{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-318.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-318.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-318.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-318.html"}],"law_id":86332,"edition_id":1,"section_id":86332,"structure_id":15078,"section_number":"55.1-318","catch_line":"Credit line deed of trust defined; relative priority of credit line deed of trust and other instruments of judgment","history":"1982, c. 230, \u00a7 55-58.2; 1983, c. 124; 1984, c. 19; 1989, c. 346; 1997, c. 205; 2000, c. 971; 2014, c. 338; 2019, c. 712.","full_text":"A\n\nFor the purpose of this section:\n\t\t\t“Beneficiary” means the noteholder, lender, or other party or parties identified in the credit line deed of trust as secured thereby. In the case of a credit line deed of trust that identifies a party acting as agent for all of the lenders or parties secured by a credit line deed of trust, such agent shall be the beneficiary for purposes of this section.\n\t\t\t“Credit line deed of trust” means any deed of trust, mortgage, bond, or other instrument entered into after July 1, 1982, in which title to real property located in the Commonwealth is conveyed, transferred, encumbered, or pledged to secure payment of money, including advances or other extensions of credit to be made in the future.B\n\nA credit line deed of trust shall set forth on the front page, either in capital letters or in language underscored, the words “THIS IS A CREDIT LINE DEED OF TRUST.” Such phrase shall convey notice to all parties that advances or other extensions of credit are to be made or are contemplated to be made from time to time against the security described in the credit line deed of trust. Such credit line deed of trust shall specify the maximum aggregate amount of principal to be secured at any one time.C\n\nFrom the date and actual time of the recording of a credit line deed of trust, the lien shall have priority (i) as to all other deeds, conveyances, or other instruments, or contracts in writing, that are unrecorded as of such date and time of recording and of which the beneficiary has no knowledge or notice and (ii) as to judgment liens subsequently docketed, except as provided in subsection D. Such priority shall extend to any advances or other extensions of credit made following the recordation of the credit line deed of trust. Amounts outstanding, together with interest, and other items provided by § 55.1-320, shall continue to have priority until paid or curtailed. Mechanics’ liens created under Title 43 shall continue to enjoy the same priority as created by that title. Purchase money security interests in goods and fixtures shall have the same priority as provided in Subpart 3 (§ 8.9A-317 et seq.) of Part 3 of Title 8.9A.D\n\nNotwithstanding the provisions of subsections A, B, and C, if a judgment creditor gives written notice to the beneficiary of record at the address indicated in the credit line deed of trust, such credit line deed of trust shall have no priority as to such judgment for any advances or extensions of credit made under such credit line deed of trust from the day following receipt of that notice except those that have been unconditionally and irrevocably committed prior to such date.E\n\nIn addition to the language specified in subsection B, the credit line deed of trust shall set forth the name of the beneficiary and the address at which communications may be mailed or delivered to the beneficiary. Such name or address may be changed or modified by duly recorded instrument executed by the beneficiary only. If the note or indebtedness secured by the credit line deed of trust is assigned or transferred, the name and address of the new beneficiary may be set forth in the certificate of transfer provided by § 55.1-336. Such original name or address, or if changed, such changed name or address, shall be the address for delivery of notices contemplated by this section. Receipt of notice at such address shall be deemed receipt by the beneficiary.F\n\nThe grantor may require at any time a modification under the credit line deed of trust whereby any priority over subsequently recorded deeds of trust is surrendered as to future advances or other extensions of credit, which advances or extensions of credit are in the discretion of the party secured by the credit line deed of trust.G\n\nNotwithstanding the provisions of subsections A, B, and C, if a deed of trust under this section is a subordinate mortgage, as defined in subsection A of § 55.1-319, upon the recording of a refinance mortgage, as defined in subsection A of § 55.1-319, the credit line deed of trust shall retain the same subordinate position with respect to the refinance mortgage as it had with the prior mortgage, as defined in subsection A of § 55.1-319, provided that the refinance mortgage complies with the requirements of § 55.1-319.","order_by":null,"text":{"0":{"id":309204,"text":"For the purpose of this section:\n\t\t\t“Beneficiary” means the noteholder, lender, or other party or parties identified in the credit line deed of trust as secured thereby. In the case of a credit line deed of trust that identifies a party acting as agent for all of the lenders or parties secured by a credit line deed of trust, such agent shall be the beneficiary for purposes of this section.\n\t\t\t“Credit line deed of trust” means any deed of trust, mortgage, bond, or other instrument entered into after July 1, 1982, in which title to real property located in the Commonwealth is conveyed, transferred, encumbered, or pledged to secure payment of money, including advances or other extensions of credit to be made in the future.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":309205,"text":"A credit line deed of trust shall set forth on the front page, either in capital letters or in language underscored, the words “THIS IS A CREDIT LINE DEED OF TRUST.” Such phrase shall convey notice to all parties that advances or other extensions of credit are to be made or are contemplated to be made from time to time against the security described in the credit line deed of trust. Such credit line deed of trust shall specify the maximum aggregate amount of principal to be secured at any one time.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":309206,"text":"From the date and actual time of the recording of a credit line deed of trust, the lien shall have priority (i) as to all other deeds, conveyances, or other instruments, or contracts in writing, that are unrecorded as of such date and time of recording and of which the beneficiary has no knowledge or notice and (ii) as to judgment liens subsequently docketed, except as provided in subsection D. Such priority shall extend to any advances or other extensions of credit made following the recordation of the credit line deed of trust. Amounts outstanding, together with interest, and other items provided by § 55.1-320, shall continue to have priority until paid or curtailed. Mechanics’ liens created under Title 43 shall continue to enjoy the same priority as created by that title. Purchase money security interests in goods and fixtures shall have the same priority as provided in Subpart 3 (§ 8.9A-317 et seq.) of Part 3 of Title 8.9A.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":309207,"text":"Notwithstanding the provisions of subsections A, B, and C, if a judgment creditor gives written notice to the beneficiary of record at the address indicated in the credit line deed of trust, such credit line deed of trust shall have no priority as to such judgment for any advances or extensions of credit made under such credit line deed of trust from the day following receipt of that notice except those that have been unconditionally and irrevocably committed prior to such date.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":309208,"text":"In addition to the language specified in subsection B, the credit line deed of trust shall set forth the name of the beneficiary and the address at which communications may be mailed or delivered to the beneficiary. Such name or address may be changed or modified by duly recorded instrument executed by the beneficiary only. If the note or indebtedness secured by the credit line deed of trust is assigned or transferred, the name and address of the new beneficiary may be set forth in the certificate of transfer provided by § 55.1-336. Such original name or address, or if changed, such changed name or address, shall be the address for delivery of notices contemplated by this section. Receipt of notice at such address shall be deemed receipt by the beneficiary.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":309209,"text":"The grantor may require at any time a modification under the credit line deed of trust whereby any priority over subsequently recorded deeds of trust is surrendered as to future advances or other extensions of credit, which advances or extensions of credit are in the discretion of the party secured by the credit line deed of trust.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"6":{"id":309210,"text":"Notwithstanding the provisions of subsections A, B, and C, if a deed of trust under this section is a subordinate mortgage, as defined in subsection A of § 55.1-319, upon the recording of a refinance mortgage, as defined in subsection A of § 55.1-319, the credit line deed of trust shall retain the same subordinate position with respect to the refinance mortgage as it had with the prior mortgage, as defined in subsection A of § 55.1-319, provided that the refinance mortgage complies with the requirements of § 55.1-319.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F"}},"ancestry":[{"id":15078,"edition_id":1,"name":"Form and Effect of Deeds of Trust; Sales Thereunder; Assignments; Releases","identifier":"2","label":"article","depth":4,"order_by":1,"parent_id":13328,"metadata":{},"date_created":"2026-06-26 03:52:02","date_modified":"2026-06-26 03:52:02","permalink":{"id":245061,"object_type":"structure","relational_id":15078,"identifier":"2","token":"55.1\/I\/3\/2","url":"\/55.1\/I\/3\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13328,"edition_id":1,"name":"Form and Effect of Deeds and Covenants; Liens","identifier":"3","label":"chapter","depth":3,"order_by":1,"parent_id":13327,"metadata":{},"date_created":"2026-06-26 03:44:39","date_modified":"2026-06-26 03:44:39","permalink":{"id":244985,"object_type":"structure","relational_id":13328,"identifier":"3","token":"55.1\/I\/3","url":"\/55.1\/I\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13327,"edition_id":1,"name":"Property Conveyances","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12707,"metadata":{},"date_created":"2026-06-26 03:44:39","date_modified":"2026-06-26 03:44:39","permalink":{"id":244771,"object_type":"structure","relational_id":13327,"identifier":"I","token":"55.1\/I","url":"\/55.1\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12707,"edition_id":1,"name":"Property and Conveyances","identifier":"55.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":244769,"object_type":"structure","relational_id":12707,"identifier":"55.1","token":"55.1","url":"\/55.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":65329,"structure_id":15078,"section_number":"55.1-316","catch_line":"Form of deed of trust to secure debts, etc","url":"\/55.1-316\/","token":"55.1\/I\/3\/2\/55.1-316","metadata":false},{"id":70118,"structure_id":15078,"section_number":"55.1-317","catch_line":"Requirements for trustees","url":"\/55.1-317\/","token":"55.1\/I\/3\/2\/55.1-317","metadata":false},{"id":86332,"structure_id":15078,"section_number":"55.1-318","catch_line":"Credit line deed of trust defined; relative priority of credit line deed of trust and other instruments of judgment","url":"\/55.1-318\/","token":"55.1\/I\/3\/2\/55.1-318","metadata":false},{"id":84678,"structure_id":15078,"section_number":"55.1-318.1","catch_line":"Effect of amendment to loan document on deed of trust","url":"\/55.1-318.1\/","token":"55.1\/I\/3\/2\/55.1-318.1","metadata":false},{"id":75054,"structure_id":15078,"section_number":"55.1-319","catch_line":"Priority of residential refinance mortgage over subordinate mortgage","url":"\/55.1-319\/","token":"55.1\/I\/3\/2\/55.1-319","metadata":false},{"id":84870,"structure_id":15078,"section_number":"55.1-320","catch_line":"How deed of trust construed; duties, rights, etc., of parties","url":"\/55.1-320\/","token":"55.1\/I\/3\/2\/55.1-320","metadata":false},{"id":82152,"structure_id":15078,"section_number":"55.1-321","catch_line":"Notices required before sale by trustee to owners, lienors, etc.; if note lost","url":"\/55.1-321\/","token":"55.1\/I\/3\/2\/55.1-321","metadata":false},{"id":69372,"structure_id":15078,"section_number":"55.1-322","catch_line":"Advertisement required before sale by trustee","url":"\/55.1-322\/","token":"55.1\/I\/3\/2\/55.1-322","metadata":false},{"id":77112,"structure_id":15078,"section_number":"55.1-323","catch_line":"Contents of advertisements of sale","url":"\/55.1-323\/","token":"55.1\/I\/3\/2\/55.1-323","metadata":false},{"id":79384,"structure_id":15078,"section_number":"55.1-324","catch_line":"Powers and duties of trustee in event of sale under or satisfaction of deed of trust","url":"\/55.1-324\/","token":"55.1\/I\/3\/2\/55.1-324","metadata":false},{"id":70971,"structure_id":15078,"section_number":"55.1-325","catch_line":"Meaning of phrases that may be included in deed of trust","url":"\/55.1-325\/","token":"55.1\/I\/3\/2\/55.1-325","metadata":false},{"id":73086,"structure_id":15078,"section_number":"55.1-326","catch_line":"Evidences of indebtedness placed on equal footing","url":"\/55.1-326\/","token":"55.1\/I\/3\/2\/55.1-326","metadata":false},{"id":78854,"structure_id":15078,"section_number":"55.1-327","catch_line":"Sales under deeds of trust that contain no maturity date or provision authorizing sale","url":"\/55.1-327\/","token":"55.1\/I\/3\/2\/55.1-327","metadata":false},{"id":57488,"structure_id":15078,"section_number":"55.1-328","catch_line":"Validation of conveyances of real property under trust instrument not authorizing sale","url":"\/55.1-328\/","token":"55.1\/I\/3\/2\/55.1-328","metadata":false},{"id":86578,"structure_id":15078,"section_number":"55.1-329","catch_line":"Permissible form for notice of sale under deed of trust","url":"\/55.1-329\/","token":"55.1\/I\/3\/2\/55.1-329","metadata":false},{"id":69516,"structure_id":15078,"section_number":"55.1-330","catch_line":"Construction of deeds requiring notice by advertisement in newspaper","url":"\/55.1-330\/","token":"55.1\/I\/3\/2\/55.1-330","metadata":false},{"id":84754,"structure_id":15078,"section_number":"55.1-331","catch_line":"Disposition of surplus from trustee's sale after death of grantor","url":"\/55.1-331\/","token":"55.1\/I\/3\/2\/55.1-331","metadata":false},{"id":75951,"structure_id":15078,"section_number":"55.1-332","catch_line":"Title to real estate sold not affected by nonlisting of secured notes for taxation","url":"\/55.1-332\/","token":"55.1\/I\/3\/2\/55.1-332","metadata":false},{"id":71527,"structure_id":15078,"section_number":"55.1-333","catch_line":"Validation of certain sales made under deeds of trust","url":"\/55.1-333\/","token":"55.1\/I\/3\/2\/55.1-333","metadata":false},{"id":77519,"structure_id":15078,"section_number":"55.1-334","catch_line":"Validation of certain sales made under deeds of trust prior to October 1, 1977","url":"\/55.1-334\/","token":"55.1\/I\/3\/2\/55.1-334","metadata":false},{"id":64323,"structure_id":15078,"section_number":"55.1-335","catch_line":"Validation of other sales under deeds of trust","url":"\/55.1-335\/","token":"55.1\/I\/3\/2\/55.1-335","metadata":false},{"id":80410,"structure_id":15078,"section_number":"55.1-336","catch_line":"Protection of assignees or transferees of debts secured by real estate; form of certificate of transfer","url":"\/55.1-336\/","token":"55.1\/I\/3\/2\/55.1-336","metadata":false},{"id":60195,"structure_id":15078,"section_number":"55.1-337","catch_line":"Required notice of foreclosure or repossession of manufactured home","url":"\/55.1-337\/","token":"55.1\/I\/3\/2\/55.1-337","metadata":false},{"id":77976,"structure_id":15078,"section_number":"55.1-338","catch_line":"Release to person dead inures to successors","url":"\/55.1-338\/","token":"55.1\/I\/3\/2\/55.1-338","metadata":false},{"id":82066,"structure_id":15078,"section_number":"55.1-339","catch_line":"Release of deed of trust or other lien","url":"\/55.1-339\/","token":"55.1\/I\/3\/2\/55.1-339","metadata":false},{"id":78869,"structure_id":15078,"section_number":"55.1-340","catch_line":"Release by financial institution upon payment of debt placed with it for collection","url":"\/55.1-340\/","token":"55.1\/I\/3\/2\/55.1-340","metadata":false},{"id":58312,"structure_id":15078,"section_number":"55.1-341","catch_line":"Partial satisfaction","url":"\/55.1-341\/","token":"55.1\/I\/3\/2\/55.1-341","metadata":false},{"id":65250,"structure_id":15078,"section_number":"55.1-342","catch_line":"Permissible form for certificate of satisfaction or certificate of partial satisfaction","url":"\/55.1-342\/","token":"55.1\/I\/3\/2\/55.1-342","metadata":false},{"id":72373,"structure_id":15078,"section_number":"55.1-343","catch_line":"Where certificates of satisfaction are to be indexed","url":"\/55.1-343\/","token":"55.1\/I\/3\/2\/55.1-343","metadata":false},{"id":74812,"structure_id":15078,"section_number":"55.1-344","catch_line":"Releases made by court; costs and attorney fees","url":"\/55.1-344\/","token":"55.1\/I\/3\/2\/55.1-344","metadata":false},{"id":78458,"structure_id":15078,"section_number":"55.1-345","catch_line":"Recordation of certificate of satisfaction, etc., required when release of lien recorded","url":"\/55.1-345\/","token":"55.1\/I\/3\/2\/55.1-345","metadata":false}],"previous_section":{"id":70118,"structure_id":15078,"section_number":"55.1-317","catch_line":"Requirements for trustees","url":"\/55.1-317\/","token":"55.1\/I\/3\/2\/55.1-317","metadata":false},"next_section":{"id":84678,"structure_id":15078,"section_number":"55.1-318.1","catch_line":"Effect of amendment to loan document on deed of trust","url":"\/55.1-318.1\/","token":"55.1\/I\/3\/2\/55.1-318.1","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-318\/","history_text":"

This law was first created in 1982. The record of its establishment is cataloged in chapter 230 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1982 \u201cActs\u201d aren\u2019t available online. It has been modified 7 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1983, chapter 124; in 1984, chapter 19; in 1989, chapter 346; in 1997, chapter 205<\/a>; in 2000, chapter 971<\/a>; in 2014, chapter 338<\/a>; in 2019, chapter 712<\/a>.<\/p>","references":[{"id":74192,"section_number":"55.1-1833","catch_line":"Lien for assessments; foreclosure","order_by":null,"url":"\/55.1-1833\/"},{"id":70971,"section_number":"55.1-325","catch_line":"Meaning of phrases that may be included in deed of trust","order_by":null,"url":"\/55.1-325\/"},{"id":80410,"section_number":"55.1-336","catch_line":"Protection of assignees or transferees of debts secured by real estate; form of certificate of transfer","order_by":null,"url":"\/55.1-336\/"},{"id":82066,"section_number":"55.1-339","catch_line":"Release of deed of trust or other lien","order_by":null,"url":"\/55.1-339\/"},{"id":76968,"section_number":"55.1-407","catch_line":"Contracts, etc., void as to creditors and purchasers until recorded; priority of credit line deed of trust","order_by":null,"url":"\/55.1-407\/"},{"id":87323,"section_number":"8.01-242","catch_line":"Same; when no maturity date is given; credit line deeds of trust","order_by":null,"url":"\/8.01-242\/"}],"refers_to":[{"id":75054,"section_number":"55.1-319","catch_line":"Priority of residential refinance mortgage over subordinate mortgage","order_by":null,"url":"\/55.1-319\/"},{"id":84870,"section_number":"55.1-320","catch_line":"How deed of trust construed; duties, rights, etc., of parties","order_by":null,"url":"\/55.1-320\/"},{"id":80410,"section_number":"55.1-336","catch_line":"Protection of assignees or transferees of debts secured by real estate; form of certificate of transfer","order_by":null,"url":"\/55.1-336\/"},{"id":62358,"section_number":"8.9A-317","catch_line":"Interests that take priority over or take free of security interest or agricultural lien","order_by":null,"url":"\/8.9A-317\/"}],"permalink":{"id":245071,"object_type":"law","relational_id":86332,"identifier":"55.1-318","token":"55.1\/I\/3\/2\/55.1-318","url":"\/55.1-318\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-318\/","token":"55.1\/I\/3\/2\/55.1-318","dublin_core":{"Title":"Credit line deed of trust defined; relative priority of credit line deed of trust and other instruments of judgment","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-318","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> For the purpose of this section:\n\t\t\t“Beneficiary<\/span>” means the noteholder, lender, or other party<\/span> or parties identified in the credit line deed of trust<\/span> as secured thereby. In the case of a credit line deed of trust<\/span> that identifies a party<\/span> acting as agent for all of the lenders or parties secured by a credit line deed of trust<\/span>, such agent shall be the beneficiary<\/span> for purposes of this section.\n\t\t\t“Credit line deed of trust<\/span>” means any deed of trust, mortgage, bond<\/span>, or other instrument entered into after July 1, 1982, in which title to real property located in the Commonwealth is conveyed, transferred, encumbered, or pledged to secure payment of money, including advances or other extensions of credit to be made in the future. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> A credit line deed of trust<\/span> shall set forth on the front page, either in capital letters or in language underscored, the words “THIS IS A CREDIT LINE DEED OF TRUST<\/span>.” Such phrase shall convey notice to all parties that advances or other extensions of credit are to be made or are contemplated to be made from time to time against the security described in the credit line deed of trust<\/span>. Such credit line deed of trust<\/span> shall specify the maximum aggregate amount of principal to be secured at any one time. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> From the date and actual time of the recording of a credit line deed of trust<\/span>, the lien<\/span> shall have priority (i) as to all other deeds, conveyances, or other instruments, or contracts<\/span> in writing, that are unrecorded as of such date and time of recording and of which the beneficiary<\/span> has no knowledge or notice and (ii) as to judgment<\/span> liens<\/span> subsequently docketed, except as provided in subsection D. Such priority shall extend to any advances or other extensions of credit made following the recordation of the credit line deed of trust<\/span>. Amounts outstanding, together with interest, and other items provided by § 55.1-320<\/a>, shall continue to have priority until paid or curtailed. Mechanics’ liens<\/span> created under Title 43 shall continue to enjoy the same priority as created by that title. Purchase money security interests in goods and fixtures shall have the same priority as provided in Subpart 3 (§ 8.9A-317<\/a> et seq.) of Part 3 of Title 8.9A. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Notwithstanding the provisions of subsections A, B, and C, if a judgment creditor<\/span> gives written notice to the beneficiary<\/span> of record at the address indicated in the credit line deed of trust<\/span>, such credit line deed of trust<\/span> shall have no priority as to such judgment for any advances or extensions of credit made under such credit line deed of trust<\/span> from the day following receipt of that notice except those that have been unconditionally and irrevocably committed prior to such date. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> In addition to the language specified in subsection B, the credit line deed of trust<\/span> shall set forth the name of the beneficiary<\/span> and the address at which communications may be mailed or delivered to the beneficiary<\/span>. Such name or address may be changed or modified by duly recorded instrument executed by the beneficiary<\/span> only. If the note or indebtedness secured by the credit line deed of trust<\/span> is assigned or transferred, the name and address of the new beneficiary<\/span> may be set forth in the certificate of transfer provided by § 55.1-336<\/a>. Such original name or address, or if changed, such changed name or address, shall be the address for delivery of notices contemplated by this section. Receipt of notice at such address shall be deemed receipt by the beneficiary<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> The grantor may require at any time a modification under the credit line deed of trust<\/span> whereby any priority over subsequently recorded deeds of trust is surrendered as to future advances or other extensions of credit, which advances or extensions of credit are in the discretion of the party<\/span> secured by the credit line deed of trust<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> Notwithstanding the provisions of subsections A, B, and C, if a deed of trust under this section is a subordinate mortgage, as defined in subsection A of § 55.1-319<\/a>, upon the recording of a refinance mortgage, as defined in subsection A of § 55.1-319<\/a>, the credit line deed of trust<\/span> shall retain the same subordinate position with respect to the refinance mortgage as it had with the prior mortgage, as defined in subsection A of § 55.1-319<\/a>, provided that the refinance mortgage complies with the requirements of § 55.1-319<\/a>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCREDIT LINE DEED OF TRUST DEFINED; RELATIVE PRIORITY OF CREDIT LINE DEED OF\nTRUST AND OTHER INSTRUMENTS OF JUDGMENT (\u00a7 55.1-318)\n\nA. For the purpose of this section:\n\t\t\t“Beneficiary” means the noteholder, lender, or other party or\nparties identified in the credit line deed of trust as secured thereby. In the\ncase of a credit line deed of trust that identifies a party acting as agent for\nall of the lenders or parties secured by a credit line deed of trust, such agent\nshall be the beneficiary for purposes of this section.\n\t\t\t“Credit line deed of trust” means any deed of trust, mortgage,\nbond, or other instrument entered into after July 1, 1982, in which title to\nreal property located in the Commonwealth is conveyed, transferred, encumbered,\nor pledged to secure payment of money, including advances or other extensions of\ncredit to be made in the future.\n\nB. A credit line deed of trust shall set forth on the front page, either in\ncapital letters or in language underscored, the words “THIS IS A CREDIT\nLINE DEED OF TRUST.” Such phrase shall convey notice to all parties that\nadvances or other extensions of credit are to be made or are contemplated to be\nmade from time to time against the security described in the credit line deed of\ntrust. Such credit line deed of trust shall specify the maximum aggregate amount\nof principal to be secured at any one time.\n\nC. From the date and actual time of the recording of a credit line deed of\ntrust, the lien shall have priority (i) as to all other deeds, conveyances, or\nother instruments, or contracts in writing, that are unrecorded as of such date\nand time of recording and of which the beneficiary has no knowledge or notice\nand (ii) as to judgment liens subsequently docketed, except as provided in\nsubsection D. Such priority shall extend to any advances or other extensions of\ncredit made following the recordation of the credit line deed of trust. Amounts\noutstanding, together with interest, and other items provided by §\n55.1-320, shall continue to have priority until paid or curtailed.\nMechanics’ liens created under Title 43 shall continue to enjoy the same\npriority as created by that title. Purchase money security interests in goods\nand fixtures shall have the same priority as provided in Subpart 3 (§\n8.9A-317 et seq.) of Part 3 of Title 8.9A.\n\nD. Notwithstanding the provisions of subsections A, B, and C, if a judgment\ncreditor gives written notice to the beneficiary of record at the address\nindicated in the credit line deed of trust, such credit line deed of trust shall\nhave no priority as to such judgment for any advances or extensions of credit\nmade under such credit line deed of trust from the day following receipt of that\nnotice except those that have been unconditionally and irrevocably committed\nprior to such date.\n\nE. In addition to the language specified in subsection B, the credit line deed\nof trust shall set forth the name of the beneficiary and the address at which\ncommunications may be mailed or delivered to the beneficiary. Such name or\naddress may be changed or modified by duly recorded instrument executed by the\nbeneficiary only. If the note or indebtedness secured by the credit line deed of\ntrust is assigned or transferred, the name and address of the new beneficiary\nmay be set forth in the certificate of transfer provided by § 55.1-336.\nSuch original name or address, or if changed, such changed name or address,\nshall be the address for delivery of notices contemplated by this section.\nReceipt of notice at such address shall be deemed receipt by the beneficiary.\n\nF. The grantor may require at any time a modification under the credit line deed\nof trust whereby any priority over subsequently recorded deeds of trust is\nsurrendered as to future advances or other extensions of credit, which advances\nor extensions of credit are in the discretion of the party secured by the credit\nline deed of trust.\n\nG. Notwithstanding the provisions of subsections A, B, and C, if a deed of trust\nunder this section is a subordinate mortgage, as defined in subsection A of\n§ 55.1-319, upon the recording of a refinance mortgage, as defined in\nsubsection A of § 55.1-319, the credit line deed of trust shall retain the\nsame subordinate position with respect to the refinance mortgage as it had with\nthe prior mortgage, as defined in subsection A of § 55.1-319, provided that\nthe refinance mortgage complies with the requirements of § 55.1-319.\n\nHISTORY: 1982, c. 230, \u00a7 55-58.2; 1983, c. 124; 1984, c. 19; 1989, c. 346;\n1997, c. 205; 2000, c. 971; 2014, c. 338; 2019, c. 712.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}