The surety, guarantor or endorser, or his committee or personal representative, of any person bound by any contract may, if a right of action has accrued thereon, require the creditor or his committee or personal representative, by notice in writing, to institute suit thereon, and if he be bound in a bond with a condition, or for the performance of some collateral undertaking, he shall also specify in such requirement the breach of the condition or undertaking for which he requires suit to be brought. Such written notice shall also notify the creditor, his committee or personal representative, that failure to act will result in the loss of the surety, guarantor or endorser, his committee or personal representative as security for the debt in accordance with § 49-26.
Code 1919, § 5774; 1979, c. 664.
Notes of Decisions
Courson v. Simpson, 468 S.E.2d 17 (Va. 1996).
· cites it 32× “In this appeal, we consider whether a surety was discharged from its obligation by Code §§ 49-25 and -26, [1] after giving written notice to the creditor to institute suit against a debtor corporation which the surety concedes was insolvent.”
Colonial Am. Nat'l Bank v. Kosnoski, 452 F. Supp. 135 (W.D. Va. 1978).
· cites it 5× “The court must look to the Code of Virginia § 49-25 1 and § 49-26 2 to determine if CNB’s failure to sue releases Kosnoski from liability as a guarantor.”
P & T Enter., L.L.C. v. Commonwealth Sur. Assocs., Ltd., 39 Va. Cir. 286 (Richmond County Cir. Ct. 1996).
· cites it 4× “First, defendants allege application of §§ 49-25 and 49-26 of Code of Virginia. 1 Defendants claim that neither P & T nor Commonwealth have sued Home Builders concerning the original contract obligation despite the demand for such suit being made by the *289 third-party…”
Courson v. Simpson, 37 Va. Cir. 497 (Fairfax Cir. Ct. 1987).
· cites it 22× “At the bench trial in the case, the Coursons sought the entry of a declaratory judgment discharging them from liability on the note, pursuant to Va. Code § 49-25 and § 49-26, which provide such relief to sureties upon failure of the creditor to institute suit after notice to do…”
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