Code of Virginia § 55.1-340. Release by financial institution upon payment of debt placed with it for collection.

119 words·~1 min read·/va/title-55-1/chapter-3/55-1-340

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

In any case where a note, bond, or other evidence of indebtedness placed by a creditor for collection with a bank, trust company, savings institution, small loan company, or credit union is fully paid at such financial institution, the financial institution, through its authorized agents, may execute all certificates, releases, and affidavits required of a creditor by this chapter to effectuate a release. The financial institution may execute and deliver to the clerk an affidavit to the effect that the financial institution had been acting as collecting agent for the creditor on the debt and that the debt has been paid in full at such institution.

1983, c. 220, § 55-66.3:1; 1996, c. 77 ; 2019, c. 712 .