58.1-3177 - Duties of the clerk; deposit of funds; investment of funds; failure to pay out. - Virginia Statutes

§ 58.1-3177. Duties of the clerk; deposit of funds; investment of funds;failure to pay out.

A. The clerk shall have the duty, unless it is otherwise specially ordered,to receive, take charge of and hold all moneys paid into the court and to payout or dispose of these moneys as the court orders or decrees. To this end,the clerk is authorized to verify, receive, and give acquittances for allsuch moneys.

B. All moneys received by the clerk shall be deposited intact as soon aspractical and secured in accordance with the Virginia Security for PublicDeposits Act (§ 2.2-4400 et seq.).

C. The clerk may invest all moneys paid into the court in certificates ofdeposit, time deposits or in accordance with the provisions of Chapter 45 (§2.2-4500 et seq.) of Title 2.2. Unless otherwise provided by law or courtorder, all interest or investment income shall become income of the person orentity that paid the moneys to the clerk.

D. Except as otherwise ordered by the court, for good cause shown, the clerkshall be liable for any loss of income which results from his failure to payout any money so ordered by the court within sixty days of the court order.

(1991, c. 635.)