55-220.1 - Perfection of lien or interest in leases, rents and profits. - Virginia Statutes

§ 55-220.1. Perfection of lien or interest in leases, rents and profits.

The recordation pursuant to § 55-106, in the county or city in which the realproperty is located, of any deed, deed of trust or other instrument granting,transferring or assigning the interest of the grantor, transferor, assignor,pledgor or lessor in leases, rents or profits arising from the real propertydescribed in such deed, deed of trust or other instrument, shall fullyperfect the interest of the grantee, transferee, pledgee or assignee as tothe assignor and all third parties without the necessity of (i) furnishingnotice to the assignor or lessee, (ii) obtaining possession of the realproperty, (iii) impounding the rents, (iv) securing the appointment of areceiver, or (v) taking any other affirmative action. The lessee isauthorized to pay the assignor until the lessee receives written notificationthat rents due or to become due have been assigned and that payment is to bemade to the assignee. This section shall apply to all instruments of recordbefore, on or after July 1, 1992.

(1992, c. 67; 1993, c. 427.)