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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 | history

SUMMARY AS PASSED SENATE:

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).

SUMMARY AS INTRODUCED:

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. This bill is in response to Crosby v. ALG Trustee, LLC, 296 Va. 561 (2018).