§ 3.1-700.1. (Repealed effective October 1, 2008) Additional duties and powers of Commissioner
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 known and 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 actual notice thereof and believes the claim to be valid. If the Commissioner believes the claim to be invalid, in whole or in part, he shall notify the claimant. The claimant shall then have his remedy pursuant to § 3.1-700. Notwithstanding any other provision of law, the Commissioner shall have the right to appeal a decision of any court which is contrary to any distribution recommended or authorized by him.
(1985, c. 354.)Sections: Previous 3.1-695 3.1-696 3.1-697 3.1-698 3.1-699 3.1-699.1 3.1-700 3.1-700.1 3.1-701 3.1-702 3.1-703 3.1-704 3.1-705 3.1-706 3.1-707 Next
Last modified: April 16, 2009