                                 CODE OF VIRGINIA

ASSIGNEE OR BENEFICIAL OWNER MAY SUE IN OWN NAME; CERTAIN DISCOUNTS ALLOWED (§
8.01-13)

The assignee or beneficial owner of any bond, note, writing or other chose in
action, not negotiable may maintain thereon in his own name any action which the
original obligee, payee, or contracting party might have brought, but, except as
provided in § 8.9A-403, shall allow all just discounts, not only against
himself, but against such obligee, payee, or contracting party, before the
defendant had notice of the assignment or transfer by such obligee, payee, or
contracting party, and shall also allow all such discounts against any
intermediate assignor or transferor, the right to which was acquired on the
faith of the assignment or transfer to him and before the defendant had notice
of the assignment or transfer by such assignor or transferor to another.

HISTORY: Code 1950, § 8-94; 1964, c. 219; 1966, c. 396; 1977, c. 617.