Virginia Code 55.1-1944: Deposit of funds
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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.
Terms Used In Virginia Code 55.1-1944
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiduciary: A trustee, executor, or administrator.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- Unit: means a portion of the condominium designed and intended for individual ownership and use. See Virginia Code 55.1-1900