6.2-919 - (Effective October 1, 2010) Interest on deposits; distribution of surplus remaining after payment of depositors. - Virginia Statutes

§ 6.2-919. (Effective October 1, 2010) Interest on deposits; distribution ofsurplus remaining after payment of depositors.

When an appropriate court, on a proper application therefor, shall appoint areceiver for any bank or trust company, the court may prescribe and direct,by order or decree entered of record, that the rate of interest to be paid bythe receiver upon the claims of depositors of the bank or trust company shallnot exceed the current or contracted rate of interest paid by the state bankor trust company on deposits. In addition, the court may fix the interest tobe so paid at such lower rate as the court may deem proper under all thecircumstances of the case. In such event, the court shall also direct thatany surplus remaining after the payment in full of the depositors, togetherwith the interest thereon as so prescribed and fixed, shall be distributedpro rata among the shareholders of the bank or trust company as of the dateof the appointment of the receiver.

(Code 1950, § 6-69; 1966, c. 584, § 6.1-105; 2010, c. 794.)