8.01-99 - Bond required of special commissioner for sale. - Virginia Statutes

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

Except as hereinafter provided, no special commissioner shall advertise theproperty for sale or renting, or sell or rent the same, until he shall havegiven bond in a penalty to be prescribed by the court sufficient to cover atleast the probable amount of the whole purchase money or such portion of therent the court deems appropriate, and shall have obtained from such clerk acertificate that such bond has been given. The certificate or a copy thereofshall be appended to the advertisement; provided, however, that in any caseof such sale or rental, the court may direct all the cash proceeds thereof tobe deposited by the purchaser or lessee to the credit of such court in somebank to be designated by it, and may direct that all evidences ofindebtedness arising from such transaction or rent be deposited forsafekeeping with such bank or the clerk of such court and the court may inits discretion thereafter dispense with the bond.

The clerk shall make the certificate whenever the bond has been given andnote the same in the proceedings in the cause. The certificate or a copythereof shall be returned with the report of the sale or renting.

(Code 1950, § 8-658; 1977, c. 617.)