55-59.2 - Advertisement required before sale by trustee. - Virginia Statutes

§ 55-59.2. Advertisement required before sale by trustee.

A. Advertisement of sale by a trustee or trustees in execution of a deed oftrust shall be in a newspaper having a general circulation in the city orcounty wherein the property to be sold, or any portion thereof, lies pursuantto the following provisions:

1. If the deed of trust itself provides for the number of publications ofsuch newspaper advertisement, which may be done by using the words"advertisement required" or words of like purport followed by the numberagreed upon, then no other or different advertisement shall be necessary,provided that, if such advertisement be inserted on a weekly basis it shallbe published not less than once a week for two weeks and if suchadvertisement be inserted on a daily basis it shall be published not lessthan once a day for three days, which may be consecutive days, and in eithercase shall be subject to the provisions of § 55-63 in the same manner as ifthe method were set forth in the deed of trust. Should the deed of trustprovide for advertising on other than a weekly or daily basis either of theforegoing provisions shall be complied with in addition to those provided insuch deed of trust. Notwithstanding the provisions of the deed of trust, thesale shall be held on any day following the day of the last advertisementwhich is no earlier than eight days following the first advertisement normore than thirty days following the last advertisement.

2. If the deed of trust does not provide for the number of publications ofsuch newspaper advertisement, the trustee shall advertise once a week forfour successive weeks; provided, however, that if the property or someportion thereof is located in a city or in a county immediately contiguous toa city, publication of the advertisement five different days, which may beconsecutive days, shall be deemed adequate. The sale shall be held on anyday following the day of the last advertisement which is no earlier thaneight days following the first advertisement nor more than thirty daysfollowing the last advertisement.

B. Such advertisement shall be placed in that section of the newspaper wherelegal notices appear or where the type of property being sold is generallyadvertised for sale.

C. In addition to the advertisement required by subsection A above, thetrustee shall give such other further and different advertisement as the deedof trust may require and in addition may give such additional advertisementas he may deem appropriate.

D. In the event of postponement of sale, which postponement shall be at thediscretion of the trustee, advertisement of such postponed sale shall be inthe same manner as the original advertisement of sale.

E. Failure to comply with the requirements for advertisement contained inthis section shall, upon petition, render a sale of the property voidable bythe court.

(1979, c. 12; 1990, c. 749; 1992, c. 550.)