Virginia Code 65.2-523: Lump sum payments to trustees
Current as of: 2023 | Check for updates
|
Other versions
Whenever the Commission deems it expedient, any lump sum subject to the provisions of § 65.2-522 shall be paid by the employer to some suitable person or corporation appointed by the circuit court in the county or city wherein the accident occurred, or by such other circuit court as may be designated by the Commission as more compatible with the interests and convenience of the beneficiaries, as trustee or guardian, to administer the same for the benefit of the person entitled hereto in the manner provided by the Commission. The receipt of such trustee for the amount as paid shall discharge the employer or anyone else who is liable therefor.
Terms Used In Virginia Code 65.2-523
- City: means an independent incorporated community which became a city as provided by law before noon on July 1, 1971, or which has within defined boundaries a population of 5,000 or more and which has become a city as provided by law. See Virginia Code 1-208
- Commission: means the Virginia Workers' Compensation Commission as well as its former designation as the Virginia Industrial Commission. See Virginia Code 65.2-101
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Employer: includes (i) any person, the Commonwealth or any political subdivision thereof and any individual, firm, association or corporation, or the receiver or trustee of the same, or the legal representative of a deceased employer, using the service of another for pay and (ii) any volunteer fire company or volunteer emergency medical services agency electing to be included and maintaining coverage as an employer under this title. See Virginia Code 65.2-101
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
- Trustee: A person or institution holding and administering property in trust.
Code 1950, § 65-72; 1968, c. 660, § 65.1-75; 1991, c. 355.