                                 CODE OF VIRGINIA

DEPOSIT OF FUNDS (§ 55.1-1944)

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&#8217; 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&#8217;
association basis.

HISTORY: 2007, cc. 696, 712, § 55-79.74:01; 2019, c. 712.