Bill Text: VA HB714 | 2010 | Regular Session | Chaptered
Bill Title: Foreclosure sales; trustee to pay taxes.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2010-04-11 - Governor: Acts of Assembly Chapter text (CHAP0417) [HB714 Detail]
Download: Virginia-2010-HB714-Chaptered.html
Be it enacted by the General Assembly of Virginia: 1. That §§55-59.4 and 58.1-3340 of the Code of Virginia are amended and reenacted as follows: §55-59.4. Powers and duties of trustee in event of sale under or satisfaction of deed of trust. A. In the event of sale under a deed of trust, the trustee shall have the following powers and duties in addition to all others: 1. Written one-price bids may be made and shall be received by the trustee from the beneficiary or any other person for entry by announcement of the trustee at the sale. Any person other than the trustee may bid at the foreclosure sale, including a person who has submitted a written one-price bid. Upon request to the trustee or trustees, any other bidder in attendance at a foreclosure sale shall be permitted to inspect written bids. Whenever the written bid of the beneficiary is the highest bid submitted at the sale, such document shall be filed by the trustee with his account of sale required under §26-15. The written bid submitted pursuant to this subsection may be prepared by the beneficiary, its agent or attorney. 2. The trustee may require of any bidder at any sale a cash deposit of as much as ten per centum of the sale price (unless the deed of trust specifies a higher or lower maximum, which may be done by the words "bidder's deposit of not more than ... dollars may be required," or words of like purport), before his bid is received, which shall be refunded to the bidder unless the property is sold to him, otherwise to be applied to his credit in settlement or, should he fail to complete his purchase promptly, to be applied to pay the costs and expense of sale and the balance, if any, to be retained by the trustee as his compensation in connection with that sale. 3. The trustee shall receive and receipt for the proceeds of
sale, B. Upon discharge (other than by sale by the trustee) of all debts, duties and obligations imposed by the deed upon the grantor, including any expenses incurred preparatory to sale, then upon the grantor's request the trustee shall execute and deliver a good and sufficient deed of release at the grantor's own proper costs and charges. §58.1-3340. Lien on real estate for taxes and levies assessed thereon; responsibility of purchaser or trustee at sale; lien on rents. There shall be a lien on real estate for the payment of taxes
and levies assessed thereon prior to any other lien or encumbrance. The lien
shall continue to be such prior lien until actual payment shall have been made
to the proper officer of the taxing authority. The purchaser at a sale, or
trustee in the event of a foreclosure sale, shall cause the proceeds to be
applied to the payment of all taxes and levies assessed on real estate There shall be a further lien upon the rents of such real estate whether the same be in money or in kind, for taxes of the current year. |