Chapter 22. Receivers, General and Special · Article 1. General Receivers · Last amended 1989 · Last verified July 16, 2026
In one sentenceThis section requires every general receiver to keep case-by-case accounting records, file an annual report with the court by October 1 detailing funds received, invested, and disbursed, and make a yearly formal settlement of his accounts before the court or a commissioner in chancery.
Full Text of § 8.01-585
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Each such general receiver shall keep an accurate and particular account of all moneys received, invested and paid out by him, showing the respective amounts to the credit of each case in the court and designating in the items the judgments, orders or decrees of court under which the respective sums have been received, invested or paid out. No later than October 1 of each year, he shall make a report to his court showing the balance to the credit of each case in the court in which money has been received by him, the manner of each case in the court in which money has been
received by him, the manner in which it is invested, the amounts received, invested or paid out during the year ending June 30 of the current year, the approximate date on which the moneys held for the beneficiaries will become payable, and the whole amount then invested and subject to the future order of the court. A copy of the annual report shall be recorded in the trust fund order book. He shall, at any time when required by the court or the Auditor of Public Accounts so to do, furnish a statement of the amount subject to the order of the court in any case pending therein and any other information required by the court or the Auditor of Public Accounts as to any money or other property under his control. He shall annually make formal settlement of his accounts before the court or before the commissioner mentioned in § 8.01-617 which settlement shall be recorded as provided in § 8.01-619.
Plain-English Summary
A general receiver's books have to tell a court exactly where every dollar under his control stands. This section requires him to keep an accurate, particular account of all money received, invested, and paid out, crediting each amount to the specific case and court order that produced it.
Once a year, no later than October 1, the receiver reports to his court: the balance credited to each case, how the money is invested, the amounts received, invested, or paid out during the year ending the prior June 30, the approximate date beneficiaries will be paid, and the total amount still invested and awaiting the court's order. A copy goes into the trust fund order book, and the receiver must furnish additional statements whenever the court or the Auditor of Public Accounts asks for one.
Beyond the annual report, the receiver must formally settle his accounts each year before the court or the commissioner named in § 8.01-617, with that settlement recorded as § 8.01-619 requires — a second layer of scrutiny on top of the yearly written report.
Frequently Asked Questions
By what date must a general receiver file his annual report?
No later than October 1 of each year, covering the year ending June 30 of that year.
What must the annual report show?
The balance credited to each case, how the money is invested, amounts received, invested, or paid out during the year, the approximate date beneficiaries will be paid, and the total amount still invested.
Where is the annual report recorded?
A copy is recorded in the trust fund order book.
Who can require the receiver to furnish additional statements about the money he holds?
The court or the Auditor of Public Accounts, at any time.
What must the receiver do beyond filing the annual report?
Annually make a formal settlement of his accounts before the court or the commissioner mentioned in § 8.01-617, recorded as provided in § 8.01-619.
Amendment History
Code 1950, § 8-728; 1977, c. 617; 1988, c. 553; 1989, c. 69.
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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