55-66.11 - Secured creditor to submit satisfaction for recording; liability for failure. - Virginia Statutes

§ 55-66.11. Secured creditor to submit satisfaction for recording; liabilityfor failure.

A. A secured creditor shall submit for recording a satisfaction of a securityinstrument within 90 days after the creditor receives full payment orperformance of the secured obligation in accordance with subsection A of §55-66.3. If a security instrument secures a line of credit or futureadvances, the secured obligation is fully performed only if, in addition tofull payment, the secured creditor has received a notification requesting thecreditor to terminate the line of credit or containing a statement sufficientto terminate the effectiveness of the provision for future advances in thesecurity instrument.

B. A secured creditor who is required to submit a satisfaction of a securityinstrument for recording and fails to do so by the end of the periodspecified in subsection A is subject to liability under § 55-66.3.

(2006, c. 907.)