The Circuit Court Clerk invests trust and condemnation funds in interest-bearing
accounts as required by law and as ordered by the Court. The following
information should prove helpful to parties involved in such cases:
• When the Clerk is to invest funds in an
interest-bearing account for the benefit of a minor or other beneficiary,
the court order should specifically direct the Clerk to invest such
funds in an interest-bearing account pursuant to Code of Virginia § 8.01-600.
For accounts held for minors, such orders should include wording that
funds are to be held until the infant reaches the age of 18.
• Pursuant to Code of Virginia § 8.01-600,
an affidavit must be presented that includes the beneficiary's name,
address, social security number, and date of birth. By law, this information
cannot be included in the court order. Orders that include identifying
information will not be processed.
• To claim trust funds: Since trust funds are invested
through an off-site financial institution, advanced notice of the intent
to claim funds is required. When the infant reaches the age of 18 (or
approximately a week prior to his/her 18 th birthday) or when funds
become due to the beneficiary, the beneficiary should contact the Circuit
Court Clerk's Office regarding procedures to collect trust funds. When
claiming funds in person, payees are required to bring a photo ID (preferably
a driver's license). Parties claiming funds upon reaching the age of
18 are also required to present a copy of their birth certificate.
Parties who are unable to appear in the Clerk's Office in person may
be asked to provide additional documentation. IMPORTANT REMINDER: If
the original court order directing investment of funds did not specifically
state the date on which the funds were to be released, a new court
order must be presented to and entered by the judge before the funds
can be disbursed.
• Condemnation funds are invested in interest bearing accounts.
In order that appropriate identifying information may be presented to
the bank for tracking purposes, filing parties are encouraged to provide
the beneficiary's social security number or tax identification number
and address in the documentation presented to the Court. Providing this
information will ensure that the beneficiary directly receives annual
1099 statements from the bank in which the funds are deposited.
