38.2-2409 - Agreement for joint control of money and assets. - Virginia Statutes

§ 38.2-2409. Agreement for joint control of money and assets.

Any person required to execute a bond, undertaking or other obligation mayagree with his surety to deposit any or all assets for which he and hissurety may be held responsible. The deposit shall be with a bank, savingsbank, safe deposit company, or trust company authorized by law to do businessas such, or with any other depository approved by the court or a judge of thecourt, if the deposit is otherwise proper. Assets shall be deposited forsafekeeping and held in a manner that prevents the withdrawal of the whole orany part of the deposit without the written consent of the surety, or withoutan order of a court or a judge, made on any notice to the surety which thecourt or judge directs. The agreement shall not in any manner release orchange the liability of the principal or sureties as established by the termsof the bond.

(Code 1950, § 38-345; 1952, c. 317, § 38.1-645; 1986, c. 562.)