                                 CODE OF VIRGINIA

BOND (§ 58.1-2299.11)

The Commissioner may, when in his judgment it is necessary and advisable so to
do in order to secure the collection of the tax levied by this chapter, require
any person subject to such tax to file with him a bond, with such surety as the
Commissioner determines is necessary to secure the payment of any tax, penalty,
or interest due or which may become due from such person. In lieu of such bond,
securities approved by the Commissioner may be deposited with the State
Treasurer, which securities shall be kept in the custody of the State Treasurer
and shall be sold by him, at the request of the Commissioner, at public or
private sale if it becomes necessary to do so in order to recover any tax,
penalty, or interest due the Commonwealth under this chapter. Upon any such
sale, the surplus, if any, above the amounts due under this chapter shall be
returned to the person who deposited the securities.

HISTORY: 2012, cc. 217, 225.