49-25 - Surety may require creditor to sue. - Virginia Statutes

§ 49-25. Surety may require creditor to sue.

The surety, guarantor or endorser, or his committee or personalrepresentative, of any person bound by any contract may, if a right of actionhas accrued thereon, require the creditor or his committee or personalrepresentative, by notice in writing, to institute suit thereon, and if he bebound in a bond with a condition, or for the performance of some collateralundertaking, he shall also specify in such requirement the breach of thecondition or undertaking for which he requires suit to be brought. Suchwritten notice shall also notify the creditor, his committee or personalrepresentative, that failure to act will result in the loss of the surety,guarantor or endorser, his committee or personal representative as securityfor the debt in accordance with § 49-26.

(Code 1919, § 5774; 1979, c. 664.)