55-156 - Recordation; notice of sale; preferences prohibited. - Virginia Statutes

§ 55-156. Recordation; notice of sale; preferences prohibited.

Whenever a deed of assignment for the benefit of creditors is executed thesame shall be forthwith recorded as are other deeds and the trustee namedtherein, or the one substituted in the manner hereinafter prescribed, if nonotice has been given, before selling under the deed of assignment, shall atleast ten days before the sale mail a registered letter or notice to each ofthe creditors named in the deed, advising of the execution thereof, when,where and how the sale will be held, the terms thereof, and whether or notthe deed provides that acceptance shall be in full satisfaction. No creditorshall be preferred in the deed except those given a lien or preference bylaw, or those having a valid lien upon the property conveyed, or some partthereof; and those having a lien shall be preferred only to the extent of thevalue of the property upon which they have a lien.

(1924, p. 657; Michie Code 1942, § 5278b.)