HOUSE BILL NO. 1133 Offered January 9, 2008 Prefiled January 9, 2008 A BILL to amend and reenact §§ 8.01-241 and 8.01-241.1 of the Code of Virginia, relating to enforcement of deed of trust or mortgage; 10 years. ---------- Patron-- Fralin ---------- Committee Referral Pending ----------

Be it enacted by the General Assembly of Virginia:

1.  That §§ 8.01-241 and 8.01-241.1 of the Code of Virginia are amended and reenacted as follows:

§ 8.01-241. Limitation of enforcement of deeds of trust, mortgages and liens for unpaid purchase money.

No deed of trust or mortgage heretofore or hereafter given to secure the payment of money, and no lien heretofore or hereafter reserved to secure the payment of unpaid purchase money, shall be enforced after twenty10 years from the time when the original obligation last maturing thereby secured shall have become due and payable according to its terms and without regard to any provision for the acceleration of such date; provided that the period of one year from the death of any party in interest shall be excluded from the computation of time. The limitations prescribed by this section may be extended by the recordation of a certificate in the form provided in § 8.01-241.1 prior to the expiration of the limitation period prescribed herein in the clerk's office in which such lien is recorded and executed either by the party in whom the beneficial title to the property so encumbered is vested at the time of such recordation or by his duly authorized attorney-in-fact, or agent. Recordation of the certificate shall extend the limitations of the right to enforce the lien for twenty10 years from the date of the recordation of the certificate. The clerk of the court shall index the certificate in both names in the index of the deed book and give reference to the book and page in which the original writing is recorded. Unless the deed or deeds executed pursuant to the foreclosure of any mortgage or to the execution of or sale under any deed of trust is recorded in the county or city where the land is situated within one year after the time the right to enforce the mortgage or deed of trust shall have expired as hereinabove provided, such deed or deeds shall be void as to all purchasers for valuable consideration without notice and lien creditors who make any purchase of or acquire any lien on the land conveyed by any such deed prior to the time such deed is so recorded.

§ 8.01-241.1. Permissible form for certificate.

Any extension of the limitations of the right to enforce the lien of a deed of trust or mortgage shall conform substantially with the following form:

   CERTIFICATE OF EXTENSION OF LIMITATION OF
 RIGHT TO ENFORCE DEED OF TRUST OR MORTGAGE
  Place of Record .............................................................
  Date of Deed of Trust/Mortgage ..............................................
  Deed Book  .................. Book Page .....................................
  Name of Guarantor(s) ........................................................
  Name of Trustee(s) ..........................................................
  Maker(s) of Note ............................................................
  Date of Note(s) .............................................................
 I/we, the beneficial title holder(s) of the property encumbered by the above
 mentioned deed of trust do hereby certify that the lien of the same is  hereby extended twenty10 years from the date of my/our endorsement upon this
 certificate.
 .....................................................
 Beneficial Titleholder/Attorney-in-Fact/Agent
  Commonwealth of Virginia
  County/City of  .................... :
 Subscribed, sworn to and acknowledged before me by
 ............... , this  .... day of  ........, 20  ...
 My Commission expires:  ....................
 Notary Public