2010 Code of Virginia
Chapter 9 - Assignments for Benefit of Creditors (55-156 thru 55-167)
55-162 - Trustee; rights and duties; compensation.

§ 55-162. Trustee; rights and duties; compensation.

The trustee shall make written reports to the court at such times as the court may direct, for which services the trustee may charge as compensation five per centum of such wages, salary or income received and disbursed by him; provided, however, that no public officer or employee who receives a full time salary and who acts as trustee under this section shall retain such fee for his personal use.

The trustee, upon being appointed, shall give written notice to any person, firm or corporation who may be at the time, or may thereafter become indebted to the debtor, and upon receiving such notice such person, firm or corporation shall pay to the trustee any salary, wages or income that may be owing to such debtor, as and when the same is due.

The trustee shall have the right to compromise and settle any claims against the debtor when in his discretion such compromise shall be for the benefit of all the creditors.

(1936, p. 523; Michie Code 1942, § 5278f.)

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