Whenever it appears to any fiduciary as defined in § 8.01-2 that a person under a disability as defined in § 8.01-2 is not represented by a fiduciary as defined above and is entitled to funds not exceeding $3,000 under the supervision and control of the fiduciary in charge of such funds, he may report such fact to the commissioner of accounts of the court in which he was admitted to qualify. With the approval of such commissioner of accounts, the fiduciary in charge of such funds may deposit such funds with the general receiver of the court in which he was admitted to qualify. The general receiver shall issue a receipt to such fiduciary which shall show the source of such fund, the amount and to whom it belongs and shall enter the amount and such facts in his accounts.
§ 8.01-601.Deposit with general receiver of certain funds under supervision of fiduciary and belonging to person under disability.
Chapter 22. Receivers, General and Special · Article 3. General Provisions for Moneys under Control of Court · Last amended 1977 · Last verified July 16, 2026
In one sentenceThis section lets a fiduciary holding no more than $3,000 that belongs to an unrepresented person under a disability report the situation to the commissioner of accounts and, with that commissioner's approval, deposit the money with the court's general receiver, who must issue a receipt naming the source, amount, and owner.
Full Text of § 8.01-601
Plain-English Summary
Fiduciaries sometimes end up holding a modest sum for someone under a disability who has no fiduciary of their own to receive it. This section gives that fiduciary an outlet short of formal guardianship proceedings: whenever it appears that a person under a disability, as defined in § 8.01-2, is unrepresented and entitled to funds not exceeding $3,000 under the fiduciary's supervision and control, the fiduciary may report that fact to the commissioner of accounts of the court where he qualified.
The deposit does not happen automatically. Only with the commissioner of accounts' approval may the fiduciary hand the money over to the general receiver of that court. Once he accepts it, the general receiver must issue a receipt to the fiduciary identifying the source of the funds, the amount, and to whom the money belongs, and enter those facts in his own accounts — creating a clear paper trail for a small sum that would otherwise have no obvious custodian.
Frequently Asked Questions
What dollar limit governs this deposit option?
Funds not exceeding $3,000.
Who must approve the deposit before the fiduciary can make it?
The commissioner of accounts of the court in which the fiduciary was admitted to qualify.
What must be true of the person entitled to the funds?
The person must be under a disability, as defined in § 8.01-2, and not represented by a fiduciary.
What must the general receiver do once he accepts the deposit?
Issue a receipt to the fiduciary showing the source of the funds, the amount, and to whom it belongs, and enter the amount and those facts in his accounts.
Who initiates this process?
The fiduciary already in charge of the funds, by reporting the situation to the commissioner of accounts.
Amendment History
Code 1950, § 8-744.1; 1970, c. 352; 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
Also known as: virginia small fund deposit for disabled personfiduciary deposit with general receiver virginiacommissioner of accounts approve deposit virginia