Code of Virginia - Title 15.2 Counties, Cities And Towns - Section 15.2-2603 Disposition of unclaimed funds due on matured bonds or coupons

§ 15.2-2603. Disposition of unclaimed funds due on matured bonds or coupons

Any locality having bonds outstanding on which principal, premium or interest has matured for a period of more than five years may pay any money being held to pay the matured principal, premium or interest into the general fund of the locality. The locality shall maintain a record of the bonds for which the funds were held. Thereafter the owners of the matured bonds may look only to the locality for payment.

(Code 1950, § 15-666.17; 1958, c. 640; 1962, c. 623, § 15.1-174; 1991, c. 668, § 15.1-227.6; 1997, c. 587.)

Sections:  Previous  15.2-2600  15.2-2601  15.2-2602  15.2-2603  15.2-2604  15.2-2605  15.2-2606  15.2-2607  15.2-2608  15.2-2609  15.2-2610  15.2-2611  15.2-2612  15.2-2613  15.2-2614  Next

Last modified: April 2, 2009