2006 Code of Virginia § 8.01-242 - Same; when no maturity date is given; credit line deeds of trust

8.01-242. Same; when no maturity date is given; credit line deeds of trust.

No deed of trust or mortgage given to secure the payment of money, other thancredit line deeds of trust described in 55-58.2, and no lien reserved tosecure the payment of unpaid purchase money, in which no date is fixed forthe maturity of the debt secured by such deed of trust, mortgage, or lien,shall be enforced after twenty years from the date of the deed of trust,mortgage, or other lien; provided that the period of one year from the deathof any party in interest shall be excluded from the computation of time, andprovided further that the limitation may be extended by recordation of acertificate within the twenty-year period in the manner set forth in 8.01-241. No credit line deed of trust described in 55-58.2 in which nodate is fixed for the maturity of the debt secured thereby shall be enforcedafter forty years from the date of the credit line deed of trust; providedthat the period of one year from the death of any party in interest shall beexcluded from the computation of time.

(Code 1950, 8-12; 1977, c. 617; 1994, c. 547; 1999, c. 788.)