§ 54-254. Release of surety.  


Latest version.
  • A bond, escrow, letter of credit or other surety required by this chapter shall be released as follows:

    A)

    Upon written request by the subdivider, the agent shall make periodic partial releases of the surety as provided by the Code of Virginia.

    B)

    Within 30 days after receipt of a written notice by the subdivider of completion of part or all of any improvements required to be constructed by this chapter, the agent shall respond in writing to the subdivider in one of the following ways: (i) grant the partial or final release, if the applicable state agency, county department, or any applicable authority or other entity has accepted the improvements; or (ii) inform the subdivider that the improvement has not been accepted by the applicable state agency, county department, authority or other entity and/or identify any specified defects or deficiencies in construction and suggested corrective measures.

    C)

    If the agent fails to take action within the 30-day period, the request of the subdivider shall be deemed approved and a partial release shall be granted to the subdivider.

    D)

    Upon final completion and acceptance or approval of the improvements and upon receipt from the subdivider of a certification of final completion from a professional engineer, or land surveyor, or the agent, the agent shall release any remaining surety to the subdivider. A public improvement shall be deemed to be accepted when it is accepted by and taken over for operation and maintenance by the county, an authority, or a state agency or department responsible for maintaining and operating the improvement. A private improvement shall be deemed to be approved when the agent determines that the improvements are completed.

    (Res. No. 10-01, § c, 6-14-2011, eff. 8-1-2011)

    State Law reference— Va. Code §15.2-2245.

(Res. No. 10-01, § c, 6-14-2011, eff. 8-1-2011)

State law reference

Va. Code §15.2-2245.