55-66.01 - Protection of assignees or transferees of debts secured by real estate; form of certificate of transfer. - Virginia Statutes

§ 55-66.01. Protection of assignees or transferees of debts secured by realestate; form of certificate of transfer.

Whenever a debt or other obligation secured by a deed of trust, mortgage orvendor's lien on real estate has been assigned, the assignor or the assignee,at its option, may cause the instrument of assignment to be recorded in theclerk's office of the circuit court where such deed of trust, mortgage orvendor's lien is recorded provided such instrument is otherwise in recordableform, or may cause a certificate of transfer signed by the assignor to berecorded in such clerk's office, and such instrument of assignment orcertificate of transfer, upon recordation, shall operate as a notice of suchassignment. The instrument of assignment or certificate of transfer shall beindexed in the name of the assignor and in the names of the obligor or maker,and the trustees, as applicable, all of whose names shall be set forth insuch instrument or certificate. The certificate of transfer shall conformsubstantially to the following:

CERTIFICATE OF TRANSFER
Place of Record:  Clerk's Office of the Circuit
Court of the  ........... of
............, Virginia
Date of [Deed of Trust/
Mortgage/Vendor's Lien]:   ................,
Deed Book
 ........, Page  ........
Name of Obligor or Maker:   ..........................................
Names(s) of Trustee(s)
[if a Deed of Trust]:   ..........................................
..........................................
Name of Original
Payee or Obligee:   ..........................................
Original Amount Secured
[if applicable]:
$  .....................................................................
The undersigned, the original payee or obligee [or the subsequent assignee] of
 the obligation secured by the above-mentioned [Deed of
Trust/Mortgage/Vendor's Lien], hereby certifies that the obligations secured
thereby have been assigned to  .........................................
 .......................................................................
[ If a credit line deed of trust, the name and address to which notice may be
mailed or delivered to the Noteholder as provided by § 55-58.2 is as follows:
.......................................................................
..................................................................... ]
Given under [my/our] hand(s) as of the  ...............................
day of  ................,  ..........
.......................................
(Assignor)
.................. of  .............
County/City of  ...................., to wit:
Subscribed, sworn to and acknowledged before me by  ............
this  .................... day of  ............ 20  ..........
My Commission Expires:  ............
.........................................
Notary Public 

For purposes of this statute, the word "assigned" shall include endorsed,pledged, hypothecated or otherwise transferred. Nothing in this statute shallbe deemed to invalidate any other form or notice of assignment that may havebeen heretofore recorded. Nothing in this statute shall imply thatrecordation of the instrument of assignment or a certificate of transfer isnecessary in order to transfer to an assignee the benefit of the securityprovided by the deed of trust, mortgage or vendor's lien.

(1994, c. 806; 1995, c. 807; 1997, c. 205.)