58.1-809 - When supplemental writings not taxable. - Virginia Statutes

§ 58.1-809. When supplemental writings not taxable.

Sections 58.1-803, 58.1-807, and 58.1-808 are not to be construed asrequiring the payment of any tax for the recordation of any deed of trust,deed of subordination, mortgage, contract, agreement, modification, addendum,or other writing supplemental to any such deed, mortgage, contract,agreement, modification, addendum, or other writing theretofore admitted torecord, hereinafter called the prior instrument, upon which the tax hereinimposed has been paid, or which is exempt from the tax herein imposed byreason of subsection C of § 58.1-804, when the sole purpose and effect of thesupplemental instrument or writing is to convey property, in addition to orin substitution, in whole or in part, of the property conveyed in a priorinstrument, to secure or to better secure the payment of the amountcontracted for in a prior instrument, to alter the priority of theinstrument, or to modify the terms, conditions, parties, or provisions ofsuch prior instruments, other than to increase the amount of the principalobligation secured thereby.

The assumption of a deed of trust shall not be separately taxable under §§58.1-801, 58.1-803 or § 58.1-807, whether such assumption is by a separateinstrument or included in the deed of conveyance.

(Code 1950, § 58-60; 1977, c. 153; 1981, c. 621; 1984, c. 675.)