Virginia Decodedhttps://vacode.org6895255.1-1944Deposit of funds2025Property and ConveyancesCommon Interest CommunitiesVirginia Condominium ActManagement of Condominium

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.