When such compounding or compromise is made, the contract or obligation shall be credited with a full share of the party released, except where the compounding or compromise is with a surety or cosurety, and in that case, as between the creditor and principal, the credit shall be for the sum actually paid by the compounding debtor.
Va. Code Ann. § 11-11
Crediting contract; surety
Applied in 1 court decision — leading case NationsBank of Virginia, N.A. v. Barnes (1994)
Most recently applied in NationsBank of Virginia, N.A. v. Barnes (January 1994)
Code 1919, § 5764.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.