{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/55.1-1944.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/55.1-1944.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/55.1-1944.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/55.1-1944.html"}],"law_id":369448,"edition_id":2,"section_id":369448,"structure_id":52637,"section_number":"55.1-1944","catch_line":"Deposit of funds","history":"2007, cc. 696, 712, \u00a7 55-79.74:01; 2019, c. 712.","full_text":"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&#8217; 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&#8217; association basis.\n\n","order_by":null,"text":{"0":{"id":1378001,"text":"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&#8217; 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&#8217; association basis.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":52637,"edition_id":2,"name":"Management of Condominium","identifier":"3","label":"article","depth":4,"order_by":3,"parent_id":52634,"metadata":{"child_laws":34,"child_structures":0},"date_created":"2026-08-02 03:02:11","date_modified":"2026-08-02 12:35:29","permalink":{"id":1473791,"object_type":"structure","relational_id":52637,"identifier":"3","token":"55.1\/IV\/19\/3","url":"\/55.1\/IV\/19\/3\/","edition_id":2,"permalink":0,"preferred":1}},{"id":52634,"edition_id":2,"name":"Virginia Condominium Act","identifier":"19","label":"chapter","depth":3,"order_by":2,"parent_id":52629,"metadata":{"child_laws":95,"child_structures":5},"date_created":"2026-08-02 03:02:06","date_modified":"2026-08-02 12:35:28","permalink":{"id":1473625,"object_type":"structure","relational_id":52634,"identifier":"19","token":"55.1\/IV\/19","url":"\/55.1\/IV\/19\/","edition_id":2,"permalink":0,"preferred":1}},{"id":52629,"edition_id":2,"name":"Common Interest Communities","identifier":"IV","label":"subtitle","depth":2,"order_by":4,"parent_id":52600,"metadata":{"child_laws":309,"child_structures":30},"date_created":"2026-08-02 03:01:58","date_modified":"2026-08-02 12:35:28","permalink":{"id":1473475,"object_type":"structure","relational_id":52629,"identifier":"IV","token":"55.1\/IV","url":"\/55.1\/IV\/","edition_id":2,"permalink":0,"preferred":1}},{"id":52600,"edition_id":2,"name":"Property and Conveyances","identifier":"55.1","label":"title","depth":1,"order_by":120,"parent_id":null,"metadata":{"child_laws":875,"child_structures":101},"date_created":"2026-08-02 03:01:36","date_modified":"2026-08-02 12:35:20","permalink":{"id":1471771,"object_type":"structure","relational_id":52600,"identifier":"55.1","token":"55.1","url":"\/55.1\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":369444,"structure_id":52637,"section_number":"55.1-1940","catch_line":"Bylaws to be recorded with declaration; contents; unit owners' association; executive board; amendment of bylaws","url":"\/55.1-1940\/","token":"55.1\/IV\/19\/3\/55.1-1940","metadata":false},{"id":369443,"structure_id":52637,"section_number":"55.1-1940.1","catch_line":"Termination and duration of certain management contracts","url":"\/55.1-1940.1\/","token":"55.1\/IV\/19\/3\/55.1-1940.1","metadata":false},{"id":369445,"structure_id":52637,"section_number":"55.1-1941","catch_line":"Amendment to condominium instruments; consent of mortgagee","url":"\/55.1-1941\/","token":"55.1\/IV\/19\/3\/55.1-1941","metadata":{"court_decisions":""}},{"id":369446,"structure_id":52637,"section_number":"55.1-1942","catch_line":"Reformation of declaration; judicial procedure","url":"\/55.1-1942\/","token":"55.1\/IV\/19\/3\/55.1-1942","metadata":{"court_decisions":""}},{"id":369447,"structure_id":52637,"section_number":"55.1-1943","catch_line":"Control of condominium by declarant","url":"\/55.1-1943\/","token":"55.1\/IV\/19\/3\/55.1-1943","metadata":false},{"id":369448,"structure_id":52637,"section_number":"55.1-1944","catch_line":"Deposit of funds","url":"\/55.1-1944\/","token":"55.1\/IV\/19\/3\/55.1-1944","metadata":{"court_decisions":""}},{"id":369449,"structure_id":52637,"section_number":"55.1-1945","catch_line":"Books, minutes, and records; inspection","url":"\/55.1-1945\/","token":"55.1\/IV\/19\/3\/55.1-1945","metadata":{"court_decisions":""}},{"id":369450,"structure_id":52637,"section_number":"55.1-1946","catch_line":"Management office","url":"\/55.1-1946\/","token":"55.1\/IV\/19\/3\/55.1-1946","metadata":{"court_decisions":""}},{"id":369451,"structure_id":52637,"section_number":"55.1-1947","catch_line":"Transfer of special declarant rights","url":"\/55.1-1947\/","token":"55.1\/IV\/19\/3\/55.1-1947","metadata":false},{"id":369452,"structure_id":52637,"section_number":"55.1-1948","catch_line":"Declarants not succeeding to special declarant rights","url":"\/55.1-1948\/","token":"55.1\/IV\/19\/3\/55.1-1948","metadata":false},{"id":369453,"structure_id":52637,"section_number":"55.1-1949","catch_line":"Meetings of unit owners' association and executive board","url":"\/55.1-1949\/","token":"55.1\/IV\/19\/3\/55.1-1949","metadata":false},{"id":369454,"structure_id":52637,"section_number":"55.1-1950","catch_line":"Distribution of information by members","url":"\/55.1-1950\/","token":"55.1\/IV\/19\/3\/55.1-1950","metadata":false},{"id":369456,"structure_id":52637,"section_number":"55.1-1951","catch_line":"Display of the flag of the United States; necessary supporting structures; affirmative defense","url":"\/55.1-1951\/","token":"55.1\/IV\/19\/3\/55.1-1951","metadata":false},{"id":369455,"structure_id":52637,"section_number":"55.1-1951.1","catch_line":"Installation of solar energy collection devices","url":"\/55.1-1951.1\/","token":"55.1\/IV\/19\/3\/55.1-1951.1","metadata":false},{"id":369457,"structure_id":52637,"section_number":"55.1-1952","catch_line":"Meetings of unit owners' association and executive board; quorums","url":"\/55.1-1952\/","token":"55.1\/IV\/19\/3\/55.1-1952","metadata":{"court_decisions":""}},{"id":369458,"structure_id":52637,"section_number":"55.1-1953","catch_line":"Meetings of unit owners' association and executive board; voting by unit owners; proxies","url":"\/55.1-1953\/","token":"55.1\/IV\/19\/3\/55.1-1953","metadata":false},{"id":369459,"structure_id":52637,"section_number":"55.1-1954","catch_line":"Officers","url":"\/55.1-1954\/","token":"55.1\/IV\/19\/3\/55.1-1954","metadata":{"court_decisions":""}},{"id":369460,"structure_id":52637,"section_number":"55.1-1955","catch_line":"Upkeep of condominiums; warranty against structural defects; statute of limitations for warranty; warranty review committee","url":"\/55.1-1955\/","token":"55.1\/IV\/19\/3\/55.1-1955","metadata":false},{"id":369461,"structure_id":52637,"section_number":"55.1-1956","catch_line":"Control of common elements","url":"\/55.1-1956\/","token":"55.1\/IV\/19\/3\/55.1-1956","metadata":false},{"id":369462,"structure_id":52637,"section_number":"55.1-1957","catch_line":"Common elements; notice of pesticide application","url":"\/55.1-1957\/","token":"55.1\/IV\/19\/3\/55.1-1957","metadata":false},{"id":369463,"structure_id":52637,"section_number":"55.1-1958","catch_line":"Tort and contract liability; judgment lien","url":"\/55.1-1958\/","token":"55.1\/IV\/19\/3\/55.1-1958","metadata":false},{"id":369464,"structure_id":52637,"section_number":"55.1-1959","catch_line":"Suspension of services for failure to pay assessments; corrective action; assessment of charges for violations; notice; hearing; adoption and enforcement of rules and regulations","url":"\/55.1-1959\/","token":"55.1\/IV\/19\/3\/55.1-1959","metadata":false},{"id":369466,"structure_id":52637,"section_number":"55.1-1960","catch_line":"Limitation of occupancy of a unit","url":"\/55.1-1960\/","token":"55.1\/IV\/19\/3\/55.1-1960","metadata":{"court_decisions":{"0":{"name":"Robertson v. Commonwealth","case_number":"Record 7229 and 7230","citation":"211 Va. 62","date":"1970-06-15","url":"https:\/\/www.courtlistener.com\/opinion\/1206890\/robertson-v-commonwealth\/","abstract":" .\u202f.\u202f. 211 Va. 62 (1970) .\u202f.\u202f. ","court_html":"<abbr title=\"Supreme Court of Virginia\">SCV<\/abbr>"}}}},{"id":369465,"structure_id":52637,"section_number":"55.1-1960.1","catch_line":"Limitation of smoking in condominium","url":"\/55.1-1960.1\/","token":"55.1\/IV\/19\/3\/55.1-1960.1","metadata":false},{"id":369467,"structure_id":52637,"section_number":"55.1-1961","catch_line":"Use of for sale sign in connection with resale","url":"\/55.1-1961\/","token":"55.1\/IV\/19\/3\/55.1-1961","metadata":false},{"id":369469,"structure_id":52637,"section_number":"55.1-1962","catch_line":"Designation of authorized representative","url":"\/55.1-1962\/","token":"55.1\/IV\/19\/3\/55.1-1962","metadata":false},{"id":369468,"structure_id":52637,"section_number":"55.1-1962.1","catch_line":"Electric vehicle charging stations permitted","url":"\/55.1-1962.1\/","token":"55.1\/IV\/19\/3\/55.1-1962.1","metadata":false},{"id":369470,"structure_id":52637,"section_number":"55.1-1963","catch_line":"Insurance","url":"\/55.1-1963\/","token":"55.1\/IV\/19\/3\/55.1-1963","metadata":false},{"id":369471,"structure_id":52637,"section_number":"55.1-1964","catch_line":"Liability for common expenses; late fees; additional assessment; authority to borrow","url":"\/55.1-1964\/","token":"55.1\/IV\/19\/3\/55.1-1964","metadata":{"court_decisions":{"0":{"name":" .\u202f.\u202f. Telegraph Square II, A Condominium Unit Owners v. 7205 .\u202f.\u202f. ","case_number":"0222224","citation":null,"date":"2023-12-19","url":"https:\/\/www.courtlistener.com\/opinion\/9453326\/telegraph-square-ii-a-condominium-unit-owners-v-7205-telegraph-square\/","abstract":" .\u202f.\u202f. VIRGINIA: .\u202f.\u202f. ","court_html":"<abbr title=\"Court of Appeals\">COA<\/abbr>"},"1":{"name":" .\u202f.\u202f. Telegraph Square II, A Condominium Unit Owners v. 7205 .\u202f.\u202f. ","case_number":"0222224","citation":null,"date":"2023-04-25","url":"https:\/\/www.courtlistener.com\/opinion\/9393813\/telegraph-square-ii-a-condominium-unit-owners-v-7205-telegraph-square\/","abstract":" .\u202f.\u202f. COURT OF APPEALS OF VIRGINIA .\u202f.\u202f. ","court_html":"<abbr title=\"Court of Appeals\">COA<\/abbr>"},"2":{"name":" .\u202f.\u202f. Telegraph Square II, A Condominium Unit Owners v. 7205 .\u202f.\u202f. ","case_number":"0222224","citation":null,"date":"2023-06-06","url":"https:\/\/www.courtlistener.com\/opinion\/9404308\/telegraph-square-ii-a-condominium-unit-owners-v-7205-telegraph-square\/","abstract":" .\u202f.\u202f. VIRGINIA: .\u202f.\u202f. ","court_html":"<abbr title=\"Court of Appeals\">COA<\/abbr>"},"3":{"name":"Lowery v. Commonwealth","case_number":"Record No. 5811","citation":"205 Va. 575","date":"1964-10-12","url":"https:\/\/www.courtlistener.com\/opinion\/6926645\/lowery-v-commonwealth\/","abstract":" .\u202f.\u202f. Buchanan, J., .\u202f.\u202f. ","court_html":"<abbr title=\"Supreme Court of Virginia\">SCV<\/abbr>"}}}},{"id":369472,"structure_id":52637,"section_number":"55.1-1965","catch_line":"Annual budget; reserve study; reserves for capital components","url":"\/55.1-1965\/","token":"55.1\/IV\/19\/3\/55.1-1965","metadata":false},{"id":369473,"structure_id":52637,"section_number":"55.1-1966","catch_line":"Lien for assessments; foreclosure","url":"\/55.1-1966\/","token":"55.1\/IV\/19\/3\/55.1-1966","metadata":false},{"id":369474,"structure_id":52637,"section_number":"55.1-1967","catch_line":"Notice of sale under deed of trust","url":"\/55.1-1967\/","token":"55.1\/IV\/19\/3\/55.1-1967","metadata":false},{"id":369475,"structure_id":52637,"section_number":"55.1-1968","catch_line":"Bond to be posted by declarant","url":"\/55.1-1968\/","token":"55.1\/IV\/19\/3\/55.1-1968","metadata":{"court_decisions":""}},{"id":369476,"structure_id":52637,"section_number":"55.1-1969","catch_line":"Restraints on alienation","url":"\/55.1-1969\/","token":"55.1\/IV\/19\/3\/55.1-1969","metadata":{"court_decisions":""}}],"previous_section":{"id":369447,"structure_id":52637,"section_number":"55.1-1943","catch_line":"Control of condominium by declarant","url":"\/55.1-1943\/","token":"55.1\/IV\/19\/3\/55.1-1943","metadata":false},"next_section":{"id":369449,"structure_id":52637,"section_number":"55.1-1945","catch_line":"Books, minutes, and records; inspection","url":"\/55.1-1945\/","token":"55.1\/IV\/19\/3\/55.1-1945","metadata":{"court_decisions":""}},"metadata":{"court_decisions":""},"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-1944\/","history_text":"<p>This law was first created in 2007. The record of its establishment is cataloged in chapters <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?071+ful+CHAP0696\">696<\/a> and <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?071+ful+CHAP0712\">712<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2019, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?191+ful+CHAP0712\">712<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1473813,"object_type":"law","relational_id":369448,"identifier":"55.1-1944","token":"55.1\/IV\/19\/3\/55.1-1944","url":"\/55.1-1944\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/55.1-1944\/","token":"55.1\/IV\/19\/3\/55.1-1944","dublin_core":{"Title":"Deposit of funds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-1944","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>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 <span class=\"dictionary\">assets<\/span> of the managing agent. The funds shall be the property of the <span class=\"dictionary\">unit owners<\/span>&#8217; 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 <span class=\"dictionary\">unit owners<\/span>&#8217; association basis.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nDEPOSIT OF FUNDS (\u00a7 55.1-1944)\n\nAll funds deposited with a managing agent shall be handled in a fiduciary\ncapacity and shall be kept in a fiduciary trust account in a federally insured\nfinancial institution separate from other assets of the managing agent. The\nfunds shall be the property of the unit owners&#8217; association and shall be\nsegregated for each account in the records of the managing agent in a manner\nthat permits the funds to be identified on an individual unit owners&#8217;\nassociation basis.\n\nHISTORY: 2007, cc. 696, 712, \u00a7 55-79.74:01; 2019, c. 712.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}