8.01-425.1 - Release of liability; right of rescission. - Virginia Statutes

§ 8.01-425.1. Release of liability; right of rescission.

When a claimant or plaintiff executes a release of liability as a conditionof settlement in a claim or action for personal injury within thirty days ofthe incident giving rise to such claim, such claimant or plaintiff shall havea right of rescission until midnight of the third business day after the dayon which the release was executed, provided that he was not represented bycounsel when the release was executed, the rescission was made in writing tothe person or persons being released, their representative or insurancecarrier, and the claimant returns to the person or persons being released anycheck or settlement proceeds received by the claimant prior to therescission. A release of liability executed within thirty days of theincident giving rise to the claim for personal injury by a person who is notrepresented by counsel shall contain a notice of the claimant's or theplaintiff's right to rescind conspicuously and separately stated on therelease.

(1999, c. 326; 2000, c. 839.)