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1995 SESSION
LD7633152Be it enacted by the General Assembly of Virginia:
1. That § 55-66.01 of the Code of Virginia is amended and reenacted 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 of record by
recordation the assignor or the assignee, at its option, may
cause the instrument of assignment to be recorded in the clerk's office
of the circuit court where the such deed of
trust, mortgage or vendor's lien is recorded of the provided
such instrument of assignment provided it is otherwise in
recordable form or by recordation of , or may cause a
certificate of transfer which substantially conforms to the following:
signed by the assignor to be recorded in such clerk's office,
and such instrument of assignment , upon recordation, shall operate as a
notice of such assignment. The instrument of assignment or certificate of
transfer shall be indexed in the name of the assignor and in the names of the
grantor, mortgagor or vendee, and the trustees, as applicable, all of whose
names shall be set forth in such instrument or certificate. The certificate
of transfer shall conform substantially to the following:
CERTIFICATE OF TRANSFER Place of Record: Clerk's Office of the Circuit Court of the ........... of ............, VirginiaDate of Deed of Trust/Date of [Deed of Trust/Mortgage/Vendor's Lien:Mortgage/Vendors Lien]: ...................,................Deed Book ........, Page ........Deed Book: ..................... Page: ................................. Name of Obligor or Maker: ........................................... Name(s) of Trustee(s) if a Deed of Trust: ................................................ .............................................. Name of OriginalMakerPayeeor Obligor: ..............................................or Obligee: ....................................................... Original Amount Securedif applicable $....................(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 theobligation secured by the above-mentioned Deed of Trust/Mortgage/ Vendor's Lien has been assigned to...............obligations secured thereby have been assigned to........................................ .....................................................................Given under my/ourGiven under [my/our] hand(s) as of the .....day of ..........,....day of.................., ......... ....................................(ASSIGNOR)(Assignor) .................. of .............To-witCOUNTY/CITY OF.....................County/City of ..................., to wit: Subscribed, sworn to and acknowledged before me by ............. this .................... day of .................. 19...............My Commission Expires: ........................................My commission expires : ............................................ ............................................NOTARY PUBLICNotary Public
For purposes of this statute, the word "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.
2. That § 55-66.1:01 of the Code of Virginia is repealed.