                                 CODE OF VIRGINIA

PROCEEDINGS TO BAR CERTAIN CLAIMS AGAINST BANKS IN LIQUIDATION (§ 6.2-920)

If, in a suit having as its object the administration or liquidation of the
assets of an insolvent bank or trust company operating in the Commonwealth, the
court orders the payment to creditors of dividends on, or other payments of,
claims as therein ascertained and established, and (i) the receiver or other
person charged with making the ordered payment to creditors is unable to make
the payment by reason of his inability to ascertain the address of any creditor,
the failure of any creditor to apply to such disbursing official for payment
when so directed by the order of the court, or any other similar reason; or (ii)
a trustee engaged in the voluntary liquidation of the assets of an insolvent
bank or trust company operating in the Commonwealth, by petition to an
appropriate court in the locality wherein the principal office of the insolvent
bank or trust company is located, alleges and shows to the satisfaction of the
court his inability to make payment to creditors for any of the reasons
specified in clause (i), the court, in its discretion, may enter an order
directing its receiver or other person charged with the duty of making such
payment, or the trustee, to publish at least twice in a newspaper having a
general circulation in the locality where the suit or petition is pending a list
of creditors to whom dividends or payments are due and unpaid and the amount
thereof. The publication shall include a notice that any creditor therein named
who fails to apply to the disbursing official for payment of the amount due him
within six months from the date of the last publication of such notice will be
barred from his right thereafter to receive payment of amounts then due and from
participation in any future dividends or payments that may thereafter be
ordered.

HISTORY: Code 1950, § 6-58; 1966, c. 584, § 6.1-106; 2010, c. 794.