§ 8.01-600. How money under control of court deposited; record kept;liability of clerk.
A. This section pertains only to money held by the clerk of the circuitcourt, when the court orders moneys to be held by the clerk pursuant to thissection. The clerk shall have the duty, unless it is otherwise speciallyordered, to receive, take charge of, hold or invest in such manner as thecourt orders and also to pay out or dispose of these moneys as the courtorders or decrees. To this end, the clerk is authorized to verify, receive,and give acquittances for all such moneys as the court may direct.
B. Orders creating funds pursuant to this section or § 8.01-582 shall includeinformation necessary to make prudent investment and disbursement decisions.The orders shall include, except when it is unreasonable, the proposed datesof periodic and final disbursements. Prior to the entry of the order, thebeneficiary or his representative shall file an affidavit with the courtproviding the beneficiary's name, date of birth, address and social securitynumber. The affidavit shall be maintained under seal by the clerk unlessotherwise ordered by the court, and the information therein shall be usedsolely for the purposes of financial management and reporting.
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, appeal bondsin appeals from a district court or circuit court, bonds posted in connectionwith the filing of an attachment, detinue seizure or distress, suspendingbonds, 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 deposited 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.
C. All deposits under this section shall be secured in accordance with theVirginia Security for Public Deposits Act (§ 2.2-4400 et seq.).
D. Moneys held pursuant to this section shall be invested in certificates ofdeposit and time deposits, and in accordance with the provisions of Chapter45 (§ 2.2-4500 et seq.) of Title 2.2 as ordered by the court.
E. Any interest which accrues on the funds, minus allowable fees and bondcosts, shall be credited and payable to the person or persons entitled toreceive such funds. The court may order the clerk to consolidate forinvestment purposes money received under this section, with income receivedhereunder to be apportioned among the several accounts.
F. Except as otherwise ordered by the court, for good cause shown, the clerkshall be liable for any loss of income which results from his (i) failure toinvest the money within sixty days of the court order creating the fund or(ii) failure to pay out any money so ordered by the court within sixty daysof the court order. He shall be charged with interest from the date of thecourt order until such investment or payment is made.
G. The clerk shall keep an accurate and particular account of all moneysreceived, invested, and paid out by him, showing the respective amounts tothe credit of each case in the court and designating in the items thejudgments, orders or decrees of court under which the respective sums havebeen received, invested or paid out. At least annually and no later thanOctober 1 of each year, the clerk shall make a report to the court showingthe balance to the credit of each case in the court in which money has beenreceived by him, the manner in which money has been received by him, themanner in which it is invested, the amounts received, invested or paid outduring the year ending June 30 of the current year, the approximate date onwhich the moneys held for the beneficiaries will become payable, and thewhole amount then invested and subject to the future order of the court. Acopy of this report shall be recorded in the trust fund order book. The clerkshall, at any time when required by the court or the Auditor of PublicAccounts to do so, furnish a statement of the amount subject to the order ofthe court in any case pending therein and any other information required bythe court or the Auditor of Public Accounts as to any money or other propertyunder his control before the court. When the clerk receives funds under thissection, he shall be entitled to receive fees in accordance with § 17.1-287in the amounts as specified for general receivers in § 8.01-589.
H. All moneys received under this section are subject to audit by the Auditorof Public Accounts.
(Code 1950, § 8-744; 1977, c. 617; 1986, c. 644; 1988, c. 841; 1990, cc. 3,414; 1991, c. 635; 2002, c. 832.)
§ 8.01-600. How money under control of court deposited; record kept;liability of clerk.
A. This section pertains only to money held by the clerk of the circuitcourt, when the court orders moneys to be held by the clerk pursuant to thissection. The clerk shall have the duty, unless it is otherwise speciallyordered, to receive, take charge of, hold or invest in such manner as thecourt orders and also to pay out or dispose of these moneys as the courtorders or decrees. To this end, the clerk is authorized to verify, receive,and give acquittances for all such moneys as the court may direct.
B. Orders creating funds pursuant to this section or § 8.01-582 shall includeinformation necessary to make prudent investment and disbursement decisions.The orders shall include, except when it is unreasonable, the proposed datesof periodic and final disbursements. Prior to the entry of the order, thebeneficiary or his representative shall file an affidavit with the courtproviding the beneficiary's name, date of birth, address and social securitynumber. The affidavit shall be maintained under seal by the clerk unlessotherwise ordered by the court, and the information therein shall be usedsolely for the purposes of financial management and reporting.
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, appeal bondsin appeals from a district court or circuit court, bonds posted in connectionwith the filing of an attachment, detinue seizure or distress, suspendingbonds, 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 deposited 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.
C. All deposits under this section shall be secured in accordance with theVirginia Security for Public Deposits Act (§ 2.2-4400 et seq.).
D. Moneys held pursuant to this section shall be invested in certificates ofdeposit and time deposits, and in accordance with the provisions of Chapter45 (§ 2.2-4500 et seq.) of Title 2.2 as ordered by the court.
E. Any interest which accrues on the funds, minus allowable fees and bondcosts, shall be credited and payable to the person or persons entitled toreceive such funds. The court may order the clerk to consolidate forinvestment purposes money received under this section, with income receivedhereunder to be apportioned among the several accounts.
F. Except as otherwise ordered by the court, for good cause shown, the clerkshall be liable for any loss of income which results from his (i) failure toinvest the money within sixty days of the court order creating the fund or(ii) failure to pay out any money so ordered by the court within sixty daysof the court order. He shall be charged with interest from the date of thecourt order until such investment or payment is made.
G. The clerk shall keep an accurate and particular account of all moneysreceived, invested, and paid out by him, showing the respective amounts tothe credit of each case in the court and designating in the items thejudgments, orders or decrees of court under which the respective sums havebeen received, invested or paid out. At least annually and no later thanOctober 1 of each year, the clerk shall make a report to the court showingthe balance to the credit of each case in the court in which money has beenreceived by him, the manner in which money has been received by him, themanner in which it is invested, the amounts received, invested or paid outduring the year ending June 30 of the current year, the approximate date onwhich the moneys held for the beneficiaries will become payable, and thewhole amount then invested and subject to the future order of the court. Acopy of this report shall be recorded in the trust fund order book. The clerkshall, at any time when required by the court or the Auditor of PublicAccounts to do so, furnish a statement of the amount subject to the order ofthe court in any case pending therein and any other information required bythe court or the Auditor of Public Accounts as to any money or other propertyunder his control before the court. When the clerk receives funds under thissection, he shall be entitled to receive fees in accordance with § 17.1-287in the amounts as specified for general receivers in § 8.01-589.
H. All moneys received under this section are subject to audit by the Auditorof Public Accounts.
(Code 1950, § 8-744; 1977, c. 617; 1986, c. 644; 1988, c. 841; 1990, cc. 3,414; 1991, c. 635; 2002, c. 832.)
§ 8.01-600. How money under control of court deposited; record kept;liability of clerk.
A. This section pertains only to money held by the clerk of the circuitcourt, when the court orders moneys to be held by the clerk pursuant to thissection. The clerk shall have the duty, unless it is otherwise speciallyordered, to receive, take charge of, hold or invest in such manner as thecourt orders and also to pay out or dispose of these moneys as the courtorders or decrees. To this end, the clerk is authorized to verify, receive,and give acquittances for all such moneys as the court may direct.
B. Orders creating funds pursuant to this section or § 8.01-582 shall includeinformation necessary to make prudent investment and disbursement decisions.The orders shall include, except when it is unreasonable, the proposed datesof periodic and final disbursements. Prior to the entry of the order, thebeneficiary or his representative shall file an affidavit with the courtproviding the beneficiary's name, date of birth, address and social securitynumber. The affidavit shall be maintained under seal by the clerk unlessotherwise ordered by the court, and the information therein shall be usedsolely for the purposes of financial management and reporting.
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, appeal bondsin appeals from a district court or circuit court, bonds posted in connectionwith the filing of an attachment, detinue seizure or distress, suspendingbonds, 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 deposited 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.
C. All deposits under this section shall be secured in accordance with theVirginia Security for Public Deposits Act (§ 2.2-4400 et seq.).
D. Moneys held pursuant to this section shall be invested in certificates ofdeposit and time deposits, and in accordance with the provisions of Chapter45 (§ 2.2-4500 et seq.) of Title 2.2 as ordered by the court.
E. Any interest which accrues on the funds, minus allowable fees and bondcosts, shall be credited and payable to the person or persons entitled toreceive such funds. The court may order the clerk to consolidate forinvestment purposes money received under this section, with income receivedhereunder to be apportioned among the several accounts.
F. Except as otherwise ordered by the court, for good cause shown, the clerkshall be liable for any loss of income which results from his (i) failure toinvest the money within sixty days of the court order creating the fund or(ii) failure to pay out any money so ordered by the court within sixty daysof the court order. He shall be charged with interest from the date of thecourt order until such investment or payment is made.
G. The clerk shall keep an accurate and particular account of all moneysreceived, invested, and paid out by him, showing the respective amounts tothe credit of each case in the court and designating in the items thejudgments, orders or decrees of court under which the respective sums havebeen received, invested or paid out. At least annually and no later thanOctober 1 of each year, the clerk shall make a report to the court showingthe balance to the credit of each case in the court in which money has beenreceived by him, the manner in which money has been received by him, themanner in which it is invested, the amounts received, invested or paid outduring the year ending June 30 of the current year, the approximate date onwhich the moneys held for the beneficiaries will become payable, and thewhole amount then invested and subject to the future order of the court. Acopy of this report shall be recorded in the trust fund order book. The clerkshall, at any time when required by the court or the Auditor of PublicAccounts to do so, furnish a statement of the amount subject to the order ofthe court in any case pending therein and any other information required bythe court or the Auditor of Public Accounts as to any money or other propertyunder his control before the court. When the clerk receives funds under thissection, he shall be entitled to receive fees in accordance with § 17.1-287in the amounts as specified for general receivers in § 8.01-589.
H. All moneys received under this section are subject to audit by the Auditorof Public Accounts.
(Code 1950, § 8-744; 1977, c. 617; 1986, c. 644; 1988, c. 841; 1990, cc. 3,414; 1991, c. 635; 2002, c. 832.)
