55-61 - Sales under deeds of trust which contain no maturity date or provision authorizing sale. - Virginia Statutes

§ 55-61. Sales under deeds of trust which contain no maturity date orprovision authorizing sale.

When any property, real or personal, is conveyed by deed of trust, whetherheretofore or hereafter made, to a trustee, to secure the payment of a debt,money, notes, bonds, stocks or other evidences of debt and there is no datefixed for the maturity thereof and such deed of trust contains no provisionauthorizing the trustee to make sale of such property, or any part thereof,and the reinvestment of the proceeds of sale in other property subject to theterms of such deed of trust, the circuit and corporation courts, or suchcourt having jurisdiction of the subject matter, upon a bill filed by any oneor more of the lien debtors, in which bill all persons interested in suchlien and all holders of the evidences of debt secured by the deed of trustthereon, and all other necessary or proper parties, except the plaintiffs,shall be made defendants, may decree a sale of such property, or any partthereof, and may invest the proceeds of sale under decree of court subject tothe terms of the deed of trust; provided, that the bill of complaint shallset forth facts which will justify the sale of the property, to be verifiedby the affidavit of at least one of the plaintiffs; provided, further, thatno decree shall be made authorizing such sale unless it shall be shown to thesatisfaction of the court that the interests of the lien debtor or debtorswill be promoted and the interests of no person or persons holding theevidences of debt secured by the deed of trust will be violated thereby;provided, further, that the plaintiff or the party for whose benefit the suitis brought shall bear the cost.

(1932, p. 77; Michie Code 1942, § 5167a.)