2006 Code of Virginia § 8.01-241 - Limitation of enforcement of deeds of trust, mortgages and liens for unpaid purchase mone...

8.01-241. Limitation of enforcement of deeds of trust, mortgages and liensfor unpaid purchase money.

No deed of trust or mortgage heretofore or hereafter given to secure thepayment of money, and no lien heretofore or hereafter reserved to secure thepayment of unpaid purchase money, shall be enforced after twenty years fromthe time when the original obligation last maturing thereby secured shallhave become due and payable according to its terms and without regard to anyprovision for the acceleration of such date; provided that the period of oneyear from the death of any party in interest shall be excluded from thecomputation of time. The limitations prescribed by this section may beextended by the recordation of a certificate in the form provided in 8.01-241.1 prior to the expiration of the limitation period prescribed hereinin the clerk's office in which such lien is recorded and executed either bythe party in whom the beneficial title to the property so encumbered isvested at the time of such recordation or by his duly authorizedattorney-in-fact, or agent. Recordation of the certificate shall extend thelimitations of the right to enforce the lien for twenty years from the dateof the recordation of the certificate. The clerk of the court shall index thecertificate in both names in the index of the deed book and give reference tothe book and page in which the original writing is recorded. Unless the deedor deeds executed pursuant to the foreclosure of any mortgage or to theexecution of or sale under any deed of trust is recorded in the county orcity where the land is situated within one year after the time the right toenforce the mortgage or deed of trust shall have expired as hereinaboveprovided, such deed or deeds shall be void as to all purchasers for valuableconsideration without notice and lien creditors who make any purchase of oracquire any lien on the land conveyed by any such deed prior to the time suchdeed is so recorded.

(Code 1950, 8-11; 1950, p. 19; 1977, c. 617; 1980, c. 499; 1994, c. 547;1999, c. 788.)