Except as otherwise ordered by the court, for good cause shown, a general receiver shall be liable for any loss of income which results from his (i) failure to invest any money held by him pursuant to §§ 8.01-582 through 8.01-586 within sixty days of his receipt of the funds or (ii) failure to pay out any money so ordered by the court within sixty days of the court order. He shall be charged with interest from the date of the court order until such investment or payment is made.
Code 1950, § 8-730; 1977, c. 617; 1988, c. 841.
Structure Code of Virginia
Title 8.01 - Civil Remedies and Procedure
Chapter 22 - Receivers, General and Special
§ 8.01-582. Appointment of general receivers; their duties; audit of funds
§ 8.01-583. How securities taken and kept; power of receivers over same
§ 8.01-584. How dividends and interest collected and invested
§ 8.01-585. How accounts kept by receivers
§ 8.01-586. Inquiry as to unknown owners of funds
§ 8.01-587. Liability of general receivers
§ 8.01-588.1. Bonds apportioned to funds under control; annual reports
§ 8.01-589. Compensation and fees; when none allowed
§ 8.01-590. Penalty for failure of duty
§ 8.01-591. Notice required prior to appointment of receiver
§ 8.01-592. Notice not required in emergencies
§ 8.01-593. Subsequent proceedings after emergency appointment
§ 8.01-594. Notice not required to parties served with process
§ 8.01-595. Preparation of list of creditors; notice to them
§ 8.01-596. No sale prior to such notification; exceptions
§ 8.01-597. Suits against receivers in certain cases
§ 8.01-598. Effect of judgment against receiver
§ 8.01-600. How money under control of court deposited; record kept; liability of clerk
§ 8.01-602. Proceedings when owner of money under control of court unknown
§ 8.01-604. How State Treasurer to keep account of such money
§ 8.01-605. How person entitled to money paid into state treasury may recover it