{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-324.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-324.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-324.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-324.html"}],"law_id":79384,"edition_id":1,"section_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","history":"1979, c. 12, \u00a7 55-59.4; 1997, c. 842; 1998, c. 610; 2010, c. 417; 2019, c. 712.","full_text":"A\n\nIn the event of sale under a deed of trust, the trustee shall have the following powers and duties in addition to all others:1\n\nWritten one-price bids may be made and shall be received by the trustee from the beneficiary or any other person for entry by announcement of the trustee at the sale. Any person other than the trustee may bid at the foreclosure sale, including a person who has submitted a written one-price bid. Upon request to the trustee, any other bidder in attendance at a foreclosure sale shall be permitted to inspect written bids. Whenever the written bid of the beneficiary is the highest bid submitted at the sale, such document shall be filed by the trustee with his account of sale required under § 64.2-1309. The written bid submitted pursuant to this subsection may be prepared by the beneficiary, its agent, or its attorney.2\n\nThe trustee may require of any bidder at any sale a cash deposit of as much as 10 percent of the sale price, unless the deed of trust specifies a higher or lower maximum, which may be done by the words “bidder’s deposit of not more than ______ dollars may be required” or similar words, before his bid is received, which shall be refunded to the bidder unless the property is sold to him, otherwise to be applied to his credit in settlement or, should he fail to complete his purchase promptly, to be applied to pay the costs and expense of sale and the balance, if any, to be retained by the trustee as his compensation in connection with that sale.3\n\nThe trustee shall receive and receipt for the proceeds of sale, account for the same to the commissioner of accounts pursuant to § 64.2-1309 and apply the same, first, to discharge the expenses of executing the trust, including a reasonable commission to the trustee; secondly, to discharge all taxes, levies, and assessments, with costs and interest if they have priority over the lien of the deed of trust, including the due pro rata thereof for the current year; thirdly, to discharge in the order of their priority, if any, the remaining debts and obligations secured by the deed, and any liens of record inferior to the deed of trust under which sale is made, with lawful interest; and, fourthly, the residue of the proceeds shall be paid to the grantor or his assigns, provided, however, that the trustee as to such residue shall not be bound by any inheritance, devise, conveyance, assignment, or lien of or upon the grantor’s equity, without actual notice thereof prior to distribution, and provided further that such order of priorities shall not be changed or varied by the deed of trust. The trustee’s deed shall show the trustee’s mailing address.B\n\nUpon discharge, other than by sale by the trustee, of all debts, duties, and obligations imposed by the deed upon the grantor, including any expenses incurred preparatory to sale, then upon the grantor’s request the trustee shall execute and deliver a good and sufficient deed of release at the grantor’s own proper costs and charges.","order_by":null,"text":{"0":{"id":284183,"text":"In the event of sale under a deed of trust, the trustee shall have the following powers and duties in addition to all others:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":284184,"text":"Written one-price bids may be made and shall be received by the trustee from the beneficiary or any other person for entry by announcement of the trustee at the sale. Any person other than the trustee may bid at the foreclosure sale, including a person who has submitted a written one-price bid. Upon request to the trustee, any other bidder in attendance at a foreclosure sale shall be permitted to inspect written bids. Whenever the written bid of the beneficiary is the highest bid submitted at the sale, such document shall be filed by the trustee with his account of sale required under § 64.2-1309. The written bid submitted pursuant to this subsection may be prepared by the beneficiary, its agent, or its attorney.","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":284185,"text":"The trustee may require of any bidder at any sale a cash deposit of as much as 10 percent of the sale price, unless the deed of trust specifies a higher or lower maximum, which may be done by the words “bidder’s deposit of not more than ______ dollars may be required” or similar words, before his bid is received, which shall be refunded to the bidder unless the property is sold to him, otherwise to be applied to his credit in settlement or, should he fail to complete his purchase promptly, to be applied to pay the costs and expense of sale and the balance, if any, to be retained by the trustee as his compensation in connection with that sale.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":284186,"text":"The trustee shall receive and receipt for the proceeds of sale, account for the same to the commissioner of accounts pursuant to § 64.2-1309 and apply the same, first, to discharge the expenses of executing the trust, including a reasonable commission to the trustee; secondly, to discharge all taxes, levies, and assessments, with costs and interest if they have priority over the lien of the deed of trust, including the due pro rata thereof for the current year; thirdly, to discharge in the order of their priority, if any, the remaining debts and obligations secured by the deed, and any liens of record inferior to the deed of trust under which sale is made, with lawful interest; and, fourthly, the residue of the proceeds shall be paid to the grantor or his assigns, provided, however, that the trustee as to such residue shall not be bound by any inheritance, devise, conveyance, assignment, or lien of or upon the grantor’s equity, without actual notice thereof prior to distribution, and provided further that such order of priorities shall not be changed or varied by the deed of trust. The trustee’s deed shall show the trustee’s mailing address.","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"B"},"4":{"id":284187,"text":"Upon discharge, other than by sale by the trustee, of all debts, duties, and obligations imposed by the deed upon the grantor, including any expenses incurred preparatory to sale, then upon the grantor’s request the trustee shall execute and deliver a good and sufficient deed of release at the grantor’s own proper costs and charges.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A3"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-324\/","history_text":"

This law was first created in 1979. The record of its establishment is cataloged in chapter 12 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 1979 \u201cActs\u201d aren\u2019t available online. It has been modified 4 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 1997, chapter 842<\/a>; in 1998, chapter 610<\/a>; in 2010, chapter 417<\/a>; in 2019, chapter 712<\/a>.<\/p>","references":[{"id":57709,"section_number":"58.1-3745","catch_line":" Lien on real estate and personal property of businesses severing coal","order_by":null,"url":"\/58.1-3745\/"}],"refers_to":[{"id":68866,"section_number":"64.2-1309","catch_line":"Accounts of sales under deeds of trust","order_by":null,"url":"\/64.2-1309\/"}],"permalink":{"id":245099,"object_type":"law","relational_id":79384,"identifier":"55.1-324","token":"55.1\/I\/3\/2\/55.1-324","url":"\/55.1-324\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-324\/","token":"55.1\/I\/3\/2\/55.1-324","dublin_core":{"Title":"Powers and duties of trustee in event of sale under or satisfaction of deed of trust","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-324","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> In the event of sale under a deed of trust, the trustee shall have the following powers and duties in addition to all others: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Written one-price bids may be made and shall be received by the trustee from the beneficiary or any other person for entry by announcement of the trustee at the sale. Any person other than the trustee may bid at the foreclosure sale, including a person who has submitted a written one-price bid. Upon request to the trustee, any other bidder in attendance at a foreclosure sale shall be permitted to inspect written bids. Whenever the written bid of the beneficiary is the highest bid submitted at the sale, such document shall be filed by the trustee with his account of sale required under § 64.2-1309<\/a>. The written bid submitted pursuant to this subsection may be prepared by the beneficiary, its agent, or its attorney. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The trustee may require of any bidder at any sale a cash deposit of as much as 10 percent of the sale price, unless the deed of trust specifies a higher or lower maximum, which may be done by the words “bidder’s deposit of not more than ______ dollars may be required” or similar words, before his bid is received, which shall be refunded to the bidder unless the property is sold to him, otherwise to be applied to his credit in settlement<\/span> or, should he fail to complete his purchase promptly, to be applied to pay the costs and expense of sale and the balance, if any, to be retained by the trustee as his compensation in connection with that sale. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The trustee shall receive and receipt for the proceeds of sale, account for the same to the commissioner of accounts pursuant to § 64.2-1309<\/a> and apply the same, first, to discharge the expenses of executing the trust, including a reasonable commission to the trustee; secondly, to discharge all taxes, levies, and assessments, with costs and interest if they have priority over the lien<\/span> of the deed of trust, including the due pro rata thereof for the current year; thirdly, to discharge in the order<\/span> of their priority, if any, the remaining debts and obligations secured by the deed, and any liens<\/span> of record inferior to the deed of trust under which sale is made, with lawful interest; and, fourthly, the residue of the proceeds shall be paid to the grantor or his assigns, provided, however, that the trustee as to such residue shall not be bound by any inheritance, devise, conveyance, assignment, or lien<\/span> of or upon the grantor’s equity<\/span>, without actual notice thereof prior to distribution, and provided further that such order<\/span> of priorities shall not be changed or varied by the deed of trust. The trustee’s deed shall show the trustee’s mailing address. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Upon discharge, other than by sale by the trustee, of all debts, duties, and obligations imposed by the deed upon the grantor, including any expenses incurred preparatory to sale, then upon the grantor’s request the trustee shall execute and deliver a good and sufficient deed of release at the grantor’s own proper costs and charges. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWERS AND DUTIES OF TRUSTEE IN EVENT OF SALE UNDER OR SATISFACTION OF DEED OF\nTRUST (\u00a7 55.1-324)\n\nA. In the event of sale under a deed of trust, the trustee shall have the\nfollowing powers and duties in addition to all others:\n\n 1. Written one-price bids may be made and shall be received by the trustee\n from the beneficiary or any other person for entry by announcement of the\n trustee at the sale. Any person other than the trustee may bid at the\n foreclosure sale, including a person who has submitted a written one-price\n bid. Upon request to the trustee, any other bidder in attendance at a\n foreclosure sale shall be permitted to inspect written bids. Whenever the\n written bid of the beneficiary is the highest bid submitted at the sale, such\n document shall be filed by the trustee with his account of sale required under\n § 64.2-1309. The written bid submitted pursuant to this subsection may be\n prepared by the beneficiary, its agent, or its attorney.\n\n 2. The trustee may require of any bidder at any sale a cash deposit of as much\n as 10 percent of the sale price, unless the deed of trust specifies a higher\n or lower maximum, which may be done by the words “bidder’s deposit\n of not more than ______ dollars may be required” or similar words,\n before his bid is received, which shall be refunded to the bidder unless the\n property is sold to him, otherwise to be applied to his credit in settlement\n or, should he fail to complete his purchase promptly, to be applied to pay the\n costs and expense of sale and the balance, if any, to be retained by the\n trustee as his compensation in connection with that sale.\n\n 3. The trustee shall receive and receipt for the proceeds of sale, account for\n the same to the commissioner of accounts pursuant to § 64.2-1309 and\n apply the same, first, to discharge the expenses of executing the trust,\n including a reasonable commission to the trustee; secondly, to discharge all\n taxes, levies, and assessments, with costs and interest if they have priority\n over the lien of the deed of trust, including the due pro rata thereof for the\n current year; thirdly, to discharge in the order of their priority, if any,\n the remaining debts and obligations secured by the deed, and any liens of\n record inferior to the deed of trust under which sale is made, with lawful\n interest; and, fourthly, the residue of the proceeds shall be paid to the\n grantor or his assigns, provided, however, that the trustee as to such residue\n shall not be bound by any inheritance, devise, conveyance, assignment, or lien\n of or upon the grantor’s equity, without actual notice thereof prior to\n distribution, and provided further that such order of priorities shall not be\n changed or varied by the deed of trust. The trustee’s deed shall show\n the trustee’s mailing address.\n\nB. Upon discharge, other than by sale by the trustee, of all debts, duties, and\nobligations imposed by the deed upon the grantor, including any expenses\nincurred preparatory to sale, then upon the grantor’s request the trustee\nshall execute and deliver a good and sufficient deed of release at the\ngrantor’s own proper costs and charges.\n\nHISTORY: 1979, c. 12, \u00a7 55-59.4; 1997, c. 842; 1998, c. 610; 2010, c. 417;\n2019, 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}}