§55-66.12. Form and effect of satisfaction


Published: 2015

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.
§ 55-66.12. Form and effect of satisfaction.

A. A document is sufficient to constitute a satisfaction of a security instrument if it conforms substantially in form and content to the requirements of § 55-66.4:1 and it:
1. Identifies the security instrument, the original parties to the security instrument, the recording data for the security instrument, and the office in which the security instrument is recorded;
2. States that the person signing the satisfaction is the secured creditor;
3. Contains a legal description of the real property identified in the security instrument, but only if a legal description is necessary for a satisfaction to be properly indexed, otherwise the deed book and page number or instrument number is sufficient;
4. Contains language terminating the effectiveness of the security instrument; and
5. Is signed by the secured creditor and acknowledged as required by law for a conveyance of an interest in real property.
B. The clerk of the circuit court shall accept for recording a satisfaction document, unless:
1. An amount equal to or greater than the applicable recording fees and taxes is not tendered;
2. The document is submitted by a method or in a medium not authorized by the laws of the Commonwealth of Virginia; or
3. The document is not signed by the secured creditor and acknowledged as required by law for a conveyance of an interest in real property.
2006, c. 907.