Chap. 223.—An ACT to provide that certain assignments of accounts receivable and
of contracts, without notice to the debtors thereon, shall be valid and enforce-
able and to prescribe the rights of parties with respect to such assignments.

S 33]
Approved March 15, 1944

Be it enacted by the General Assembly of Virginia:

1. Section 1. All written assignments made in good faith, whether
in the nature of a sale, pledge or otherwise, of accounts receivable and
amounts due or to become due on open accounts or contracts shall be
valid, legal and complete, and shall be deemed to have been fully per-
fected, without notice to the debtor of such assignment. Such assign-
ments shall take effect according to their terms and be valid and en-
forceable, as of the respective dates thereof, against all persons whomso-
ever and in any event. In any case where notice of an assignment is not
given to the debtor, and, acting without knowledge of such assignment,
the debtor pays or discharges in whole or in part the obligation to the
original owner or a subsequent assignee of the owner of the same, in good
faith, such payment shall be sufficient acquittance to the debtor in whole
or pro tanto, as the case may be, but the title. right and priority of the
prior assignee shall not in any way be affected or diminished by such
payments to the original owner or subsequent assignee, and such
original owner or subsequent assignee shall be accountable to and liable
to the prior assignee as trustee for the sums so paid to them by the debtor.

Section 2. This act shall not be construed to amend, alter or repeal
any statute now or hereafter enacted relating to the assignment of wages
or compensation for services due or to become due or to affect any right
of setoff or recoupment as provided in section fifty-seven hundred sixty-
eight of the Code of Virginia or the rights of the holders of negotiable
instruments or any statute with respect thereto.

)