The surety, guarantor or endorser, or his committee or personal representative, of any person bound by any contract may, if a right of action has accrued thereon, require the creditor or his committee or personal representative, by notice in writing, to institute suit thereon, and if he be bound in a bond with a condition, or for the performance of some collateral undertaking, he shall also specify in such requirement the breach of the condition or undertaking for which he requires suit to be brought. Such written notice shall also notify the creditor, his committee or personal representative, that failure to act will result in the loss of the surety, guarantor or endorser, his committee or personal representative as security for the debt in accordance with § 49-26.
Code 1919, § 5774; 1979, c. 664.
Structure Code of Virginia
Title 49 - Oaths, Affirmations and Bonds
Chapter 3 - Relief of Sureties
§ 49-22. Sureties on official bonds
§ 49-23. Surety on bond given under decree of court for payment of money
§ 49-24. Failure of officer to give new bond
§ 49-25. Surety may require creditor to sue
§ 49-26. Effect of failure of creditor to sue
§ 49-27. Surety's remedy against principal for money paid
§ 49-28. Confession of judgment by surety or failure to notify principal to defend
§ 49-29. Failure of principal to offer to defend suit against surety