3.2-4757 - Duties and powers of Commissioner with respect to bonds. - Virginia Statutes

§ 3.2-4757. Duties and powers of Commissioner with respect to bonds.

The Commissioner may accept the proceeds from any bond on which he is trusteeor any letter of credit on which he is beneficiary, and deposit the proceedsin the state treasury at interest in favor of the claimants. The Commissionermay institute and prosecute suits or action in the name of the Commonwealthon behalf of claimants known and approved by him in any appropriate court forany purpose in connection with the collection or distribution of theproceeds. It shall be the duty of any person having a claim against a graindealer to notify the Commissioner of his claim. The Commissioner shall haveno duty to prosecute any claim unless he has received such notice andbelieves the claim is valid. If the Commissioner believes the claim to beinvalid, he shall notify the claimant. The claimant shall then have hisremedy pursuant to § 3.2-4756. The Commissioner may appeal a decision of anycourt that is contrary to any distribution recommended or authorized by him.

(1982, c. 187, § 3.1-722.20:1; 1985, c. 354; 2008, c. 860.)