2.2-4406 - Subrogation of Treasury Board to depositor's rights; payment of sums received from distribution of assets. - Virginia Statutes

§ 2.2-4406. Subrogation of Treasury Board to depositor's rights; payment ofsums received from distribution of assets.

Upon payment in full to any public depositor on any claim presented pursuantto § 2.2-4403 or 2.2-4404, the Treasury Board shall be subrogated to all ofsuch depositor's rights, title and interest against the depository in defaultor insolvent and shall share in any distribution of such defaulting orinsolvent depository's assets ratably with other depositors. Any sumsreceived from any such distribution shall be paid to the other qualifiedpublic depositories against which assessments were made, in proportion tosuch assessments, net of any proper payment or expense of the Treasury Boardin enforcing any such claim.

(1973, c. 172, § 2.1-365; 2001, c. 844; 2010, cc. 640, 674.)