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54 chapters · 1,347 sections in this title.
Va. Code Ann. § 2.2-4400 Short title; declaration of intent; applicability
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A. This chapter may be cited as the "Virginia Security for Public Deposits Act." B. The General Assembly intends by this chapter to establish a single body of law applicable to the pledge of collateral for public deposits in financial institutions so that the procedure for securi…
Va. Code Ann. § 2.2-4401 Definitions
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As used in this chapter, unless the context requires a different meaning: "Dedicated method" or "opt-out method" means the securing of public deposits without accepting the contingent liability for the losses of public deposits of other qualified public depositories, pursuant to …
Va. Code Ann. § 2.2-4402 Collateral for public deposits
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Qualified public depositories shall elect to secure deposits by either the pooled method or the dedicated method. Every qualified public depository shall deposit with a qualified escrow agent eligible collateral equal to or in excess of the required collateral. Eligible collatera…
Va. Code Ann. § 2.2-4403 Procedure for payment of losses by pooled method
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When the Treasury Board determines that a qualified public depository securing public deposits in accordance with this section is a defaulting depository, it shall as promptly as practicable take steps to reimburse public depositors for uninsured public deposits using the followi…