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Virginia Code Title 55.1. Property and Conveyances § 55.1-1944. Deposit of funds

Current as of January 01, 2025 | Updated by Findlaw Staff

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.

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Cite this article: FindLaw.com - Virginia Code Title 55.1. Property and Conveyances § 55.1-1944. Deposit of funds - last updated January 01, 2025 | https://codes.findlaw.com/va/title-55-1-property-and-conveyances/va-code-sect-55-1-1944/

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