Virginia Code 55.1-2417: Escheat of property with hazardous materials
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In addition to any other remedy provided by law, the Virginia Waste Management Board, pursuant to its authority granted in § 10.1-1402, or the Department of Environmental Quality, shall have recourse against any prior owner or the estate of any prior owner for the costs of cleanup of escheated property in or upon which any hazardous material as defined in § 44-146.34 is found.
Terms Used In Virginia Code 55.1-2417
- 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
1991, c. 684, § 55-182.2; 2019, c. 712.