55-162 - Trustee; rights and duties; compensation. - Virginia Statutes

§ 55-162. Trustee; rights and duties; compensation.

The trustee shall make written reports to the court at such times as thecourt may direct, for which services the trustee may charge as compensationfive per centum of such wages, salary or income received and disbursed byhim; provided, however, that no public officer or employee who receives afull time salary and who acts as trustee under this section shall retain suchfee for his personal use.

The trustee, upon being appointed, shall give written notice to any person,firm or corporation who may be at the time, or may thereafter become indebtedto the debtor, and upon receiving such notice such person, firm orcorporation shall pay to the trustee any salary, wages or income that may beowing to such debtor, as and when the same is due.

The trustee shall have the right to compromise and settle any claims againstthe debtor when in his discretion such compromise shall be for the benefit ofall the creditors.

(1936, p. 523; Michie Code 1942, § 5278f.)