6.2-1184 - (Effective October 1, 2010) Dealing with successors in interest. - Virginia Statutes

§ 6.2-1184. (Effective October 1, 2010) Dealing with successors in interest.

In the case of any investment made by a savings institution in a real estateloan, if (i) the ownership of the real estate security or any part thereofbecomes vested in a person other than the party originally executing thesecurity instruments and (ii) there is not an agreement in writing to thecontrary, a savings institution may, without notice to such party, deal withsuch successor in interest with reference to that mortgage and the debtthereby secured in the same manner as with such party. The savingsinstitution may forbear to sue or may extend time for payment, or otherwisemodify the terms, of the debt secured thereby without discharging or in anyway affecting the original liability of such party or parties thereunder orupon the debt thereby secured.

(1985, c. 425, § 6.1-194.68; 2010, c. 794.)