Virginia Code 8.01-525.7: Trustee; rights and duties; compensation
A trustee appointed pursuant to § 8.01-525.6 shall make written reports to the court as required by the court. The trustee may charge a fee of five percent of such salary, wages, or income received and disbursed by him; however, no public officer or employee who receives a full-time salary and who acts as trustee under this article shall retain such fee for his personal use.
Terms Used In Virginia Code 8.01-525.7
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Person: shall include individuals, a trust, an estate, a partnership, an association, an order, a corporation, or any other legal or commercial entity;
6. See Virginia Code 8.01-2
- Trustee: A person or institution holding and administering property in trust.
The trustee, upon being appointed, shall give written notice to any person, firm, or corporation who may owe the debtor any salary, wages, or income, and upon receiving such notice such person, firm, or corporation shall pay to the trustee any salary, wages, or income that are owed to such debtor, at the time it would otherwise be due to the debtor.
The trustee may compromise and settle any claims against the debtor when he believes such compromise shall be for the benefit of all the creditors.
1936, p. 523; Michie Code 1942, § 5278f; Code 1950, § 55-162; 2019, c. 712.