Virginia § 49-26 - Effect of failure of creditor to sue
Full text of Virginia Code of Virginia § 49-26 — Effect of failure of creditor to sue, with citation guidance and answers to common questions.
§ 49-26. Effect of failure of creditor to sue
If such creditor, or his committee or personal representative, shall not, within thirty days after such requirement, institute suit against every party to such contract who is resident in this Commonwealth and not insolvent and prosecute the same with due diligence to judgment and by execution, he shall forfeit his right to demand of such surety, guarantor or endorser or his estate, and of his cosureties and their estates, the money due by any such contract for the payment of money, or the damages sustained by any breach of the collateral condition or undertaking specified as aforesaid; but the conditions, rights and remedies against the principal debtor shall remain unimpaired thereby.
Code 1919, § 5775; 1979, c. 664.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 49-26
What does Code of Virginia § 49-26 cover?
Section 49-26 ("Effect of failure of creditor to sue") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 49-26?
A common citation format is "Code of Virginia § 49-26" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 49-26 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.