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Virginia Law

Code of Virginia

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Code of Virginia
Title 55.1. Property and Conveyances
Chapter 3. Form and Effect of Deeds and Covenants; Liens
12/2/2024

§ 55.1-340. Release by financial institution upon payment of debt placed with it for collection.

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

1983, c. 220, § 55-66.3:1; 1996, c. 77; 2019, c. 712.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.