Virginia § 55.1-340 Release by financial institution upon payment of debt placed with it for collection

Virginia Statutes

§ 55.1-340 — Release by financial institution upon payment of debt placed with it for collection

Virginia § 55.1-340

JurisdictionVirginia

Title 55.1Property and Conveyances

Subtitle IProperty Conveyances

Ch. 3Form and Effect of Deeds and Covenants; Liens

Art. 2Form and Effect of Deeds of Trust; Sales Thereunder; Assignments; Releases

This text of Virginia § 55.1-340 (Release by financial institution upon payment of debt placed with it for collection) 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. § 55.1-340 (2026).

Text

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.

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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.