49-26 - Effect of failure of creditor to sue. - Virginia Statutes

§ 49-26. Effect of failure of creditor to sue.

If such creditor, or his committee or personal representative, shall not,within thirty days after such requirement, institute suit against every partyto such contract who is resident in this Commonwealth and not insolvent andprosecute the same with due diligence to judgment and by execution, he shallforfeit his right to demand of such surety, guarantor or endorser or hisestate, and of his cosureties and their estates, the money due by any suchcontract for the payment of money, or the damages sustained by any breach ofthe collateral condition or undertaking specified as aforesaid; but theconditions, rights and remedies against the principal debtor shall remainunimpaired thereby.

(Code 1919, § 5775; 1979, c. 664.)