2010 Code of Virginia
Title 55 - PROPERTY AND CONVEYANCES.
Chapter 4 - Form and Effect of Deeds and Covenants; Liens (55-48 thru 55-79.06)
55-66.11 - Secured creditor to submit satisfaction for recording; liability for failure.

§ 55-66.11. Secured creditor to submit satisfaction for recording; liability for failure.

A. A secured creditor shall submit for recording a satisfaction of a security instrument within 90 days after the creditor receives full payment or performance of the secured obligation in accordance with subsection A of § 55-66.3. If a security instrument secures a line of credit or future advances, the secured obligation is fully performed only if, in addition to full payment, the secured creditor has received a notification requesting the creditor to terminate the line of credit or containing a statement sufficient to terminate the effectiveness of the provision for future advances in the security instrument.

B. A secured creditor who is required to submit a satisfaction of a security instrument for recording and fails to do so by the end of the period specified in subsection A is subject to liability under § 55-66.3.

(2006, c. 907.)

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