2010 Code of Virginia
Chapter 9 - Assignments for Benefit of Creditors (55-156 thru 55-167)
55-161 - How and when made.

§ 55-161. How and when made.

Whenever any judge is of the opinion that any debtor desires honestly to pay his just debts and can do so with the cooperation of his creditors, and such debtor is willing to assign his salary, wages or income to a trustee for the benefit of his creditors, subject to the supervision and orders of the court, the judge may, on the written assignment, under oath, of the salary, wages or income of such debtor, setting forth the names of his creditors and the amount due each one, and upon the filing of the same with the court, together with the written consent of a majority of his creditors in number and in amount, appoint some responsible person willing to accept such appointment as trustee to receive the salary, wages or income of such debtor and pay off the obligations due by him as hereinafter provided. When the debtor is employed on a salary or for wages the written consent of his employer shall be necessary.

(1936, p. 523; Michie Code 1942, § 5278e; 2005, c. 839.)

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