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2014 SESSION
HB 763 Recordation of deeds and deeds of trust; use of cover sheets on deeds.
Introduced by: J. Randall Minchew | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Recorded writings; deeds; cover sheets; indexes. Permits, but does not require, the use of a cover sheet in the presentation of instruments for recordation in jurisdictions that do not currently mandate the use of cover sheets. The bill provides for specific requirements for cover sheets used in the filing of deeds and other instruments relating to real property and provides that the cover sheets shall be developed in conjunction with the Office of the Executive Secretary of the Supreme Court. The bill changes the statutory form of deeds, deeds of trust, and credit line deeds of trust. The bill removes the requirement that a deed of trust trustee's office be located within the Commonwealth. The bill expressly permits limited liability companies, partnerships, and other entities to act as trustees of a deed of trust. Under current law, only individuals and corporations may act as deed of trust trustees. The bill substitutes the term "beneficiary" for "noteholder," thereby including other types of secured parties. The bill also defines "prior mortgage" and redefines "refinance mortgage" to clarify the priority of mortgages. The bill contains a partial delayed effective date as to provisions governing cover sheets in Title 17.1.
SUMMARY AS PASSED HOUSE:
Recorded writings; deeds; cover sheets; indexes. Permits, but does not require, the use of a cover sheet in the presentation of instruments for recordation in jurisdictions that do not currently mandate the use of cover sheets. The bill provides for specific requirements for cover sheets used in the filing of deeds and other instruments relating to real property and provides that the cover sheets shall be developed in conjunction with the Office of the Executive Secretary of the Supreme Court. The bill changes the statutory form of deeds, deeds of trust, and credit line deeds of trust. The bill removes the requirement that a deed of trust trustee's office be located within the Commonwealth. The bill expressly permits limited liability companies, partnerships, and other entities to act as trustees of a deed of trust. Under current law, only individuals and corporations may act as deed of trust trustees. The bill substitutes the term "beneficiary" for "noteholder," thereby including other types of secured parties. The bill also defines "prior mortgage" and redefines "refinance mortgage" to clarify the priority of mortgages. The bill contains a partial delayed effective date as to provisions governing cover sheets in Title 17.1.
SUMMARY AS INTRODUCED:
Recorded writings; deeds; cover sheets; indexes. Permits, but does not require, the use of a cover sheet in the presentation of instruments for recordation in jurisdictions that do not currently mandate the use of cover sheets. The bill provides for specific requirements for cover sheets used in the filing of deeds and other instruments relating to real property and provides that the cover sheets shall be developed in conjunction with the Office of the Executive Secretary of the Supreme Court. The bill changes the statutory form of deeds, deeds of trust, and credit line deeds of trust. The bill removes the requirement that a deed of trust trustee's office be located within the Commonwealth. The bill expressly permits limited liability companies, partnerships, and other entities to act as trustees of a deed of trust. Under current law, only individuals and corporations may act as deed of trust trustees. The bill substitutes the term "beneficiary" for "noteholder," thereby including other types of secured parties. The bill also defines "prior mortgage" and redefines "refinance mortgage" to clarify the priority of mortgages. The bill contains a partial delayed effective date as to provisions governing cover sheets in Title 17.1.