Virginia statute
Va. Code Ann. § 46.2-426 — Custody and application of cash or securities deposited; limitation of actions; assignment
Current through 2026 Regular Session
Part of Article 13: Suspension of Licenses for Unsatisfied Judgments and After Certain Accidents, Code of Virginia.
Full text of Va. Code Ann. § 46.2-426
Statutory text current through the 2026 Regular Session. This publication reproduces the text of the Code of Virginia from the official Virginia Law Portal API published by the Virginia General Assembly's Division of Legislative Automated Systems; it is not the official Code of Virginia.
Cash or securities furnished in compliance with the requirements of this chapter shall be placed by the Commissioner in the custody of the State Treasurer and shall be applicable only to the payment of any judgment against the depositor for damages arising out of the accident in question in an action at law in a court in the Commonwealth begun not later than one year after the date of the accident. The cash or securities may be assigned by the depositor for the benefit of the person or persons damaged or injured in the accident as the result of which the cash or securities were filed or deposited without the damaged or injured person being required to institute legal proceedings. The Commissioner shall accept the assignment if, in his opinion, the rights of any other person or persons shall not be prejudiced thereby.
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