Notwithstanding the provisions of subsection B of § 3.2-4201, a tobacco product manufacturer who elects to place funds into escrow pursuant to subdivision A 2 of § 3.2-4201 may make an irrevocable assignment of its interest in the funds to the benefit of the Commonwealth. Such assignment shall be permanent and shall apply to all funds in the subject escrow account at the time of assignment or that may subsequently come into such account, including those deposited into the escrow account prior to the assignment being executed, those deposited into the escrow account after the assignment is executed, and interest or other appreciation on such funds. Any interest or other appreciation withdrawn from the subject escrow account prior to the time of assignment shall not be a part of the assignment. The tobacco product manufacturer, the Attorney General, and the financial institution where the escrow account is maintained shall make such amendments to the qualified escrow account agreement, title to the account, and the account itself as may be necessary to effectuate an irrevocable assignment of rights executed pursuant to this section or a withdrawal or payment of funds from the escrow account pursuant to § 3.2-4203. An assignment of rights executed pursuant to this section shall be in writing, signed by a duly authorized representative of the tobacco product manufacturer making the assignment, and shall become effective upon delivery of the assignment to the Attorney General and the financial institution where the escrow account is maintained.
2005, cc. 899, 901, § 3.1-336.2:1; 2008, c. 860.
Structure Code of Virginia
Title 3.2 - Agriculture, Animal Care, and Food
Chapter 42 - Implementation of Tobacco Master Settlement Agreement
§ 3.2-4203. Withdrawal of escrow funds assigned and contributed to the Commonwealth
§ 3.2-4206. Directory of cigarettes approved for stamping and sale
§ 3.2-4206.01. List of persons ineligible to be authorized holders
§ 3.2-4206.1. Bond requirement for newly qualified and elevated-risk nonparticipating manufacturers
§ 3.2-4207. Prohibition against stamping or sale or import of cigarettes not in the Directory
§ 3.2-4208. Agent for service of process
§ 3.2-4208.1. Joint and several liability
§ 3.2-4209. Reporting of information
§ 3.2-4209.1. Additional information required
§ 3.2-4210. Escrow fund information
§ 3.2-4211. Quarterly escrow payments by certain nonparticipating manufacturers
§ 3.2-4212. Penalties and other remedies
§ 3.2-4213. Notice and review of determination
§ 3.2-4214. Promulgation of regulations
§ 3.2-4215. Submission to jurisdiction of the Commonwealth; pleadings in English sufficient
§ 3.2-4215.1. Authority of Attorney General; audit and investigation
§ 3.2-4216. Recovery of costs and fees by Attorney General