55-66.9 - Definitions. - Virginia Statutes

§ 55-66.9. Definitions.

As used in this article, unless the context requires otherwise:

"Day" means calendar day.

"Document" means information that is:

1. Inscribed on a tangible medium or that is stored in an electronic or othermedium and is retrievable in perceivable form, and

2. Eligible to be recorded in the land records maintained by the clerk.

"Electronic," as defined in the Uniform Electronic Transactions Act (§59.1-479 et seq.), means relating to technology having electrical, digital,magnetic, wireless, optical, electromagnetic or similar capabilities.

"Electronic document" means a document received by the clerk in electronicform.

"Electronic notarization" means an official act by a notary public inaccordance with the Virginia Notary Act (§ 47.1-1 et seq.) and § 55-118.3with respect to an electronic document.

"Electronic signature," as defined in the Uniform Electronic TransactionsAct (§ 59.1-479 et seq.), means an electronic sound, symbol, or processattached to or logically associated with a record and executed or adopted bya person with the intent to sign the record.

"eRecording System" means the automated electronic recording systemimplemented by the clerk for the recordation of electronic documents amongthe land records maintained by the clerk.

"Filer" means an individual, corporation, business trust, estate, trust,partnership, limited liability company, association, joint venture, publicbody, public corporation, government, or governmental subdivision, agency, orinstrumentality, or any other legal or commercial entity who files anelectronic document among the land records maintained by the clerk.

"Good faith" means honesty in fact and the observance of reasonablecommercial standards of fair dealing.

"Landowner" means a person that, before foreclosure, has the right ofredemption in the real property described in a security instrument. The termdoes not include a person that holds only a lien on the real property.

"Land records document" means any writing authorized by law to be recorded,whether made on paper or in electronic format, which the clerk recordsaffecting title to real property.

"Organization" means a person other than an individual.

"Person" means an individual, corporation, business trust, estate, trust,partnership, limited liability company, association, joint venture, publiccorporation, government, or governmental subdivision, agency, orinstrumentality, or any other legal or commercial entity.

"Real property" means real property that is used for residential ornonresidential purposes.

"Recording data" means the date, and deed book and page number orinstrument number, that indicate where a document is recorded in the landrecords of the clerk of the circuit court pursuant to Chapter 6 (§ 55-106 etseq.).

"Secured creditor" means a person who holds or is the beneficiary of asecurity interest or that is authorized both to receive payments on behalf ofa person that holds a security interest in real property and to record asatisfaction of the security instrument upon receiving full performance ofthe secured obligation. The term does not include a trustee under a securityinstrument. The term also includes "lender" as used in the Consumer RealEstate Settlement Protection Act (CRESPA) (§ 6.1-2.19 et seq.) and "liencreditor" and "servicer" as used in § 55-66.3.

"Secured obligation" means an obligation the payment or performance ofwhich is secured by a security interest.

"Security instrument" means an agreement, however denominated, that createsor provides for a security interest, whether or not it also creates orprovides for a lien on personal property.

"Security interest" means an interest in real property created by asecurity instrument, securing payment, or performance of an obligation andincludes a mortgage or deed of trust.

"Sign" means, with present intent to authenticate, accept, or adopt adocument:

1. To execute or adopt a tangible symbol; or

2. To attach to or logically associate with the document an electronic sound,symbol, or process.

"State" means a state of the United States, District of Columbia, PuertoRico, the United States Virgin Islands, or any territory or insularpossession subject to the jurisdiction of the United States.

"Submit for recording" means to deliver, with required fees and taxes, adocument sufficient to be recorded under this article, to the office of theclerk of the circuit court pursuant to Chapter 6 (§ 55-106 et seq.).

(2006, c. 907.)