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2003 SESSION
SB 997 Mortgages; priority.
Introduced by: William C. Mims | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Mortgages; priority. Provides that a subordinate mortgage that secures a promissory note payable to a locality or any agency, authority or political subdivision of the Commonwealth, which mortgage is financed pursuant to an affordable dwelling unit ordinance or a program for low- and moderate-income persons or households and contains a statement that it shall not be subordinated upon the refinancing of a prior mortgage without the secured party's consent, is not subject to the general provision that the refinancing of a prior mortgage on a single-family home does not change the priority of a subordinate mortgage.
SUMMARY AS PASSED SENATE:
Mortgages; priority. Provides that a subordinate mortgage that secures a promissory note payable to a locality or any agency, authority or political subdivision of the Commonwealth, which mortgage is financed pursuant to an affordable dwelling unit ordinance or a program for low- and moderate-income persons or households and contains a statement that it shall not be subordinated upon the refinancing of a prior mortgage without the secured party's consent, is not subject to the general provision that the refinancing of a prior mortgage on a single-family home does not change the priority of a subordinate mortgage.
SUMMARY AS INTRODUCED:
Mortgages; priority. Provides that a subordinate mortgage that secures a promissory note payable to a locality or any agency, authority or political subdivision of the Commonwealth, which mortgage is financed pursuant to an affordable dwelling unit ordinance or a program for low- and moderate-income persons or households and contains a statement that it shall not be subordinated upon the refinancing of a prior mortgage without the secured party's consent, is not subject to the general provision that the refinancing of a prior mortgage on a single-family home does not change the priority of a subordinate mortgage.