Virginia § 38.2-1515 - Mutual debts or credits, how treated
Full text of Virginia Code of Virginia § 38.2-1515 — Mutual debts or credits, how treated, with citation guidance and answers to common questions.
§ 38.2-1515. Mutual debts or credits, how treated
A. In all cases of mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this chapter, the credits and debts shall be set off and the balance only shall be allowed or paid, except as provided in subsection B of this section.
B. No offset shall be allowed in favor of any person where:
1. The obligation of the insurer to the person would not entitle him at the date of the entry of any rehabilitation or liquidation order to share as a claimant in the assets of the insurer;
2. The obligation of the insurer to the person was purchased by or transferred to the person with a view of its being used as an offset; or
3. The obligation of the person is to pay (i) an assessment levied against the members of a mutual insurer or the subscribers of a reciprocal insurer, or (ii) a balance upon a subscription to the capital stock of a stock insurer.
1952, c. 317, § 38.1-139; 1986, c. 562.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 38.2-1515
What does Code of Virginia § 38.2-1515 cover?
Section 38.2-1515 ("Mutual debts or credits, how treated") 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 § 38.2-1515?
A common citation format is "Code of Virginia § 38.2-1515" (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 § 38.2-1515 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.