§ 55.1-350 Form and effect of satisfaction
A. A document is sufficient to constitute a satisfaction of a security instrument if it conforms substantially in form and content to the requirements of § 55.1-342 and it:
1. Identifies the security instrument, the original parties to the security instrument, the recording data for the security instrument, and the office in which the security instrument is recorded;
2. States that the person signing the satisfaction is the secured creditor;
3. Contains a legal description of the real property identified in the security instrument, but only if a legal description is necessary for a satisfaction to be properly indexed; otherwise, the deed book and page number or instrument number is sufficient;
4. Contains language terminating the effectiveness of the security instrument; and
5. Is signed by the secured creditor and acknowledged as required by law for a conveyance of an interest in real property.
B. The clerk of the circuit court shall accept for recording a satisfaction document, unless:
1. An amount equal to or greater than the applicable recording fees and taxes is not tendered;
2. The document is submitted by a method or in a medium not authorized by the laws of the Commonwealth; or
3. The document is not signed by the secured creditor and acknowledged as required by law for a conveyance of an interest in real property.
History
This law was first created in 2006. The record of its establishment is cataloged in chapter 907 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. It has been modified 1 time. 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. That modification is as follows: in 2019, chapter 712.
2006, c. 907, § 55-66.12; 2019, c. 712.