Deed of trust or mortgage; limitation on enforcement. (SB1291)

Introduced By

Sen. John Edwards (D-Roanoke)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Limitation on enforcement of deed of trust or mortgage. Provides a transition period for mortgages and deeds of trust for which enforcement rights may have been cut off as a result of 2008 legislation that reduced the time in which a deed of trust or mortgage may be enforced from 20 years to 10 years after the maturity of the underlying obligation. The measure provides that if the secured obligation became due and payable between July 1, 1988, and July 1, 2000, the instrument may be enforced until July 1, 2010. If the instrument is not enforced by that date, its enforcement will be time barred unless the beneficiary of the deed of trust or mortgage hasextended the limitations period, for 10 additional years, by filing a certificate in the circuit court. The measure addresses obligations that matured within the 20 years preceding the effective date of the 2008 legislation and for which the beneficiary's ability to extend its limitation period was curtailed. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/14/2009Prefiled and ordered printed; offered 01/14/09 090063504
01/14/2009Prefiled and ordered printed with emergency clause; offered 01/14/09 090063504
01/14/2009Referred to Committee for Courts of Justice
01/15/2009Assigned Courts sub: Civil
01/26/2009Reported from Courts of Justice with amendments (14-Y 0-N) (see vote tally)
01/27/2009Constitutional reading dispensed (39-Y 0-N) (see vote tally)
01/28/2009Read second time
01/28/2009Reading of amendments waived
01/28/2009Committee amendments agreed to
01/28/2009Engrossed by Senate as amended SB1291E
01/28/2009Printed as engrossed 090063504-E
01/29/2009Read third time and passed Senate (40-Y 0-N) (see vote tally)
02/03/2009Placed on Calendar
02/03/2009Read first time
02/03/2009Referred to Committee for Courts of Justice
02/16/2009Assigned Courts sub: Civil
02/16/2009Subcommittee recommends reporting
02/18/2009Reported from Courts of Justice (22-Y 0-N) (see vote tally)
02/20/2009Read second time
02/23/2009Passed by for the day
02/24/2009Read third time
02/24/2009Passed House BLOCK VOTE (99-Y 0-N)
02/24/2009VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally)
02/28/2009Enrolled
02/28/2009Bill text as passed Senate and House (SB1291ER)
02/28/2009Signed by Speaker
03/04/2009Signed by President
03/16/2009G Approved by Governor-Chapter 163 (effective 3/16/09)
03/16/2009G Approved by Governor-Chapter 163 (effective 7/1/08)
03/16/2009G Acts of Assembly Chapter text (CHAP0163)