Recordation of deeds and deeds of trust; use of cover sheets on deeds. (HB763)
Introduced By
Del. Randy Minchew (R-Leesburg)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Recorded writings; deeds; cover sheets; indexes. Permits but does not require the use of a cover sheet in the presentation of instruments for recordation in jurisdictions that do not currently mandate the use of cover sheets. The bill provides for specific requirements for cover sheets used in the filing of deeds and other instruments relating to real property and provides that the cover sheets shall be developed in conjunction with the Office of the Executive Secretary of the Supreme Court. The bill changes the statutory form of deeds, deeds of trust, and credit line deeds of trust. The bill removes the requirement that a deed of trust trustee%92s office be located within the Commonwealth. The bill expressly permits limited liability companies, partnerships, and other entities to act as trustees of a deed of trust. Under current law, only individuals and corporations may act as deed of trust trustees. The bill substitutes the term %93beneficiary%94 for %93noteholder%94 thereby including other types of secured parties. The bill also defines %93prior mortgage%94 and redefines %93refinance mortgage%94 to clarify the priority of mortgages. The bill contains a partial delayed effective date as to provisions governing cover sheets in Title 17.1. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/07/2014 | Committee |
01/07/2014 | Prefiled and ordered printed; offered 01/08/14 14101983D |
01/07/2014 | Referred to Committee for Courts of Justice |
01/10/2014 | Assigned Courts sub: Civil |
02/03/2014 | Subcommittee recommends reporting with amendment(s) (10-Y 0-N) |
02/07/2014 | Reported from Courts of Justice with substitute (22-Y 0-N) (see vote tally) |
02/07/2014 | Committee substitute printed 14104390D-H1 |
02/08/2014 | Read first time |
02/10/2014 | Read second time |
02/10/2014 | Committee substitute agreed to 14104390D-H1 |
02/10/2014 | Engrossed by House - committee substitute HB763H1 |
02/11/2014 | Read third time and passed House BLOCK VOTE (99-Y 0-N) |
02/11/2014 | VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally) |
02/12/2014 | Constitutional reading dispensed |
02/12/2014 | Referred to Committee for Courts of Justice |
02/24/2014 | Reported from Courts of Justice with substitute (15-Y 0-N) (see vote tally) |
02/24/2014 | Committee substitute printed 14105096D-S1 |
02/25/2014 | Constitutional reading dispensed (40-Y 0-N) |
02/26/2014 | Read third time |
02/26/2014 | Reading of substitute waived |
02/26/2014 | Committee substitute agreed to 14105096D-S1 |
02/26/2014 | Engrossed by Senate - committee substitute HB763S1 |
02/26/2014 | Passed Senate with substitute (39-Y 0-N) |
02/28/2014 | Senate substitute agreed to by House 14105096D-S1 (98-Y 0-N) |
02/28/2014 | VOTE: ADOPTION (98-Y 0-N) (see vote tally) |
03/05/2014 | Enrolled |
03/05/2014 | Bill text as passed House and Senate (HB763ER) |
03/05/2014 | Signed by Speaker |
03/08/2014 | Signed by President |
03/27/2014 | G Approved by Governor-Chapter 338 (effective - see bill) |
03/27/2014 | G Acts of Assembly Chapter text (CHAP0338) |