8.01-13 - Assignee or beneficial owner may sue in own name; certain discounts allowed.
§ 8.01-13. Assignee or beneficial owner may sue in own name; certaindiscounts allowed.
The assignee or beneficial owner of any bond, note, writing or other chose inaction, not negotiable may maintain thereon in his own name any action whichthe original obligee, payee, or contracting party might have brought, but,except as provided in § 8.9A-403, shall allow all just discounts, not onlyagainst himself, but against such obligee, payee, or contracting party,before the defendant had notice of the assignment or transfer by suchobligee, payee, or contracting party, and shall also allow all such discountsagainst any intermediate assignor or transferor, the right to which wasacquired on the faith of the assignment or transfer to him and before thedefendant had notice of the assignment or transfer by such assignor ortransferor to another.
(Code 1950, § 8-94; 1964, c. 219; 1966, c. 396; 1977, c. 617.)