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2016 SESSION

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HB 577 Interpleader; funds held in escrow.

Introduced by: Roxann L. Robinson | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Interpleader; earnest money deposits. Allows the general district court, in an interpleader case involving an earnest money deposit held in escrow by a real estate broker, to escheat the funds to the Commonwealth to be credited to the Virginia Housing Trust Fund upon default of the stakeholders, provided that such funds have been abandoned for more than one year from the date of written notice to all stakeholders and claimants and the plaintiff and defendants are in default in the interpleader action.

SUMMARY AS PASSED HOUSE:

Interpleader; earnest money deposits. Allows the general district court, in an interpleader case involving an earnest money deposit held in escrow by a real estate broker, to escheat the funds to the Commonwealth to be credited to the Virginia Housing Trust Fund upon default of the stakeholders.

SUMMARY AS INTRODUCED:

Interpleader; earnest money deposits. Allows the general district court, in an interpleader case involving an earnest money deposit held in escrow by a real estate broker, to escheat the funds to the Commonwealth to be credited to the Virginia Housing Trust Fund upon default of one or more of the stakeholders.