16101605D
SENATE BILL NO. 560
Offered January 13, 2016
Prefiled January 13, 2016
A BILL to amend and reenact §§55-59.2 and 55-63 of the Code
of Virginia, relating to foreclosure advertisements; posted at courthouse and
on circuit court website.
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Patron-- Norment
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Referred to Committee for Courts of Justice
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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 posted at
the courthouse and on the website of
the circuit court of the city or county in which the property to be sold is
located. The clerk shall place a small, weekly notice in a
newspaper having a general circulation in the city or county wherein the
property to be sold, or any portion thereof, lies
pursuant to stating the following provisions:
1."ALL PENDING FORECLOSURE SALES ARE POSTED ON
THE CIRCUIT COURT WEBSITE,
WHICH CAN BE FOUND AT _____________ AND FURTHER POSTED AT THE COURTHOUSE."
Such notice 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. The clerk may charge
a trustee its proportional share of fees incurred by the
clerk for placing such notice in a newspaper.
B.
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 the advertisement
remains posted at the courthouse and on the website for the requisite period of
time. 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. If
the deed of trust does not provide for the number of publications of such
advertisement, the trustee shall ensure that the advertisement is posted at the
courthouse and on the website for at least four successive weeks.
Any provision in a deed of trust requiring advertisement
in a newspaper shall be satisfied by the clerk's notice required in subsection
A.
C. 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 day of advertisement nor more
than thirty 30
days following the last day of
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 days following the last advertisement.
B. Such
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. D. 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. E. 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. F. 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.
§55-63. Construction of deeds requiring notice by
advertisement in newspaper.
(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 (i) notice be
published 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. Both the first publication and the last publication may be
on Sunday in the newspaper is
published weekly by the clerk
and (ii) the advertisement for
sale is posted at the courthouse and on the website of the circuit court of the
county or city in which the property is located for the number of
days specified, pursuant
to §55-59.2. The publication shall in all other respects
comply with the provisions of §§55-59.2 and 55-59.3.
(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.
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