8.7-601 - Lost, stolen or destroyed documents. - Virginia Statutes

§ 8.7-601. Lost, stolen or destroyed documents.

(1) If a document has been lost, stolen or destroyed, a court may orderdelivery of the goods or issuance of a substitute document and the bailee maywithout liability to any person comply with such order. If the document wasnegotiable, a court may not order delivery of the goods or issuance of asubstitute document without the claimant's posting security unless it findsthat any person who may suffer loss as a result of nonsurrender of possessionor control of the document is adequately protected against the loss. If thedocument was not negotiable, the court may require security. The court mayalso in its discretion order payment of the bailee's reasonable costs andattorney's fees in any action under this subsection.

(2) A bailee who, without court order, delivers goods to a person claimingunder a missing negotiable document is liable to any person injured thereby.If the delivery is not in good faith, the bailee becomes liable forconversion. Delivery in good faith is not conversion if the claimant postssecurity with the bailee in an amount at least double the value of the goodsat the time of posting to indemnify any person injured by the delivery whofiles a notice of claim within one year after the delivery.

(Code 1950, § 61-17; 1964, c. 219; 2004, c. 200.)