22.1-144 - Recovery of moneys due Fund. - Virginia Statutes

§ 22.1-144. Recovery of moneys due Fund.

Any funds which ought to be paid into the State Treasury to the credit of theLiterary Fund shall, unless otherwise provided, be recoverable with interest.Proceedings to recover such funds shall be instituted by the Board ofEducation in the name of the Commonwealth in the appropriate circuit court.

The Board may appoint agents for the collection of its debts or claims andauthorize them to secure payment thereof on such terms as it may approve.

When the estate of any person that is taken under execution or that is forsale under any decree or deed of trust for any debt or claim due the LiteraryFund or for any fine will not sell for the amount of such debt, claim orfine, such agent may, under the direction of the Board as to the price,purchase such estate for the Board. He shall immediately report to it everysuch purchase and the terms thereof. The Board may sell, or appoint an agentto sell, any estate so purchased. Such agent shall sell at such time and onsuch terms as the Board may authorize. The Board shall take bond from suchagent if any money is to come into his hands. Any agent selling land underthis section shall, when directed so to do by the Board, execute a deed, withthe resolution giving such direction thereto annexed, conveying to thepurchaser all the interest which the Board may have in such land. For theservice of any agent under this section, the Board may allow compensation,not exceeding in any case ten per centum of the money actually paid into theState Treasury.

(Code 1950, § 22-104; 1980, c. 559.)