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1994 SESSION

LD0614152
SENATE BILL NO. 579
Offered January 25, 1994
A BILL to amend the Code of Virginia by adding a section numbered 55-66.01, relating to assignment of deeds of trust.
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Patrons--Reasor; Delegates: Clement, Davies and Murphy
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Referred to the Committee for Courts of Justice
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Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered 55-66.01 as follows:

§ 55-66.01. Protection of assignees or transferees of debts secured by real estate; form of certificate of transfer.

Whenever a debt or other obligation secured by a deed of trust, mortgage or vendor's lien on real estate has been assigned, at the option of the assignor or assignee, the assignment may be reflected on record by recordation in the clerk's office where the deed of trust, mortgage or vendor's lien is recorded of the instrument of assignment provided it is otherwise in recordable form or by recordation of a certificate of transfer which substantially conforms to the following: 


                     CERTIFICATE OF TRANSFER
Place of Record:                        Clerk's Office of the Circuit
                                        Court of the ........... of
                                        ............, Virginia
Date of [Deed of Trust/
Mortgage/Vendor's Lien]:                    ................,
................
Deed Book ........, Page ........
Name of Obligor or Maker:  ..........................................
Names(s) of Trustee(s)
[if a Deed of Trust]:  ..............................................
                       ..............................................
Name of Original Maker
or Obligor:            ..............................................
Original Amount Secured
[if applicable]            $...............................
     The undersigned, the original payee or obligee [or the
subsequent assignee] of the obligation secured by the above-mentioned
[Deed of Trust/Mortgage/Vendor's Lien], hereby certifies that the
obligation secured by the above-mentioned [Deed of Trust/Mortgage/
Vendor's Lien] has been assigned to
.....................................................................
     Given under [my/our] hand(s) as of the .....................
day of .................., ..........
                             ....................................
                             (ASSIGNOR)

.................. of .............
                                     To-wit
COUNTY/CITY OF.....................
     Subscribed, sworn to and acknowledged before me by .............
this .................... day of .................. 19...............
     My Commission Expires:  ........................................
           ..........................................................
                                            NOTARY PUBLIC

For purposes of this statute, the work "assigned" shall include endorsed, pledged, hypothecated or otherwise transferred. Nothing in this statute shall be deemed to invalidate any other form or notice of assignment that may have been heretofore recorded. Nothing in this statute shall imply that recordation of the instrument of assignment or a certificate of transfer is necessary in order to transfer to an assignee the benefit of the security provided by the deed of trust, mortgage or vendor's lien.