                                 CODE OF VIRGINIA

ASSIGNMENT TO THE COMMONWEALTH OF RIGHTS TO TOBACCO MANUFACTURER ESCROW FUNDS;
CONTRIBUTION TO THE COMMONWEALTH (§ 3.2-4202)

Notwithstanding the provisions of subsection B of § 3.2-4201, a tobacco product
manufacturer who elects to place funds into escrow pursuant to subdivision A 2
of § 3.2-4201 may make an irrevocable assignment of its interest in the funds
to the benefit of the Commonwealth. Such assignment shall be permanent and shall
apply to all funds in the subject escrow account at the time of assignment or
that may subsequently come into such account, including those deposited into the
escrow account prior to the assignment being executed, those deposited into the
escrow account after the assignment is executed, and interest or other
appreciation on such funds. Any interest or other appreciation withdrawn from
the subject escrow account prior to the time of assignment shall not be a part
of the assignment. The tobacco product manufacturer, the Attorney General, and
the financial institution where the escrow account is maintained shall make such
amendments to the qualified escrow account agreement, title to the account, and
the account itself as may be necessary to effectuate an irrevocable assignment
of rights executed pursuant to this section or a withdrawal or payment of funds
from the escrow account pursuant to § 3.2-4203. An assignment of rights
executed pursuant to this section shall be in writing, signed by a duly
authorized representative of the tobacco product manufacturer making the
assignment, and shall become effective upon delivery of the assignment to the
Attorney General and the financial institution where the escrow account is
maintained.

HISTORY: 2005, cc. 899, 901, § 3.1-336.2:1; 2008, c. 860.