CODE OF VIRGINIA

EFFECT OF FAILURE OF CREDITOR TO SUE (§ 49-26)

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.

HISTORY: Code 1919, § 5775; 1979, c. 664.