8.01-582 - Appointment of general receivers; their duties; audit of funds.
§ 8.01-582. Appointment of general receivers; their duties; audit of funds.
Any circuit court may appoint a general receiver of the court, who may be theclerk of the court, and who shall hold his office at its pleasure. Thegeneral receiver's duty shall be, unless it is otherwise specially ordered,to receive, take charge of and hold all moneys paid under any judgment, orderor decree of the court, and also to pay out or dispose of same as the courtorders or decrees. Moneys held pursuant to this section shall be deemedpublic deposits as set forth in Chapter 44 (§ 2.2-4400 et seq.) of Title 2.2and shall be invested in certificates of deposit or time deposits, and inaccordance with the provisions of Chapter 45 (§ 2.2-4500 et seq.) of Title2.2, as ordered by the court. Prior to or at the time of entry of anyjudgment, order or decree placing moneys under the control of the generalreceiver for the benefit of any specifically identified beneficiary, thegeneral receiver shall file an affidavit with the court providing thebeneficiary's name, date of birth, and social security number, as well as theproposed dates of final and periodic disbursements. Such affidavit shall bemaintained under seal by the clerk unless otherwise ordered by the court, andthe information therein shall be used solely for the purposes of financialmanagement and reporting. Orders creating funds pursuant to this sectionshall include information necessary to make prudent investment anddisbursement decisions but shall not include the personal identifyinginformation set forth in the general receiver's affidavit.
Unless otherwise ordered by the court, the provisions of this section shallnot apply to:
1. Cash or other money received in lieu of surety on any bond posted in anycivil or criminal case, including but not limited to, bail bonds, appealbonds in appeals from a district court or circuit court, bonds posted inconnection with the filing of an attachment, detinue seizure or distress,suspending bonds, and performance bonds;
2. Cash or other money paid or deposited in the clerk's office prior to finaldisposition of the case, including but not limited to interpleaders oreminent domain; or
3. Cash or other money deposits in lieu of surety on any bond posted in theclerk's office which is not posted in connection with any civil or criminalcase, including bonds posted by executors or administrators.
To this end, the general receiver is authorized to verify, receive, and giveacquittances for all such moneys, as the court may direct. Any interest whichaccrues on the funds, minus allowable fees and bond costs, shall be creditedand payable to the person or persons entitled to receive such funds.
All moneys received under this section are subject to audit by the Auditor ofPublic Accounts. The Auditor of Public Accounts shall prescribe mandatoryrecord keeping and accounting standards for general receivers.
(Code 1950, § 8-725; 1973, c. 354; 1977, c. 617; 1979, c. 498; 1988, c. 553;1990, c. 414; 1991, c. 635; 1999, c. 198; 2003, c. 97.)