Virginia § 46.2-426 Custody and application of cash or securities deposited; limitation of actions; assignment

Virginia Statutes

§ 46.2-426 — Custody and application of cash or securities deposited; limitation of actions; assignment

Virginia § 46.2-426

JurisdictionVirginia

Title 46.2MOTOR VEHICLES

Subtitle IITITLING, REGISTRATION AND LICENSURE

Ch. 3LICENSURE OF DRIVERS

Art. 13SUSPENSION OF LICENSES FOR UNSATISFIED JUDGMENTS AND AFTER CERTAIN ACCIDENTS

This text of Virginia § 46.2-426 (Custody and application of cash or securities deposited; limitation of actions; assignment) 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. § 46.2-426 (2026).

Text

Cash or securities furnished in compliance with the requirements of this chapter shall be placed by the Commissioner in the custody of the State Treasurer and shall be applicable only to the payment of any judgment against the depositor for damages arising out of the accident in question in an action at law in a court in the Commonwealth begun not later than one year after the date of the accident. The cash or securities may be assigned by the depositor for the benefit of the person or persons damaged or injured in the accident as the result of which the cash or securities were filed or deposited without the damaged or injured person being required to institute legal proceedings. The Commissioner shall accept the assignment if, in his opinion, the rights of any other person or persons shal

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Cash or securities furnished in compliance with the requirements of this chapter shall be placed by the Commissioner in the custody of the State Treasurer and shall be applicable only to the payment of any judgment against the depositor for damages arising out of the accident in question in an action at law in a court in the Commonwealth begun not later than one year after the date of the accident. The cash or securities may be assigned by the depositor for the benefit of the person or persons damaged or injured in the accident as the result of which the cash or securities were filed or deposited without the damaged or injured person being required to institute legal proceedings. The Commissioner shall accept the assignment if, in his opinion, the rights of any other person or persons shall not be prejudiced thereby.