Tazewell Oil Co. v. United Virginia Bank/Crestar Bank

In these two cases, the execution by two lien creditors of their agreement to liquidate their security by seizing their debtor’s accounts receivable and inventory has generated a number of legal issues. The primary issues involve one creditor’s liability for conspiracy, the effect of releases with other tortfeasors on that creditor’s liability and on its right to reduction of the recovery award by the amounts paid pursuant to the releases, and the trial court’s treatment of compensatory and punitive damages.

According to settled principles of appellate review, we will view the facts in the…