§ 6.1-106. Proceedings to bar certain claims against banks in liquidation
Whenever in a pending suit, having for its object the administration or liquidation of the assets of an insolvent bank or trust company operating in this Commonwealth, the court shall have ordered the payment to creditors of dividends on, or other payments of, claims as therein ascertained and established, and the receiver, special commissioner or other person or officer charged with the duty of making the ordered payment to creditors shall have been unable to effect such payment by reason of inability to ascertain the address of any creditor or the failure of any creditor to apply to such disbursing official for payment when so directed by the order of the court or for any other similar reason; or whenever a trustee engaged in the voluntary liquidation of the assets of an insolvent bank or trust company operating in this Commonwealth by petition to any court of general jurisdiction in the county or city wherein the principal office of such insolvent bank or trust company is located, shall allege and show to the satisfaction of the court his inability to make payment to creditors for any of the reasons specified herein, the court, in its discretion, may enter an order directing its receiver, special commissioner or other person or officer charged with the duty of making such payment, or the trustee to publish in some newspaper, having a general circulation in the county or city where such suit or petition is pending, at least twice, a list of creditors to whom dividends or payments are due and unpaid and the amount thereof, together with a notice that any creditor therein named who shall fail 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 which may thereafter be ordered.
(Code 1950, § 6-58; 1966, c. 584.)
Sections: Previous 6.1-100 6.1-100.1 6.1-101 6.1-102 6.1-103 6.1-104 6.1-105 6.1-106 6.1-107 6.1-108 6.1-109 6.1-110 6.1-110.1 6.1-110.2 6.1-110.3 NextLast modified: April 2, 2009