Code of Virginia § 55.1-1944. Deposit of funds.
91 words·~1 min read·
/va/title-55-1/chapter-19/55-1-1944·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.
2007, cc. 696 , 712 , § 55-79.74:01; 2019, c. 712 .