                                 CODE OF VIRGINIA

RELEASE BY FINANCIAL INSTITUTION UPON PAYMENT OF DEBT PLACED WITH IT FOR
COLLECTION (§ 55.1-340)

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.

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