Virginia § 2.2-4406 Subrogation of Treasury Board to depositor's rights; payment of sums received from distribution of assets

Virginia Statutes

§ 2.2-4406 — Subrogation of Treasury Board to depositor's rights; payment of sums received from distribution of assets

Virginia § 2.2-4406

JurisdictionVirginia

Title 2.2ADMINISTRATION OF GOVERNMENT

Subtitle IIADMINISTRATION OF STATE GOVERNMENT

Ch. 44VIRGINIA SECURITY FOR PUBLIC DEPOSITS ACT

Part BTRANSACTION OF PUBLIC BUSINESS

This text of Virginia § 2.2-4406 (Subrogation of Treasury Board to depositor's rights; payment of sums received from distribution of assets) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 2.2-4406 (2026).

Text

Upon payment in full to any public depositor on any claim presented pursuant to § 2.2-4403 or 2.2-4404, the Treasury Board shall be subrogated to all of such depositor's rights, title and interest against the depository in default or insolvent and shall share in any distribution of such defaulting or insolvent depository's assets ratably with other depositors. Any sums received from any such distribution shall be paid to the other qualified public depositories against which assessments were made, in proportion to such assessments, net of any proper payment or expense of the Treasury Board in enforcing any such claim.

Free access — add to your briefcase to read the full text and ask questions with AI

Upon payment in full to any public depositor on any claim presented pursuant to § 2.2-4403 or 2.2-4404, the Treasury Board shall be subrogated to all of such depositor's rights, title and interest against the depository in default or insolvent and shall share in any distribution of such defaulting or insolvent depository's assets ratably with other depositors. Any sums received from any such distribution shall be paid to the other qualified public depositories against which assessments were made, in proportion to such assessments, net of any proper payment or expense of the Treasury Board in enforcing any such claim.