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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