3.2-4719 - Duties and powers of Commissioner with respect to bonds. - Virginia Statutes

§ 3.2-4719. Duties and powers of Commissioner with respect to bonds.

The Commissioner may accept the proceeds from any bond and deposit theproceeds in the state treasury at interest in favor of the bond claimants.The Commissioner may institute and prosecute suits or actions in the name ofthe Commonwealth on behalf of claimants approved by him in any appropriatecourt for any purpose in connection with the collection or distribution ofthe bond or its proceeds. It shall be the duty of any person having a claimagainst a commission merchant to notify the Commissioner of his claim. TheCommissioner shall have no duty to prosecute any claim unless he has receivedsuch notice and believes the claim is valid. If the Commissioner believes theclaim to be invalid, he shall notify the claimant. The claimant shall thenhave his remedy pursuant to § 3.2-4718. The Commissioner may appeal adecision of any court that is contrary to any distribution recommended orauthorized by him.

(1985, c. 354, § 3.1-700.1; 2008, c. 860.)