Virginia Code 38.2-1218: Effect of judgment against reciprocal.
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Any judgment against a reciprocal based upon legal process duly served as provided in this chapter shall be binding upon the reciprocal and upon each of the reciprocal’s subscribers as their respective interests may appear, in an amount not exceeding their respective contingent assessment liabilities.
Terms Used In Virginia Code 38.2-1218
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Process: includes subpoenas, the summons and complaint in a civil action, and process in statutory actions. See Virginia Code 1-237
- Reciprocal: means the aggregation of subscribers under a common name. See Virginia Code 38.2-1201
1952, c. 317, § 38.1-708; 1986, c. 562.