HB379: Credit line deeds of trust; under same statute of limitation as other deeds of trust and mortgages.
Be it enacted by the General Assembly of Virginia:
1. That § 8.01-242 of the Code of Virginia is amended and reenacted as follows:
§ 8.01-242. Credit line deeds of trust; when no maturity date is given.
No deed of trust or mortgage given to secure the payment of
money, other than credit line deeds of trust described
in § 55-58.2, and no lien reserved to secure the payment of
unpaid purchase money, in which no date is fixed for the maturity of the debt
secured by such deed of trust, mortgage, or lien, shall be enforced after
twenty years from the date of the deed of trust, mortgage, or other lien;
provided that the period of one year from the death of any party in interest
shall be excluded from the computation of time, and provided further that the
limitation may be extended by recordation of a certificate within the
twenty-year period in the manner set forth in § 8.01-241. No
credit line deed of trust described in § 55-58.2 in which no date is fixed for
the maturity of the debt secured thereby shall be enforced after forty years
from the date of the credit line deed of trust; provided that the period of one
year from the death of any party in interest shall be excluded from the
computation of time.
