Code of Virginia § 46.2-426. Custody and application of cash or securities deposited; limitation of actions; assignment.

155 words·~1 min read·/va/title-46-2/chapter-3/46-2-426

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Cash or securities furnished in compliance with the requirements of this chapter shall be placed by the Commissioner in the custody of the State Treasurer and shall be applicable only to the payment of any judgment against the depositor for damages arising out of the accident in question in an action at law in a court in the Commonwealth begun not later than one year after the date of the accident. The cash or securities may be assigned by the depositor for the benefit of the person or persons damaged or injured in the accident as the result of which the cash or securities were filed or deposited without the damaged or injured person being required to institute legal proceedings.

The Commissioner shall accept the assignment if, in his opinion, the rights of any other person or persons shall not be prejudiced thereby.

Code 1950, § 46-441; 1958, c. 541, § 46.1-454; 1989, c. 727.