Virginia § 46.2-426 - Custody and application of cash or securities deposited; limitation of actions; assignment
Full text of Virginia Code of Virginia § 46.2-426 — Custody and application of cash or securities deposited; limitation of actions; assignment, with citation guidance and answers to common questions.
§ 46.2-426. Custody and application of cash or securities deposited; limitation of actions; assignment
Cash or securities furnished in compliance with the requirements of this chapter shall be placed by the Commissioner in the custody of the State Treasurer and shall be applicable only to the payment of any judgment against the depositor for damages arising out of the accident in question in an action at law in a court in the Commonwealth begun not later than one year after the date of the accident. The cash or securities may be assigned by the depositor for the benefit of the person or persons damaged or injured in the accident as the result of which the cash or securities were filed or deposited without the damaged or injured person being required to institute legal proceedings. The Commissioner shall accept the assignment if, in his opinion, the rights of any other person or persons shall not be prejudiced thereby.
Code 1950, § 46-441; 1958, c. 541, § 46.1-454; 1989, c. 727.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 46.2-426
What does Code of Virginia § 46.2-426 cover?
Section 46.2-426 ("Custody and application of cash or securities deposited; limitation of actions; assignment") 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 § 46.2-426?
A common citation format is "Code of Virginia § 46.2-426" (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 § 46.2-426 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.