SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2004 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 55-59.1 of the Code of Virginia is amended and reenacted as follows:
§ 55-59.1. Notices required before sale by trustee to owners, lienors, etc.; if note lost.
A. In addition to the advertisement required by § 55-59.2 the trustee or the
party secured shall give written notice of the time, date and place of any proposed
sale in execution of a deed of trust, which notice shall include either (i) the
instrument number or deed book and page numbers of the instrument of
appointment filed pursuant to § 55-59, or (ii) said notice shall include a copy
of the executed and notarized appointment of substitute trustee by personal
delivery or by mail to (i) the present owner of the property to be sold at his
last known address as such owner and address appear in the records of the party
secured, (ii) any subordinate lienholder who holds a note against the property
secured by a deed of trust recorded at least thirty 30 days prior to the
proposed sale and whose address is recorded with the deed of trust, (iii) any assignee of such a note
secured by a deed of trust provided the assignment and address of assignee are likewise recorded at
least thirty 30 days prior to the proposed sale, (iv) any condominium unit
owners' association which has filed a lien pursuant to § 55-79.84, (v) any
property owners' association which has filed a lien pursuant to § 55-516, and
(vi) any proprietary lessees' association which has filed a lien pursuant to §
55-472. Written notice shall be given pursuant to clauses (iv), (v) and (vi), only
if the lien is recorded at least thirty 30 days prior to the proposed sale.
Mailing of a copy of the advertisement or a notice containing the same information to the owner by
certified or registered mail no less than fourteen 14 days prior to such sale
and to lienholders, the property owners' association or proprietary lessees' association, their
assigns and the condominium unit owners' association, at the address noted in the memorandum of lien,
by ordinary mail no less than fourteen 14 days prior to such sale shall be a
sufficient compliance with the requirement of notice. The written notice of proposed sale when given
as provided herein shall be deemed an effective exercise of any right of
acceleration contained in such deed of trust or otherwise possessed by the
party secured relative to the indebtedness secured. The inadvertent failure to
give notice as required by this subsection shall not impose liability on either
the trustee or the secured party.
B. If a note or other evidence of indebtedness secured by a deed of trust is
lost or for any reason cannot be produced and the beneficiary submits to the
trustee an affidavit to that effect, the trustee may nonetheless proceed to
sale, provided the beneficiary has given written notice to the person required
to pay the instrument that the instrument is unavailable and a request for sale
will be made of the trustee upon expiration of fourteen 14 days from the date
of mailing of the notice. The notice shall be sent by certified mail, return receipt requested, to
the last known address of the person required to pay the instrument as reflected in the records of
the beneficiary and shall include the name and mailing address of the trustee.
The notice shall further advise the person required to pay the instrument that
if he believes he may be subject to a claim by a person other than the
beneficiary to enforce the instrument, he may petition the circuit court of the
county or city where the property or some part thereof lies for an order
requiring the beneficiary to provide adequate protection against any such
claim. If deemed appropriate by the court, the court may condition the sale on
a finding that the person required to pay the instrument is adequately
protected against loss that might occur by reason of a claim by another person
to enforce the instrument. Adequate protection may be provided by any
reasonable means. If the trustee proceeds to sale, the fact that the instrument
is lost or cannot be produced shall not affect the authority of the trustee to
sell or the validity of the sale.
C. Failure to comply with the requirements of notice contained in this section shall not affect the validity of the sale, and a purchaser for value at such sale shall be under no duty to ascertain whether such notice was validly given.
D. In the event of postponement of sale, which may be done in the discretion of the trustee, no new or additional notice need be given pursuant to this section.