55-66.3:1 - Release by financial institution upon payment of debt placed with it for collection - Virginia Statutes

§ 55-66.3:1. Release by financial institution upon payment of debt placedwith it for collection.

In any case where a note, bond or other evidence of indebtedness placed by acreditor for collection with a bank, trust company, savings institution,small loan company or credit union is fully paid at such financialinstitution, the financial institution, through its authorized agents, mayexecute all certificates, releases and affidavits required of a creditor bythis chapter to effectuate a release. The financial institution may executeand deliver to the clerk an affidavit to the effect that the financialinstitution had been acting as collecting agent for the creditor on the debtand that the debt has been paid in full at such institution.

(1983, c. 220; 1996, c. 77.)