Bill Text: VA SB1368 | 2017 | Regular Session | Comm Sub
Bill Title: Foreclosure advertisements; posted at courthouse and on local government or circuit court website.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-02-01 - Failed to report (defeated) in Courts of Justice (7-Y 8-N) [SB1368 Detail]
Download: Virginia-2017-SB1368-Comm_Sub.html
Be it enacted by the General Assembly of Virginia:
1. That §§55-59.2 and 55-63 of the Code of Virginia are amended and reenacted as follows:
§55-59.2. Advertisement required before sale by trustee.
A. Advertisement of sale by a trustee or trustees in execution
of a deed of trust shall be (i) placed in a newspaper having a general
circulation in the city or county wherein in which the property
to be sold is located, or any portion thereof, lies, or (ii)
posted on the website of the clerk of the circuit court of the city or county
in which the property to be sold is located, or any portion thereof lies,
pursuant to the following provisions:
1. If the deed of trust itself provides for the number of
publications of such newspaper advertisement, which may be done by using
the words "advertisement required" or words of like purport followed
by the number agreed upon, then no other or different advertisement shall be
necessary, provided that, if such advertisement be inserted on a weekly basis
it shall be published not less than once a week for two weeks and if such
advertisement be inserted on a daily basis it shall be published not less than once
a day for three days, which may be consecutive days, and in either case shall
be subject to the provisions of §55-63 in the same manner as if the method
were set forth in the deed of trust. Should the deed of trust provide for
advertising on other than a weekly or daily basis either of the foregoing
provisions shall be complied with in addition to those provided in such deed of
trust.
Notwithstanding the provisions of the deed of trust, the sale
shall be held on any day following the day of the last advertisement,
which is no earlier than eight days following the first advertisement nor more
than thirty 30 days following the last advertisement.
2. If the deed of trust does not provide for the number of
publications of such newspaper advertisement, the trustee shall
advertise once a week for four successive weeks;, provided,
however, that if the property or some portion thereof is located in a city or
in a county immediately contiguous to a city, publication of the advertisement
five different days, which may be consecutive days, shall be deemed adequate.
The sale shall be held on any day following the day of the last advertisement,
which is no earlier than eight days following the first advertisement nor more
than thirty 30 days following the last advertisement.
B. Such newspaper advertisement shall be placed in that section of the newspaper where legal notices appear or where the type of property being sold is generally advertised for sale.
C. In addition to the advertisement required by subsection A
above, the trustee shall give such other further and different
advertisement as the deed of trust may require and in addition may give such
additional advertisement as he may deem appropriate.
D. In the event of postponement of sale, which postponement shall be at the discretion of the trustee, advertisement of such postponed sale shall be in the same manner as the original advertisement of sale.
E. Failure to comply with the requirements for advertisement contained in this section shall, upon petition, render a sale of the property voidable by the court.
F. Any provision in a deed of trust requiring advertisement in a newspaper shall be satisfied by posting on the website of the clerk of the circuit court in accordance with this section.
G. The clerk of the circuit court may charge a reasonable fee for posting an advertisement on the clerk's website, which fee shall be deposited by the clerk into the clerk's nonreverting local fund to be used to cover operational expenses as defined in §17.1-295. The clerk shall maintain a record of the advertisements posted in accordance with the Virginia Public Records Act (§42.1-76 et seq.).
§55-63. Construction of deeds requiring notice by advertisement in newspaper.
(a) A. Whenever any deed of trust to secure
debts or indemnify sureties contains a provision requiring the giving of notice
of sale thereunder for a specified number of days by advertisement in one or
more newspapers and such advertisement be published in a newspaper published
daily or in a newspaper published daily except Sunday, it shall be deemed a
sufficient compliance with such provision if such notice be published (i)
in consecutive issues of such newspaper for the number of days specified,
counting both the day of the first publication and the day of the last
publication and intervening Sundays, whether or not such newspaper be published
on Sunday, or (ii) on the website of the clerk of the circuit court for the
number of days specified, counting both the day of the first publication and
the day of the last publication. Both the first publication date and
the last publication date may be on Sunday. The publication shall in all
other respects comply with the provisions of §§55-59.2 and 55-59.3.
(b) B. Whenever such deed of trust requires
advertisement once a week for a specified number of weeks, sale may be had on
the day after the last advertisement appears or any day thereafter and all
sales made in conformity herewith prior to January 1, 1972, and otherwise
valid, are hereby validated.
2. That the provisions of this act shall become effective on January 1, 2018.
