Any deed of assignment may contain a provision to the effect that those creditors who accept such assignment do so in full satisfaction of their respective claims and shall be forever barred from further recovery of any balance.
1924, p. 658; Michie Code 1942, § 5278d; Code 1950, § 55-159; 2019, c. 712.
Structure Code of Virginia
Title 8.01 - Civil Remedies and Procedure
Chapter 18.1 - Assignments for Benefit of Creditors
§ 8.01-525.1. Recordation; notice of sale; preferences prohibited
§ 8.01-525.2. Substitution of another trustee by creditors
§ 8.01-525.3. Procedure to question claim of creditor
§ 8.01-525.4. Provision to bar further claim by creditors who accept deed
§ 8.01-525.5. Compensation of trustee
§ 8.01-525.6. Petition for assignment of salary, wages, or income for the benefit of creditors
§ 8.01-525.7. Trustee; rights and duties; compensation
§ 8.01-525.8. Resignation of trustee
§ 8.01-525.9. Debts; order of payment
§ 8.01-525.10. Exemption from garnishment, levy, or distress