8.01-583 - How securities taken and kept; power of receivers over same. - Virginia Statutes

§ 8.01-583. How securities taken and kept; power of receivers over same.

The securities in which under the orders of the court such investments may bemade shall be taken in the name of the general receiver and be kept by him,unless otherwise specially ordered. He shall have power to sell, transfer orcollect the same, only upon order of the court; and in case of his death,resignation or removal his successor, or any person specially appointed bythe court for that purpose, shall have like power.

Notwithstanding the foregoing paragraph, when a general receiver places fundsin a security or investment which is insured by the Federal Deposit InsuranceCorporation or other federal insurance agency, the general receiver shall tothe extent practicable invest these funds so that insurance coverage isprovided by the Federal Deposit Insurance Corporation or other federalinsurance agency.

(Code 1950, § 8-726; 1977, c. 617; 1988, c. 553; 1990, c. 3.)