{"law_id":"768653","section_number":"2.2-4404","catch_line":"Procedure for payment of losses by dedicated method","history":"1984, c. 135, \u00a7 2.1-363.1; 2001, c. 844; 2009, c. 64; 2010, cc. 640, 674.","order_by":null,"metadata":false,"court_decisions":{},"official_url":"http:\/\/law.lis.virginia.gov\/vacode\/2.2-4404\/","refers_to":false,"url":"\/2.2-4404\/","token":"2.2\/II\/B\/44\/2.2-4404","structure":{"1":{"id":"1281","name":"Virginia Security For Public Deposits Act","identifier":"44","label":"chapter","url":"\/2.2\/II\/B\/44\/"},"2":{"id":"343","name":"Transaction Of Public Business","identifier":"B","label":"part","url":"\/2.2\/II\/B\/"},"3":{"id":"342","name":"Administration Of State Government","identifier":"II","label":"subtitle","url":"\/2.2\/II\/"},"4":{"id":"74","name":"Administration Of Government","identifier":"2.2","label":"title","url":"\/2.2\/"}},"referred_to_by":[{"id":"766778","section_number":"2.2-4401","catch_line":"Definitions","url":"\/2.2-4401\/"},{"id":"792799","section_number":"2.2-4406","catch_line":"Subrogation of Treasury Board to depositor's rights; payment of sums received from distribution of assets","url":"\/2.2-4406\/"}],"edition_id":"11","section_id":"768653","structure_id":"1281","full_text":" When the Treasury Board determines that a qualified public depository securing public deposits in accordance with this section is a defaulting depository, it shall as promptly as practicable take steps to reimburse public depositors of all uninsured public deposits using the following procedures:\r\r","text":{"0":{"id":"2477459","text":"When the Treasury Board determines that a qualified public depository securing public deposits in accordance with this section is a defaulting depository, it shall as promptly as practicable take steps to reimburse public depositors of all uninsured public deposits using the following procedures:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1},"1":{"id":"2477460","text":" The Treasury Board shall ascertain the amount of uninsured public deposits held by the defaulting depository with the cooperation of the Commissioner of Financial Institutions, the receiver appointed for such depository or by any other means available.","type":"section","prefixes":["","1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":2},"2":{"id":"2477461","text":" The amount of such uninsured public deposits ascertained as provided in subdivision 1, plus any costs associated with liquidation of the eligible collateral of the defaulting depository, shall be assessed by the Treasury Board against the defaulting depository. The State Treasurer shall promptly take possession of the eligible collateral deposited by such depository with the depository’s escrow agent, as is necessary to satisfy the assessment of the Treasury Board and shall liquidate the same and turn over the net proceeds to the Treasury Board.","type":"section","prefixes":["","2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":2},"3":{"id":"2477462","text":" Upon receipt from the State Treasurer of the eligible collateral liquidated, the Treasury Board shall reimburse the public depositors from the proceeds of the collateral up to the extent of the depository’s deposit liability to them, net of any applicable deposit insurance.","type":"section","prefixes":["","3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":2}},"ancestry":{"1":{"id":"1281","name":"Virginia Security For Public Deposits Act","identifier":"44","label":"chapter","url":"\/2.2\/II\/B\/44\/"},"2":{"id":"343","name":"Transaction Of Public Business","identifier":"B","label":"part","url":"\/2.2\/II\/B\/"},"3":{"id":"342","name":"Administration Of State Government","identifier":"II","label":"subtitle","url":"\/2.2\/II\/"},"4":{"id":"74","name":"Administration Of Government","identifier":"2.2","label":"title","url":"\/2.2\/"}},"structure_contents":{"0":{"id":"787947","structure_id":"1281","section_number":"2.2-4400","catch_line":"Short title; declaration of intent; applicability","url":"\/2.2-4400\/","token":"2.2\/II\/B\/44\/2.2-4400"},"1":{"id":"766778","structure_id":"1281","section_number":"2.2-4401","catch_line":"Definitions","url":"\/2.2-4401\/","token":"2.2\/II\/B\/44\/2.2-4401"},"2":{"id":"788228","structure_id":"1281","section_number":"2.2-4402","catch_line":"Collateral for public deposits","url":"\/2.2-4402\/","token":"2.2\/II\/B\/44\/2.2-4402"},"3":{"id":"766169","structure_id":"1281","section_number":"2.2-4403","catch_line":"Procedure for payment of losses by pooled method","url":"\/2.2-4403\/","token":"2.2\/II\/B\/44\/2.2-4403"},"4":{"id":"768653","structure_id":"1281","section_number":"2.2-4404","catch_line":"Procedure for payment of losses by dedicated method","url":"\/2.2-4404\/","token":"2.2\/II\/B\/44\/2.2-4404"},"5":{"id":"768360","structure_id":"1281","section_number":"2.2-4405","catch_line":"Powers of Treasury Board relating to the administration of this chapter","url":"\/2.2-4405\/","token":"2.2\/II\/B\/44\/2.2-4405"},"6":{"id":"792799","structure_id":"1281","section_number":"2.2-4406","catch_line":"Subrogation of Treasury Board to depositor's rights; payment of sums received from distribution of assets","url":"\/2.2-4406\/","token":"2.2\/II\/B\/44\/2.2-4406"},"7":{"id":"790763","structure_id":"1281","section_number":"2.2-4407","catch_line":"Mandatory deposit of public funds in qualified public depositories","url":"\/2.2-4407\/","token":"2.2\/II\/B\/44\/2.2-4407"},"8":{"id":"789902","structure_id":"1281","section_number":"2.2-4408","catch_line":"Authority to make public deposits","url":"\/2.2-4408\/","token":"2.2\/II\/B\/44\/2.2-4408"},"9":{"id":"768426","structure_id":"1281","section_number":"2.2-4409","catch_line":"Authority to secure public deposits; acceptance of liabilities and duties by public depositories","url":"\/2.2-4409\/","token":"2.2\/II\/B\/44\/2.2-4409"},"10":{"id":"770365","structure_id":"1281","section_number":"2.2-4410","catch_line":"Liability of public depositors","url":"\/2.2-4410\/","token":"2.2\/II\/B\/44\/2.2-4410"},"11":{"id":"785749","structure_id":"1281","section_number":"2.2-4411","catch_line":"Reports of qualified public depositories","url":"\/2.2-4411\/","token":"2.2\/II\/B\/44\/2.2-4411"}},"previous_section":{"id":"766169","structure_id":"1281","section_number":"2.2-4403","catch_line":"Procedure for payment of losses by pooled method","url":"\/2.2-4403\/","token":"2.2\/II\/B\/44\/2.2-4403"},"next_section":{"id":"768360","structure_id":"1281","section_number":"2.2-4405","catch_line":"Powers of Treasury Board relating to the administration of this chapter","url":"\/2.2-4405\/","token":"2.2\/II\/B\/44\/2.2-4405"},"references":[{"id":"766778","section_number":"2.2-4401","catch_line":"Definitions","url":"\/2.2-4401\/"},{"id":"792799","section_number":"2.2-4406","catch_line":"Subrogation of Treasury Board to depositor's rights; payment of sums received from distribution of assets","url":"\/2.2-4406\/"}],"formats":{"txt":"\/2.2-4404.txt","json":"\/2.2-4404.json","xml":"\/2.2-4404.xml"},"dublin_core":{"Title":"Procedure for payment of losses by dedicated method","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-4404","Relation":"Code of Virginia"},"plain_text":"                                 CODE OF VIRGINIA\n\nPROCEDURE FOR PAYMENT OF LOSSES BY DEDICATED METHOD (\u00a7 2.2-4404)\n\nWhen the Treasury Board determines that a qualified public depository securing\npublic deposits in accordance with this section is a defaulting depository, it\nshall as promptly as practicable take steps to reimburse public depositors of\nall uninsured public deposits using the following procedures:\n\n   1.  The Treasury Board shall ascertain the amount of uninsured public deposits\n   held by the defaulting depository with the cooperation of the Commissioner of\n   Financial Institutions, the receiver appointed for such depository or by any\n   other means available.\n\n   2.  The amount of such uninsured public deposits ascertained as provided in\n   subdivision 1, plus any costs associated with liquidation of the eligible\n   collateral of the defaulting depository, shall be assessed by the Treasury\n   Board against the defaulting depository. The State Treasurer shall promptly\n   take possession of the eligible collateral deposited by such depository with\n   the depository’s escrow agent, as is necessary to satisfy the assessment\n   of the Treasury Board and shall liquidate the same and turn over the net\n   proceeds to the Treasury Board.\n\n   3.  Upon receipt from the State Treasurer of the eligible collateral\n   liquidated, the Treasury Board shall reimburse the public depositors from the\n   proceeds of the collateral up to the extent of the depository’s deposit\n   liability to them, net of any applicable deposit insurance.\n\nHISTORY: 1984, c. 135, \u00a7 2.1-363.1; 2001, c. 844; 2009, c. 64; 2010, cc. 640,\n674."}