55-66.12 - Form and effect of satisfaction. - Virginia Statutes

§ 55-66.12. Form and effect of satisfaction.

A. A document is sufficient to constitute a satisfaction of a securityinstrument if it conforms substantially in form and content to therequirements of § 55-66.4:1 and it:

1. Identifies the security instrument, the original parties to the securityinstrument, the recording data for the security instrument, and the office inwhich the security instrument is recorded;

2. States that the person signing the satisfaction is the secured creditor;

3. Contains a legal description of the real property identified in thesecurity instrument, but only if a legal description is necessary for asatisfaction to be properly indexed, otherwise the deed book and page numberor instrument number is sufficient;

4. Contains language terminating the effectiveness of the securityinstrument; and

5. Is signed by the secured creditor and acknowledged as required by law fora conveyance of an interest in real property.

B. The clerk of the circuit court shall accept for recording a satisfactiondocument, unless:

1. An amount equal to or greater than the applicable recording fees and taxesis not tendered;

2. The document is submitted by a method or in a medium not authorized by thelaws of the Commonwealth of Virginia; or

3. The document is not signed by the secured creditor and acknowledged asrequired by law for a conveyance of an interest in real property.

(2006, c. 907.)