§ 8.01-26 Assignment of causes of action
Only those causes of action for damage to real or personal property, whether such damage be direct or indirect, and causes of action ex contractu are assignable. The provisions of this section shall not prohibit any injured party or his estate from making a voluntary assignment of the proceeds or anticipated proceeds of any court award or settlement (i) as security for new value given in consideration of such voluntary assignment or (ii) into a self-settled trust for which the injured party is the beneficiary. Such self-settled trust may also support the charitable purpose of one or more charitable organizations organized and operated pursuant to § 501(c)(3) of the Internal Revenue Code.
History
This law was first created in 1977. The record of its establishment is cataloged in chapter 617 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1977 “Acts” aren’t available online. It has been modified 2 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1991, chapter 256; in 2025, chapter 295.
1977, c. 617; 1991, c. 256; 2025, c. 295.