§ 54.1-2354.1 Definitions
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.
History
This law was first created in 1993. The record of its establishment is cataloged in chapter 958 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1993 “Acts” aren’t available online. It has been modified 2 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 2008, chapters 851 and 871; in 2019, chapter 712.
1993, c. 958; 2008, cc. 851, 871, § 55-528; 2019, c. 712.