15.2-2603 - Disposition of unclaimed funds due on matured bonds or coupons. - Virginia Statutes

§ 15.2-2603. Disposition of unclaimed funds due on matured bonds or coupons.

Any locality having bonds outstanding on which principal, premium or interesthas matured for a period of more than five years may pay any money being heldto pay the matured principal, premium or interest into the general fund ofthe locality. The locality shall maintain a record of the bonds for which thefunds were held. Thereafter the owners of the matured bonds may look only tothe locality for payment.

(Code 1950, § 15-666.17; 1958, c. 640; 1962, c. 623, § 15.1-174; 1991, c.668, § 15.1-227.6; 1997, c. 587.)