-1/chapter-23-3/54-1-2354-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in this article, unless the context requires a different meaning:
"Balance of the fund" means cash, securities that are legal investments for fiduciaries under the provisions of subdivisions A 1, 2, and 4 of § 2.2-4519 , and repurchase agreements secured by obligations of the United States government or any agency thereof, and shall not mean accounts receivable, judgments, notes, accrued interest, or other obligations to the fund.
"Claimant" means, upon proper application to the Director, a receiver for a common interest community manager appointed pursuant to § 54.1-2353 in those cases in which there are not sufficient funds to restore all funds that were or ought to have been held in a fiduciary capacity by the subject common interest community manager or to pay an award of reasonable fees, costs, and expenses to the receiver.
"Director" means the Director of the Department of Professional and Occupational Regulation.
1993, c. 958; 2008, cc. 851 , 871 , § 55-528; 2019, c. 712 .