Collections: Releasing Debts

     Virginia Code §8.01-454 provides that judgments, once satisfied, must be released by the creditor within thirty (30) days from when the satisfaction was made. However, if satisfaction is not made within ninety (90) days, or within ten (10) days’ notice to do so by the judgment debtor or his agent or attorney, the judgment creditor shall be liable to a fine of $100 and shall pay the filing cost of the release. 

Collections: Releasing Debts

Virginia Code §8.01-454 provides that judgments, once satisfied, must be released by the creditor within ten (10) days from the debtor's request after payoff. Creditors may be fined for failing to do so.