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1997 SESSION

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970606288
HOUSE BILL NO. 2547 Offered January 20, 1997 A BILL to amend and reenact § 34-28 of the Code of Virginia, relating to deeds of trust on property exempt from levy or distress; refinancing. ---------- Patrons-- Robinson and Heilig ---------- Referred to Committee for Courts of Justice ----------

Be it enacted by the General Assembly of Virginia:

1. That § 34-28 of the Code of Virginia is amended and reenacted as follows:

§ 34-28. Deed of trust, etc., on such property void.

Every deed of trust, mortgage or other writing or pledge made by a householder to give a lien on property exempt from distress or levy under § 34-26 shall be void as to such property. However, this section shall have no application to (i) property covered by a deed of trust, mortgage or other writing or pledge given by a householder to secure a loan made for the purchase of such property or any refinancing of such loan or (ii) security interests in such property having priority over the claim of exemption as specifically provided in subsections (7) and (8) of § 34-26.