6.1-106 - (Repealed effective October 1, 2010) Proceedings to bar certain claims against banks in liquidation. - Virginia Statutes

§ 6.1-106. (Repealed effective October 1, 2010) Proceedings to bar certainclaims against banks in liquidation.

Whenever in a pending suit, having for its object the administration orliquidation of the assets of an insolvent bank or trust company operating inthis Commonwealth, the court shall have ordered the payment to creditors ofdividends on, or other payments of, claims as therein ascertained andestablished, and the receiver, special commissioner or other person orofficer charged with the duty of making the ordered payment to creditorsshall have been unable to effect such payment by reason of inability toascertain the address of any creditor or the failure of any creditor to applyto such disbursing official for payment when so directed by the order of thecourt or for any other similar reason; or whenever a trustee engaged in thevoluntary liquidation of the assets of an insolvent bank or trust companyoperating in this Commonwealth by petition to any court of generaljurisdiction in the county or city wherein the principal office of suchinsolvent bank or trust company is located, shall allege and show to thesatisfaction of the court his inability to make payment to creditors for anyof the reasons specified herein, the court, in its discretion, may enter anorder directing its receiver, special commissioner or other person or officercharged with the duty of making such payment, or the trustee to publish insome newspaper, having a general circulation in the county or city where suchsuit or petition is pending, at least twice, a list of creditors to whomdividends or payments are due and unpaid and the amount thereof, togetherwith a notice that any creditor therein named who shall fail to apply to thedisbursing official for payment of the amount due him within six months fromthe date of the last publication of such notice will be barred from his rightthereafter to receive payment of amounts then due and from participation inany future dividends or payments which may thereafter be ordered.

(Code 1950, § 6-58; 1966, c. 584.)