46.2-426 - Custody and application of cash or securities deposited; limitation of actions; assignment. - Virginia Statutes

§ 46.2-426. Custody and application of cash or securities deposited;limitation of actions; assignment.

Cash or securities furnished in compliance with the requirements of thischapter shall be placed by the Commissioner in the custody of the StateTreasurer and shall be applicable only to the payment of any judgment againstthe depositor for damages arising out of the accident in question in anaction at law in a court in the Commonwealth begun not later than one yearafter the date of the accident. The cash or securities may be assigned bythe depositor for the benefit of the person or persons damaged or injured inthe accident as the result of which the cash or securities were filed ordeposited without the damaged or injured person being required to institutelegal proceedings. The Commissioner shall accept the assignment if, in hisopinion, the rights of any other person or persons shall not be prejudicedthereby.

(Code 1950, § 46-441; 1958, c. 541, § 46.1-454; 1989, c. 727.)