3.2-4202 - Assignment to the Commonwealth of rights to tobacco manufacturer escrow funds; contribution to the Commonwealth. - Virginia Statutes

§ 3.2-4202. Assignment to the Commonwealth of rights to tobacco manufacturerescrow funds; contribution to the Commonwealth.

Notwithstanding the provisions of subsection B of § 3.2-4201, a tobaccoproduct manufacturer who elects to place funds into escrow pursuant tosubdivision A 2 of § 3.2-4201 may make an irrevocable assignment of itsinterest in the funds to the benefit of the Commonwealth. Such assignmentshall be permanent and shall apply to all funds in the subject escrow accountat the time of assignment or that may subsequently come into such account,including those deposited into the escrow account prior to the assignmentbeing executed, those deposited into the escrow account after the assignmentis executed, and interest or other appreciation on such funds. Any interestor other appreciation withdrawn from the subject escrow account prior to thetime of assignment shall not be a part of the assignment. The tobacco productmanufacturer, the Attorney General, and the financial institution where theescrow account is maintained shall make such amendments to the qualifiedescrow account agreement, title to the account, and the account itself as maybe necessary to effectuate an irrevocable assignment of rights executedpursuant to this section or a withdrawal or payment of funds from the escrowaccount pursuant to § 3.2-4203. An assignment of rights executed pursuant tothis section shall be in writing, signed by a duly authorized representativeof the tobacco product manufacturer making the assignment, and shall becomeeffective upon delivery of the assignment to the Attorney General and thefinancial institution where the escrow account is maintained.

(2005, cc. 899, 901, § 3.1-336.2:1; 2008, c. 860.)