Chapter 22. Receivers, General and Special · Article 1. General Receivers · Last amended 1988 · Last verified July 16, 2026
In one sentenceThis section requires every general receiver to post an annual surety bond, sized to cover the funds likely to pass through his hands that year, and clarifies that a clerk serving as receiver needs separate bond coverage because his official bond as clerk does not protect receivership money.
Full Text of § 8.01-588
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A general receiver shall annually give before the court a bond with surety to be approved by it, in such penalty as the court directs, sufficient at least to cover the probable amount under his control in any one year.
This section shall apply to the clerk if the clerk is appointed such receiver, and his official bond as clerk shall not cover money or property under his control as general receiver.
Plain-English Summary
Holding other people's money for a court comes with a financial safety net. This section requires a general receiver to give bond, with surety approved by the court, once a year. The court sets the penalty amount, but it must be sufficient to cover the probable amount of money under the receiver's control in any one year.
The section pays particular attention to the common arrangement where the clerk of court doubles as the general receiver. In that situation, the clerk's ordinary official bond — the one covering his duties as clerk — does not extend to money or property he controls in his separate capacity as receiver. He needs the receiver's bond required by this section on top of his clerk's bond.
That separation matters because the two roles carry different risks and different beneficiaries: a shortfall in receivership funds should not depend on whatever protection the clerk's unrelated official bond happens to provide.
Frequently Asked Questions
How often must a general receiver give bond?
Annually, before the court.
Who approves the bond and its surety?
The court.
How is the amount of the bond set?
In a penalty the court directs, sufficient at least to cover the probable amount under the receiver's control in any one year.
Does a clerk's official bond cover him if he also serves as general receiver?
No, his official bond as clerk does not cover money or property under his control as general receiver; this section's bond requirement applies to him separately.
What does the surety on this bond protect against?
Losses arising from the general receiver's handling of the funds under his control, up to the bond's penalty amount.
Amendment History
Code 1950, § 8-731; 1977, c. 617; 1988, c. 841.
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
Also known as:virginia general receiver bond requirementreceiver surety bond virginiaclerk of court receiver bond virginia