§ 6.2-2311 — Disposition of proceeds of sale

Virginia § 6.2-2311

• Jurisdiction: Virginia
• Title 6.2: FINANCIAL INSTITUTIONS AND SERVICES
• Subtitle IV: OTHER FINANCIAL ACTIVITIES
• Ch. 23: SAFE DEPOSIT BOXES

Text

From the proceeds of any sale held pursuant to the provisions of § 6.2-2310, the company shall deduct all its charges, as stated in such notice, together with any further charges that shall have accrued since the mailing thereof, including reasonable expenses for notices, advertising and sale, together with any charges for which the rental agreement provides. The balance, if any, of such proceeds shall be deposited to the credit of the lessee and shall be paid to the lessee or his assignee or legal representative, on demand and upon production of satisfactory evidence of identity. The company shall be liable to the lessee for interest on any balance so deposited at the annual rate of three percent.

Legislative History

Code 1950, § 6-270; 1966, c. 584, § 6.1-339; 2010, c. 794.