                                 CODE OF VIRGINIA

DUTIES AND POWERS OF COMMISSIONER WITH RESPECT TO BONDS (§ 3.2-4719)

The Commissioner may accept the proceeds from any bond and deposit the proceeds
in the state treasury at interest in favor of the bond claimants. The
Commissioner may institute and prosecute suits or actions in the name of the
Commonwealth on behalf of claimants approved by him in any appropriate court for
any purpose in connection with the collection or distribution of the bond or its
proceeds. It shall be the duty of any person having a claim against a commission
merchant to notify the Commissioner of his claim. The Commissioner shall have no
duty to prosecute any claim unless he has received such notice and believes the
claim is valid. If the Commissioner believes the claim to be invalid, he shall
notify the claimant. The claimant shall then have his remedy pursuant to §
3.2-4718. The Commissioner may appeal a decision of any court that is contrary
to any distribution recommended or authorized by him.

HISTORY: 1985, c. 354, § 3.1-700.1; 2008, c. 860.