38.2-1053 - Interest on deposits; to whom paid. - Virginia Statutes

§ 38.2-1053. Interest on deposits; to whom paid.

The State Treasurer, at the time of receiving any securities deposited underthis title, shall give the insurer authority to collect the interest for itsown use as the interest is paid. This authority shall continue in force untilthe insurer fails to pay any of its liabilities for which the deposit issecurity. In that case, the party paying interest shall be notified of thefailure, and thereafter the interest shall be payable to the State Treasurer,and shall be applied, if necessary, to the payment of the liabilities.

(Code 1950, § 38-48; 1952, c. 317, § 38.1-117; 1986, c. 562.)