Virginia Statutes
§ 38.2-1515 — Mutual debts or credits, how treated
Virginia § 38.2-1515
This text of Virginia § 38.2-1515 (Mutual debts or credits, how treated) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Va. Code Ann. § 38.2-1515 (2026).
Text
A.In all cases of mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this chapter, the credits and debts shall be set off and the balance only shall be allowed or paid, except as provided in subsection B of this section.
B.No offset shall be allowed in favor of any person where:
1.The obligation of the insurer to the person would not entitle him at the date of the entry of any rehabilitation or liquidation order to share as a claimant in the assets of the insurer;
2.The obligation of the insurer to the person was purchased by or transferred to the person with a view of its being used as an offset; or
3.The obligation of the person is to pay (i) an assessment levied against the members of a mutual insurer or the s
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Legislative History
1952, c. 317, § 38.1-139; 1986, c. 562.
Nearby Sections
15
§ 38.2-100
Definitions§ 38.2-1000
Incorporation of domestic stock insurers§ 38.2-1001
Incorporation of domestic mutual insurers§ 38.2-1004
Voting§ 38.2-1005
Certain mutual companies and societies not to become stock companies without approval of Commission§ 38.2-1005.1:1
Definitions§ 38.2-1005.1:10
Conflicts of interest§ 38.2-1005.1:11
Costs and expenses§ 38.2-1005.1:12
Failure to give notice§ 38.2-1005.1:13
Limitation on actionsCite This Page — Counsel Stack
Bluebook (online)
Virginia § 38.2-1515, Counsel Stack Legal Research, https://law.counselstack.com/statute/va/38.2/38.2-1515.