State Codes and Statutes
Statutes > Virginia > Title-6-2 > Chapter-8 > 6-2-920§ 6.2-920. (Effective October 1, 2010) Proceedings to bar certain claimsagainst banks in liquidation.
If, in a suit having as its object the administration or liquidation of theassets of an insolvent bank or trust company operating in the Commonwealth,the court orders the payment to creditors of dividends on, or other paymentsof, claims as therein ascertained and established, and (i) the receiver orother person charged with making the ordered payment to creditors is unableto make the payment by reason of his inability to ascertain the address ofany creditor, the failure of any creditor to apply to such disbursingofficial for payment when so directed by the order of the court, or any othersimilar reason; or (ii) a trustee engaged in the voluntary liquidation of theassets of an insolvent bank or trust company operating in the Commonwealth,by petition to an appropriate court in the locality wherein the principaloffice of the insolvent bank or trust company is located, alleges and showsto the satisfaction of the court his inability to make payment to creditorsfor any of the reasons specified in clause (i), the court, in its discretion,may enter an order directing its receiver or other person charged with theduty of making such payment, or the trustee, to publish at least twice in anewspaper having a general circulation in the locality where the suit orpetition is pending a list of creditors to whom dividends or payments are dueand unpaid and the amount thereof. The publication shall include a noticethat any creditor therein named who fails to apply to the disbursing officialfor payment of the amount due him within six months from the date of the lastpublication of such notice will be barred from his right thereafter toreceive payment of amounts then due and from participation in any futuredividends or payments that may thereafter be ordered.
(Code 1950, § 6-58; 1966, c. 584, § 6.1-106; 2010, c. 794.)
