58.1-2415 - Other security in lieu of surety bond. - Virginia Statutes

§ 58.1-2415. Other security in lieu of surety bond.

Any rentor may deposit with the Commissioner, in lieu of a surety bond,negotiable bonds which are direct obligations of the United States governmentor of the Commonwealth of Virginia or a certificate of deposit in somebanking institution approved by the Commissioner. The other security shall bein an amount to be determined upon investigation by the Commissioner or to beapproximately three times the anticipated average monthly tax to become dueby the rentor in the next succeeding three months. In no case shall theamount of other security be less than $500 nor more than $20,000.

(Code 1950, § 58-685.17:4; 1982, c. 141; 1984, c. 675.)