Code of Virginia § 3.2-4768. Duties and powers of Commissioner with respect to bonds.
161 words·~1 min read·
/va/title-3-2/chapter-47/3-2-4768A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Commissioner may accept the proceeds from any bond on which he is trustee and deposit the proceeds in the state treasury with interest in favor of the bond claimants. The Commissioner may institute and prosecute suits for actions in the name of the Commonwealth on behalf of the claimants known and approved by him in any appropriate court for any purpose in connection with the collection or distribution of the bond or its proceeds. It shall be the duty of any person having a claim against a cotton handler to notify the Commissioner of his claim.
The Commissioner shall have no duty to prosecute any claim unless he has received notice and believes the claim is valid. If the Commissioner believes the claim is invalid, he shall notify the claimant. The Commissioner may appeal a decision of any court that is contrary to any distribution recommended or authorized by him.
2000, c. 584 , § 3.1-722.36; 2008, c. 860 .