The general receiver shall collect the dividends and interest on all the securities in which investments have been or may be made, under the orders or decrees of his court, or under the provisions of § 8.01-582, when and as often as the same may become due and payable thereon, and shall invest the same in like securities, unless the court has ordered or decreed some other investment or disposition to be made thereof; and in such case he shall invest or dispose of the same as the court shall have ordered or decreed.
§ 8.01-584.How dividends and interest collected and invested.
Chapter 22. Receivers, General and Special · Article 1. General Receivers · Last amended 1977 · Last verified July 16, 2026
In one sentenceThis section directs a general receiver to collect dividends and interest on invested funds as they come due and reinvest the proceeds in similar securities, unless the court has ordered some other investment or disposition of that income.
Full Text of § 8.01-584
Plain-English Summary
Investments held by a general receiver do not sit idle. This section requires him to collect the dividends and interest on securities purchased under court order, or under § 8.01-582, whenever and as often as those payments become due.
The default rule is reinvestment in kind: the receiver puts the collected dividends and interest back into like securities, keeping the fund working rather than letting income pile up uninvested. That default gives way only when the court has ordered or decreed a different investment or disposition, in which case the receiver follows the court's instructions instead.
The result is a continuous cycle of collection and reinvestment that keeps a receivership fund productive between the times a court actively directs its disposition, sparing beneficiaries the loss that would follow from letting interest and dividend income sit uninvested.
Frequently Asked Questions
What must a general receiver do when dividends or interest become due on invested securities?
Collect them, as often as they become due and payable.
What does the receiver normally do with collected dividends and interest?
Invest them in like securities, following the same investment approach used for the original funds.
Can the court change how the receiver handles this income?
Yes, if the court has ordered or decreed some other investment or disposition, the receiver follows that order instead of reinvesting in like securities.
Does this duty apply only to investments made under § 8.01-582?
No, it applies to securities in which investments have been or may be made under the orders or decrees of the receiver's court, or under § 8.01-582.
Why does this section matter to a beneficiary of a receivership fund?
It keeps the fund's income working through reinvestment rather than sitting uninvested, which affects how much the beneficiary ultimately receives.
Amendment History
Code 1950, § 8-727; 1977, c. 617.
Source & verification. Section text and amendment history are
reproduced verbatim from the Code of Virginia, published by the
Code of Virginia, Virginia Division of Legislative Automated Systems. Last verified July 16, 2026.
· Official source
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