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2020 SESSION

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SB 253 Deeds of trust; fiduciary duties.

Introduced by: A. Benton "Ben" Chafin | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Deeds of trust; fiduciary duties. Specifies that a trustee under a deed of trust has only the duties, rights, and obligations imposed and conferred on it by the deed of trust or by statute. The bill further requires that a trustee shall comply with all restrictive covenants regarding the affordability of the property and that a trustee under a deed of trust is a fiduciary for both the debtor and the creditor. This bill is in response to Crosby v. ALG Trustee, LLC, 296 Va. 561 (2018).


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