Virginia Code 46.2-458: Interpleader to determine rights in deposits; other proceedings
Current as of: 2023 | Check for updates
|
Other versions
The Commissioner and the State Treasurer, or either, may proceed in equity by bill of interpleader for the determination of any dispute as to ownership of or rights in any deposit held by the State Treasurer pursuant to this chapter and may have recourse to any other appropriate proceeding for determination of any question that arises as to their rights or liabilities or as to the rights or liabilities of the Commonwealth under this chapter.
Terms Used In Virginia Code 46.2-458
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
Code 1950, § 46-478; 1958, c. 541, § 46.1-489; 1989, c. 727.