CODE OF VIRGINIA

CUSTODY AND APPLICATION OF CASH OR SECURITIES DEPOSITED; LIMITATION OF ACTIONS;
ASSIGNMENT (§ 46.2-426)

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.

HISTORY: Code 1950, § 46-441; 1958, c. 541, § 46.1-454; 1989, c. 727.