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2000 SESSION
001346684Patrons-- Cranwell, Almand, Armstrong, Callahan, Deeds, Hargrove, Jackson, Johnson, Jones, J.C., Kilgore, Melvin, Moran, Phillips, Robinson, Shuler, Stump, Tate and Williams
Be it enacted by the General Assembly of Virginia:
1. That § 8.01-425.1 of the Code of Virginia is amended and reenacted as follows:
§ 8.01-425.1. Release of liability; right of rescission.
When a claimant or plaintiff executes a release of liability as a condition of
settlement in a claim or action for personal injury within 30 thirty days of
the incident giving rise to such claim, such claimant or plaintiff shall have a
right of rescission [ until midnight of the third sixth business day for thirty
days ] after the day on which the release was executed, provided that he was
not represented by counsel when the release was executed, the rescission was made in
writing to the person or persons being released, their representative or
insurance carrier, and the claimant returns to the person or persons being
released any check or settlement proceeds received by the claimant prior to the
rescission.