55-164 - Debts; order of payment. - Virginia Statutes

§ 55-164. Debts; order of payment.

The trustee shall immediately upon receipt of such salary, wages or income,or at such other time as the court may direct, disburse the fund as follows:

(1) Pay to the debtor direct, or for his benefit as the court may direct, anyamount he may be entitled to as exempt by law if he is a householder and headof a family, or, if he is not a householder or head of a family, then suchamount for the necessities of life as may be agreed upon by the creditors inthe assignment. But nothing in this section shall prevent the trustee frompaying to the debtor a greater amount than is exempt by law if agreed to bythe creditors and approved by the court.

(2) The trustee shall next pay, according to such funds as he has in hispossession, a pro rata share of the balance to all the creditors on an equalbasis, or, in such proportions as the creditors may agree.

(1936, p. 524; Michie Code 1942, § 5278g.)