                                 CODE OF VIRGINIA

SUBROGATION OF TREASURY BOARD TO DEPOSITOR&#8217;S RIGHTS; PAYMENT OF SUMS
RECEIVED FROM DISTRIBUTION OF ASSETS (§ 2.2-4406)

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&#8217;s rights, title and interest against the depository in default
or insolvent and shall share in any distribution of such defaulting or insolvent
depository&#8217;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.

HISTORY: 1973, c. 172, § 2.1-365; 2001, c. 844; 2010, cc. 640, 674.