§ 8.01-241. Limitation of enforcement of deeds of trust, mortgages and liensfor unpaid purchase money.
A. No deed of trust or mortgage heretofore or hereafter given to secure thepayment of money, and no lien heretofore or hereafter reserved to secure thepayment of unpaid purchase money, shall be enforced after 10 years from thetime when the original obligation last maturing thereby secured shall havebecome due and payable according to its terms and without regard to anyprovision for the acceleration of such date; provided that the period of oneyear from the death of any party in interest shall be excluded from thecomputation of time.
B. Notwithstanding the limitations prescribed by subsection A, a deed oftrust or mortgage given, and a lien reserved to secure the payment of money,for which the original obligation last maturing thereby secured became dueand payable according to its terms between July 1, 1988, and July 1, 2000,without regard to any provision for the acceleration of the date suchobligation became due and payable, shall not be enforced after July 1, 2010.However, the provisions of this subsection shall have no effect on the rightsof a person who (i) acquired an interest in the real property securing suchdeed of trust or mortgage between July 1, 2008, and the date of enactment ofthis subsection and (ii) would otherwise have priority over or take free ofsuch deed of trust or mortgage under the laws of the Commonwealth at thattime.
C. The limitations prescribed by this section may be extended by therecordation of a certificate in the form provided in § 8.01-241.1 prior tothe expiration of the limitation period prescribed herein in the clerk'soffice in which such lien is recorded and executed either by the party inwhom the beneficial title to the property so encumbered is vested at the timeof such recordation or by his duly authorized attorney-in-fact, or agent.Recordation of the certificate shall extend the limitations of the right toenforce the lien for 10 years from the date of the recordation of thecertificate. The clerk of the court shall index the certificate in both namesin the index of the deed book and give reference to the book and page inwhich the original writing is recorded. Unless the deed or deeds executedpursuant to the foreclosure of any mortgage or to the execution of or saleunder any deed of trust is recorded in the county or city where the land issituated within one year after the time the right to enforce the mortgage ordeed of trust shall have expired as hereinabove provided, such deed or deedsshall be void as to all purchasers for valuable consideration without noticeand lien creditors who make any purchase of or acquire any lien on the landconveyed by any such deed prior to the time such deed is so recorded.
(Code 1950, § 8-11; 1950, p. 19; 1977, c. 617; 1980, c. 499; 1994, c. 547;1999, c. 788; 2008, c. 226; 2009, c. 163.)
§ 8.01-241. Limitation of enforcement of deeds of trust, mortgages and liensfor unpaid purchase money.
A. No deed of trust or mortgage heretofore or hereafter given to secure thepayment of money, and no lien heretofore or hereafter reserved to secure thepayment of unpaid purchase money, shall be enforced after 10 years from thetime when the original obligation last maturing thereby secured shall havebecome due and payable according to its terms and without regard to anyprovision for the acceleration of such date; provided that the period of oneyear from the death of any party in interest shall be excluded from thecomputation of time.
B. Notwithstanding the limitations prescribed by subsection A, a deed oftrust or mortgage given, and a lien reserved to secure the payment of money,for which the original obligation last maturing thereby secured became dueand payable according to its terms between July 1, 1988, and July 1, 2000,without regard to any provision for the acceleration of the date suchobligation became due and payable, shall not be enforced after July 1, 2010.However, the provisions of this subsection shall have no effect on the rightsof a person who (i) acquired an interest in the real property securing suchdeed of trust or mortgage between July 1, 2008, and the date of enactment ofthis subsection and (ii) would otherwise have priority over or take free ofsuch deed of trust or mortgage under the laws of the Commonwealth at thattime.
C. The limitations prescribed by this section may be extended by therecordation of a certificate in the form provided in § 8.01-241.1 prior tothe expiration of the limitation period prescribed herein in the clerk'soffice in which such lien is recorded and executed either by the party inwhom the beneficial title to the property so encumbered is vested at the timeof such recordation or by his duly authorized attorney-in-fact, or agent.Recordation of the certificate shall extend the limitations of the right toenforce the lien for 10 years from the date of the recordation of thecertificate. The clerk of the court shall index the certificate in both namesin the index of the deed book and give reference to the book and page inwhich the original writing is recorded. Unless the deed or deeds executedpursuant to the foreclosure of any mortgage or to the execution of or saleunder any deed of trust is recorded in the county or city where the land issituated within one year after the time the right to enforce the mortgage ordeed of trust shall have expired as hereinabove provided, such deed or deedsshall be void as to all purchasers for valuable consideration without noticeand lien creditors who make any purchase of or acquire any lien on the landconveyed by any such deed prior to the time such deed is so recorded.
(Code 1950, § 8-11; 1950, p. 19; 1977, c. 617; 1980, c. 499; 1994, c. 547;1999, c. 788; 2008, c. 226; 2009, c. 163.)
§ 8.01-241. Limitation of enforcement of deeds of trust, mortgages and liensfor unpaid purchase money.
A. No deed of trust or mortgage heretofore or hereafter given to secure thepayment of money, and no lien heretofore or hereafter reserved to secure thepayment of unpaid purchase money, shall be enforced after 10 years from thetime when the original obligation last maturing thereby secured shall havebecome due and payable according to its terms and without regard to anyprovision for the acceleration of such date; provided that the period of oneyear from the death of any party in interest shall be excluded from thecomputation of time.
B. Notwithstanding the limitations prescribed by subsection A, a deed oftrust or mortgage given, and a lien reserved to secure the payment of money,for which the original obligation last maturing thereby secured became dueand payable according to its terms between July 1, 1988, and July 1, 2000,without regard to any provision for the acceleration of the date suchobligation became due and payable, shall not be enforced after July 1, 2010.However, the provisions of this subsection shall have no effect on the rightsof a person who (i) acquired an interest in the real property securing suchdeed of trust or mortgage between July 1, 2008, and the date of enactment ofthis subsection and (ii) would otherwise have priority over or take free ofsuch deed of trust or mortgage under the laws of the Commonwealth at thattime.
C. The limitations prescribed by this section may be extended by therecordation of a certificate in the form provided in § 8.01-241.1 prior tothe expiration of the limitation period prescribed herein in the clerk'soffice in which such lien is recorded and executed either by the party inwhom the beneficial title to the property so encumbered is vested at the timeof such recordation or by his duly authorized attorney-in-fact, or agent.Recordation of the certificate shall extend the limitations of the right toenforce the lien for 10 years from the date of the recordation of thecertificate. The clerk of the court shall index the certificate in both namesin the index of the deed book and give reference to the book and page inwhich the original writing is recorded. Unless the deed or deeds executedpursuant to the foreclosure of any mortgage or to the execution of or saleunder any deed of trust is recorded in the county or city where the land issituated within one year after the time the right to enforce the mortgage ordeed of trust shall have expired as hereinabove provided, such deed or deedsshall be void as to all purchasers for valuable consideration without noticeand lien creditors who make any purchase of or acquire any lien on the landconveyed by any such deed prior to the time such deed is so recorded.
(Code 1950, § 8-11; 1950, p. 19; 1977, c. 617; 1980, c. 499; 1994, c. 547;1999, c. 788; 2008, c. 226; 2009, c. 163.)
