§ 55.1-1403 Perfection of lien or interest in leases, rents, and profits
The recordation pursuant to § 55.1-600, in the county or city in which the real property is located, of any deed, deed of trust, or other instrument granting, transferring, or assigning the interest of the grantor, transferor, assignor, pledgor, or lessor in leases, rents, or profits arising from the real property described in such deed, deed of trust, or other instrument shall fully perfect the interest of the grantee, transferee, assignee, or pledgee as to the assignor and all third parties without the necessity of (i) furnishing notice to the assignor or lessee, (ii) obtaining possession of the real property, (iii) impounding the rents, (iv) securing the appointment of a receiver, or (v) taking any other affirmative action. The lessee is authorized to pay the assignor until the lessee receives written notification that rents due or to become due have been assigned and that payment is to be made to the assignee.
History
This law was first created in 1992. The record of its establishment is cataloged in chapter 67 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1992 “Acts” aren’t available online. It has been modified 2 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1993, chapter 427; in 2019, chapter 712.
1992, c. 67, § 55-220.1; 1993, c. 427; 2019, c. 712.