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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>78869</law_id><section_number>55.1-340</section_number><catch_line>Release by financial institution upon payment of debt placed with it for collection</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>55.1-342</reference></referred_to_by><structure><unit label="title" level="1" order_by="1" identifier="55.1">Property and Conveyances</unit><unit label="subtitle" level="2" order_by="1" identifier="I">Property Conveyances</unit><unit label="chapter" level="3" order_by="1" identifier="3">Form and Effect of Deeds and Covenants; Liens</unit><unit label="article" level="4" order_by="1" identifier="2">Form and Effect of Deeds of Trust; Sales Thereunder; Assignments; Releases</unit></structure><text>
						<section><p>In any case where a note, <span class="dictionary">bond</span>, or other <span class="dictionary">evidence</span> of indebtedness placed by a <span class="dictionary">creditor</span> 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 <span class="dictionary">affidavits</span> required of a <span class="dictionary">creditor</span> by this chapter to effectuate a release. The financial institution may execute and deliver to the clerk an <span class="dictionary">affidavit</span> to the effect that the financial institution had been acting as collecting agent for the <span class="dictionary">creditor</span> on the debt and that the debt has been paid in full at such institution.</p></section></text><history>1983, c. 220, &#xA7; 55-66.3:1; 1996, c. 77; 2019, c. 712.</history><metadata></metadata></law>
