34-22 - Waiver of exemption; its effect; form of waiver. - Virginia Statutes

§ 34-22. Waiver of exemption; its effect; form of waiver.

If any person shall declare in a bond, bill, note or other instrument bywhich he is or may become liable for the payment of money to another or by awriting thereon or annexed thereto that he waives, as to such obligation, theexemption from liability of the property or estate which he may be entitledto claim and hold exempt under the provisions of this chapter, such propertyor estate, whether previously set apart or not, shall be liable to besubjected for such obligation, under legal process, in like manner and to thesame extent as other property or estate of such person. But such waiver shallnot extend to or affect the exemption of the property or estate exempt under§§ 34-26, 34-27 and 34-29. The following or equivalent words shall besufficient to operate as the waiver hereinbefore provided for: "I (or we)waive the benefit of my (or our) exemption as to this obligation." If a debtwhich is superior to the homestead, or as to which the homestead is waived,be paid off by a surety therein, the principal shall not be allowed to claimthe homestead as against such surety.

(Code 1919, § 6548.)