§ 8.01-99.Bond required of special commissioner for sale.

Section 8.01-99 puts a bond between a special commissioner and any sale or rental the commissioner is about to conduct. Before advertising the property, or before selling or renting it, the commissioner has to give bond in a penalty large enough to cover at least the probable purchase money, or whatever portion of the rent the court thinks appropriate. The clerk then issues a certificate confirming the bond was given, and that certificate — or a copy — must be attached to the sale advertisement so bidders can see the commissioner is bonded.

The section also gives courts a way around the bond requirement. Instead of relying on a bond, the court can direct that all cash proceeds be deposited to the court’s credit at a bank it names, and that any notes or other evidence of debt arising from the sale or rental be held for safekeeping at that bank or with the clerk. Once those safeguards are in place, the court has discretion to dispense with the bond entirely.

On the clerical side, the clerk must issue the certificate whenever the bond is given and note it in the case papers, and that certificate, or a copy, gets returned along with the officer’s report of the sale or renting.