Article Date: 01/16/2023


Bank Tops Surety in Priority to Proceeds of Bonded Contracts


Supreme Court of Virginia

 

Arch Insurance Company v. FVCbank

 

Case no.:  211050

Date filed: December 29, 2022

 

 

Overview

 

The Virginia Supreme Court has ruled that the surety of a defaulted contractor could not reach the proceeds of the bonded contracts. Once those funds were deposited in the contractor’s bank account, the bank had a priority security ... Log in to view the full text.

 



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