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Developed and maintained by the Division of Legislative Automated Systems.
2008 SESSION
Be it enacted by the General Assembly of Virginia:
1. That §§ 8.01-241 and 8.01-241.1 of the Code of Virginia are amended and reenacted as follows:
§ 8.01-241. Limitation of enforcement of deeds of trust, mortgages and liens for unpaid purchase money.
No deed of trust or mortgage heretofore or hereafter given to
secure the payment of money, and no lien heretofore or hereafter reserved to
secure the payment of unpaid purchase money, shall be enforced after twenty
10 years from the time when the original obligation last maturing
thereby secured shall have become due and payable according to its terms and
without regard to any provision for the acceleration of such date; provided
that the period of one year from the death of any party in interest shall be
excluded from the computation of time. The limitations prescribed by this
section may be extended by the recordation of a certificate in the form
provided in § 8.01-241.1 prior to the expiration of the limitation period
prescribed herein in the clerk's office in which such lien is recorded and
executed either by the party in whom the beneficial title to the property so
encumbered is vested at the time of such recordation or by his duly authorized
attorney-in-fact, or agent. Recordation of the certificate shall extend the
limitations of the right to enforce the lien for twenty 10 years
from the date of the recordation of the certificate. The clerk of the court
shall index the certificate in both names in the index of the deed book and
give reference to the book and page in which the original writing is recorded.
Unless the deed or deeds executed pursuant to the foreclosure of any mortgage
or to the execution of or sale under any deed of trust is recorded in the
county or city where the land is situated within one year after the time the
right to enforce the mortgage or deed of trust shall have expired as
hereinabove provided, such deed or deeds shall be void as to all purchasers for
valuable consideration without notice and lien creditors who make any purchase
of or acquire any lien on the land conveyed by any such deed prior to the time
such deed is so recorded.
§ 8.01-241.1. Permissible form for certificate.
Any extension of the limitations of the right to enforce the lien of a deed of trust or mortgage shall conform substantially with the following form:
CERTIFICATE OF EXTENSION OF LIMITATION OF
RIGHT TO ENFORCE DEED OF TRUST OR MORTGAGE
Place of Record ..........................................................
Date of Deed of Trust/Mortgage ...........................................
Deed Book .................. Book Page ..................................
Name of Guarantor(s) .....................................................
Name of Trustee(s) .......................................................
Maker(s) of Note .........................................................
Date of Note(s) ..........................................................
I/we, the beneficial title holder(s) of the property encumbered by the
above mentioned deed of trust do hereby certify that the lien of the same
is hereby extendedtwenty10 years from the date of my/our endorsement
upon this certificate.
.....................................................
Beneficial Titleholder/Attorney-in-Fact/Agent
Commonwealth of Virginia
County/City of .................... :
Subscribed, sworn to and acknowledged before me by
............... , this .... day of ........, 20 ...
My Commission expires: ....................
Notary Public