55-66.4 - Partial satisfaction or release. - Virginia Statutes

§ 55-66.4. Partial satisfaction or release.

It shall be lawful for any such lienor to make a marginal release or record acertificate of partial satisfaction of any one or more of the separate piecesor parcels of property covered by such lien. It shall also be lawful for anysuch lienor to make a marginal release or record a certificate of partialsatisfaction of any part of the real estate covered by such lien if a plat ofsuch part or a deed of such part is recorded in the clerk's office and across reference is made in the marginal release or certificate of partialsatisfaction to the book and page where the plat or deed of such part isrecorded. Such marginal partial release or satisfaction or certificate ofpartial satisfaction may be accomplished in manner and form hereinbefore inthis chapter provided for making marginal releases or certificates ofsatisfaction, except that the creditor, or his duly authorized agent, shallmake an affidavit to the clerk or in such certificate that such creditor isat the time of making such release the legal holder of the obligation, note,bond or other evidence of debt, secured by such lien, and when made inconformity therewith and as provided herein such partial satisfaction orrelease shall be as valid and binding as a proper release deed duly executedfor the same purpose.

Any and all partial marginal releases made prior to July 1, 1966, in anycounty or city of this Commonwealth, in conformity with the provisions ofthis chapter, either of one or more separate pieces or parcels of real estateor any part of the real estate covered by such lien, or as to one or more ofthe obligations secured by any such lien, or as to all of the real estatecovered by such lien instrument, are hereby validated and declared to bebinding upon all parties in interest; but this provision shall not beconstrued as intended to disturb or impair any vested right.

(Code 1919, § 6456; 1930, p. 70; 1932, p. 121; 1944, p. 199; 1952, c. 469;1966, c. 505; 1975, c. 469; 1977, c. 141.)