§ 8.01-589.Compensation and fees; when none allowed.

Chapter 22. Receivers, General and Special · Article 1. General Receivers · Last amended 2014 · Last verified July 16, 2026

In one sentenceThis section caps what a general receiver may charge for specific tasks — opening and closing files, issuing disbursement checks, a share of interest earned, remittances to the State Treasurer, and locating beneficiaries — while barring compensation until he has posted bond and filed required reports.

Full Text of § 8.01-589

Text sizeJump to: (A) (B) (C)

A. A general receiver may retain from moneys received and held pursuant to § 8.01-582, compensation for his services in such amount as the court deems reasonable, but not exceeding:

1. Ten dollars at receipt of the originating court order to receive funds, deposit funds, and establish files and accounting records with respect to those funds;

2. Ten dollars when all funds held for a beneficiary or beneficiaries are disbursed;

3. Ten dollars per draft or check for periodic and final disbursements;

4. Five percent of the interest income earned;

5. Ten dollars for remitting funds to the State Treasurer and up to ten dollars per draft for remitting those funds; and

6. Fifty dollars for conducting a hearing to ascertain the identity or location of trust fund beneficiaries pursuant to § 8.01-586 as the court directs and $50 per hour for an appearance in court.

B. When direct out-of-pocket expenses are necessary to carry out an order of the court, a general receiver may receive reimbursement for such expenses as the court deems reasonable.

C. Notwithstanding the foregoing subsections, general receivers shall not deduct fees or otherwise be compensated for services with respect to those funds which should have been reported and then remitted to the State Treasurer in accordance with § 8.01-602 or 55.1-2518.

A general receiver shall promptly report to the court the execution of the bond or bonds required in § 8.01-588 and make the reports and perform the duties required of him. No compensation shall be allowed him until he has performed the duties aforesaid.

If such receiver is the clerk of court and if compensation is allowed, it shall be fee and commission income to the office of such clerk in accordance with § 17.1-287.

End

Plain-English Summary

A general receiver earns compensation, but this section keeps that compensation itemized and capped rather than open-ended. Under subsection A, he may retain no more than ten dollars at receipt of the order to receive and deposit funds and set up records, ten dollars when all funds for a beneficiary are disbursed, ten dollars per disbursement check, five percent of the interest income earned, ten dollars plus up to ten dollars per draft for remitting funds to the State Treasurer, and fifty dollars for a hearing to locate a beneficiary under § 8.01-586, plus fifty dollars an hour for a court appearance. Subsection B lets him recover reasonable out-of-pocket expenses necessary to carry out a court order.

Two conditions cut off compensation entirely. Under subsection C, a receiver may not charge or be compensated for funds that should have been reported and remitted to the State Treasurer under § 8.01-602 or § 55.1-2518 — he cannot profit from money he should have escheated. And no compensation of any kind is allowed until he has reported the execution of the bond required by § 8.01-588 and performed the reporting duties this chapter demands.

When the clerk of court doubles as general receiver, his compensation under this section does not go to him personally — it becomes fee and commission income to the clerk's office, accounted for under § 17.1-287.

Frequently Asked Questions

What flat fees can a general receiver charge for administrative tasks?

Ten dollars at receipt of the order to receive funds and establish records, ten dollars when all funds held for a beneficiary are disbursed, and ten dollars per draft or check for periodic and final disbursements.

How much of the interest income can a receiver keep as compensation?

Up to five percent of the interest income earned.

What can a receiver charge for locating beneficiaries or appearing in court?

Fifty dollars for conducting a hearing under § 8.01-586, and fifty dollars per hour for a court appearance.

When is a general receiver barred from taking any compensation?

On funds that should have been reported and remitted to the State Treasurer under § 8.01-602 or § 55.1-2518, and generally until he has reported his bond under § 8.01-588 and performed the required reporting duties.

What happens to compensation when the clerk of court serves as the general receiver?

It becomes fee and commission income to the office of the clerk, in accordance with § 17.1-287.

Amendment History

Code 1950, § 8-732; 1977, c. 617; 1979, c. 498; 1988, c. 841; 2014, c. 65.

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

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