Annual Survey of Virginia Law: Commercial Law

It has been a fairly busy year for Commercial Law in Virginia courts, but not in the legislature. This may not last; there are already legislative efforts underway to extend the coverage of Virginia\u27s Uniform Commercial Code (the Code ) to electronic fund transfers and personal property leasing. If those efforts are successful, the General Assembly will soon have on its hands the considerable task of evaluating the first major overhaul of the Code in a decade

Annual Survey of Virginia Law: Commercial Law

This survey of commercial law in Virginia discusses significant Uniform Commercial Code ( Code ) cases decided by the Virginia Supreme Court during the past year, as well as all significant statutory changes made to the Code during the 1991 session of the General Assembly. It also reviews selected Code cases decided in the Virginia circuit courts and in the various federal courts sitting in Virginia

Annual Survey of Virginia Law: Commercial Law

This survey of commercial law discusses all Supreme Court of Virginia cases interpreting Virginia\u27s version of the Uniform Commercial Code (the Code ) during the previous year, as well as statutory changes made to the Code in the most recent session of the General Assembly. It also reviews significant Code cases decided in the Virginia circuit courts and in the various federal courts sitting in Virginia. It is current as of about May 1, 1989

Annual Survey of Virginia Law: Commercial Law

It has been a fairly busy year for Commercial Law in Virginia courts, but not in the legislature. This may not last; there are already legislative efforts underway to extend the coverage of Virginia\u27s Uniform Commercial Code (the Code ) to electronic fund transfers and personal property leasing. If those efforts are successful, the General Assembly will soon have on its hands the considerable task of evaluating the first major overhaul of the Code in a decade

Annual Survey of Virginia Law: Commercial Law

During its 1984 and 1985 sessions, the General Assembly enacted a number of minor technical amendments to Virginia\u27s Uniform Commercial Code. These included both the much-needed and long-awaited change of the word state to Commonwealth throughout the Code and a series of inexplicable revisions in the Code\u27s punctuation. The most significant of these technical changes was undoubtedly the increase in the filing fees for Article 9 financing statements filed with the State Corporation Commission. (One substantial legislative change which indirectly affects the Code was the enactment of Virginia\u27s new Lemon Law. Some aspects of that statute are discussed below in conjunction with the Virginia Supreme Court\u27s recent decision on the standards for revocation of acceptance of a lemon car.

As We Forgive Our Debtors: Bankruptcy and Consumer Credit in America

Bankruptcy may soon join death and taxes as an inevitable consequence of human life. During the year ending June 30, 1988, (the most recent year for which there are conveniently available figures) 594,567 American individuals and companies filed for bankruptcy. There is more than a sporting chance that, come the next recession, bankruptcies will top one million per year. Good news for lawyers, if not the economy

Annual Survey of Virginia Law: Commercial Law

This survey of commercial law in Virginia discusses significant Uniform Commercial Code ( Code ) cases decided by the Virginia Supreme Court during the past year, as well as all significant statutory changes made to the Code during the 1991 session of the General Assembly. It also reviews selected Code cases decided in the Virginia circuit courts and in the various federal courts sitting in Virginia

Twisting Slowly, Slowly in the Wind: The Effect of Delay on a Surety\u27s Obligations in Virginia

It is a commonplace among lawyers that the surety, especially the uncompensated surety, is a favorite of the law whose obligations are strictly construed, and with whose sacred rights no designing creditor dare tamper with impunity. In fact, a more reliable maxim might be that the [surety\u27s] lot is not a happy one. While at common law any change in the obligation of the principal to the creditor discharges the surety, this rule, in many respects, is quite meaningless; and, even where meaningful, easily circumvented. The consent of the surety to a change in the obligation generally precludes discharge, even when the consent is prospective, open-ended, and buried in the fine print of the document evidencing the obligation. Even if the surety has the temerity to refuse consent, an appropriate recitation by the creditor of the ritual reservation of rights formula will generally serve to keep the surety bound since, with such a reservation, the surety\u27s recourse against the principal is not terminated