55-60.1 - Evidences of indebtedness placed on equal footing. - Virginia Statutes

§ 55-60.1. Evidences of indebtedness placed on equal footing.

When bonds, notes or other evidences of indebtedness are secured by a deed oftrust, mortgage, vendor's lien or other lien, such bonds, notes or otherevidences of indebtedness shall, in the event the lien is executed orforeclosed, be secured on an equal footing and shall be paid ratably out ofthe proceeds of any sale of property subjected to the lien and shall have nopriority, the one over the other, whether by priority of assignment orotherwise, unless the instrument creating the lien expressly providesotherwise.

(1934, p. 516; Michie Code 1942, § 6457a.)