8.01-12 - Suit by beneficial owner when legal title in another. - Virginia Statutes

§ 8.01-12. Suit by beneficial owner when legal title in another.

When the legal title to any claim or chose in action, for the enforcement ofthe collection of which a court of equity has jurisdiction, is in one personand the beneficial equitable title thereto is in another, the latter mayeither maintain a suit in the name of the holder of the legal title for hisuse and benefit or in his own name to enforce collection of the same. Ineither case the beneficial equitable owner shall be deemed the real plaintiffand shall be liable for costs.

(Code 1950, § 8-93.1; 1977, c. 617.)