Virginia § 38.2-2524 - Proceeding when loss or damage exceeds cash on hand
Full text of Virginia Code of Virginia § 38.2-2524 — Proceeding when loss or damage exceeds cash on hand, with citation guidance and answers to common questions.
§ 38.2-2524. Proceeding when loss or damage exceeds cash on hand
If at any time any loss or damage to property insured by a mutual assessment property and casualty insurer exceeds the insurer's cash available to pay the loss or damage, the insurer may borrow money in an amount sufficient to pay the loss or damage. This shall be approved by the board of directors or the executive committee. The board of directors or the executive committee may levy an assessment sufficient to repay the loan or to pay the loss or damage, or any portion that is in excess of the cash on hand.
Code 1950, § 38-532; 1952, c. 317, § 38.1-681; 1986, c. 562.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 38.2-2524
What does Code of Virginia § 38.2-2524 cover?
Section 38.2-2524 ("Proceeding when loss or damage exceeds cash on hand") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 38.2-2524?
A common citation format is "Code of Virginia § 38.2-2524" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 38.2-2524 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.