{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-340.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-340.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-340.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-340.html"}],"law_id":78869,"edition_id":1,"section_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","history":"1983, c. 220, \u00a7 55-66.3:1; 1996, c. 77; 2019, c. 712.","full_text":"In any case where a note, bond, or other evidence of indebtedness placed by a creditor for collection with a bank, trust company, savings institution, small loan company, or credit union is fully paid at such financial institution, the financial institution, through its authorized agents, may execute all certificates, releases, and affidavits required of a creditor by this chapter to effectuate a release. The financial institution may execute and deliver to the clerk an affidavit to the effect that the financial institution had been acting as collecting agent for the creditor on the debt and that the debt has been paid in full at such institution.","order_by":null,"text":{"0":{"id":282514,"text":"In any case where a note, bond, or other evidence of indebtedness placed by a creditor for collection with a bank, trust company, savings institution, small loan company, or credit union is fully paid at such financial institution, the financial institution, through its authorized agents, may execute all certificates, releases, and affidavits required of a creditor by this chapter to effectuate a release. The financial institution may execute and deliver to the clerk an affidavit to the effect that the financial institution had been acting as collecting agent for the creditor on the debt and that the debt has been paid in full at such institution.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-340\/","history_text":"<p>This law was first created in 1983. The record of its establishment is cataloged in chapter 220 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 1983 \u201cActs\u201d aren\u2019t available online. It has been modified 2 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 1996, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?961+ful+CHAP0077\">77<\/a>; in 2019, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?191+ful+CHAP0712\">712<\/a>.<\/p>","references":[{"id":65250,"section_number":"55.1-342","catch_line":"Permissible form for certificate of satisfaction or certificate of partial satisfaction","order_by":null,"url":"\/55.1-342\/"}],"refers_to":false,"permalink":{"id":245163,"object_type":"law","relational_id":78869,"identifier":"55.1-340","token":"55.1\/I\/3\/2\/55.1-340","url":"\/55.1-340\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-340\/","token":"55.1\/I\/3\/2\/55.1-340","dublin_core":{"Title":"Release by financial institution upon payment of debt placed with it for collection","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-340","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>In any case where a note, <span class=\"dictionary\">bond<\/span>, or other <span class=\"dictionary\">evidence<\/span> of indebtedness placed by a <span class=\"dictionary\">creditor<\/span> for collection with a bank, trust company, savings institution, small loan company, or credit union is fully paid at such financial institution, the financial institution, through its authorized agents, may execute all certificates, releases, and <span class=\"dictionary\">affidavits<\/span> required of a <span class=\"dictionary\">creditor<\/span> by this chapter to effectuate a release. The financial institution may execute and deliver to the clerk an <span class=\"dictionary\">affidavit<\/span> to the effect that the financial institution had been acting as collecting agent for the <span class=\"dictionary\">creditor<\/span> on the debt and that the debt has been paid in full at such institution.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nRELEASE BY FINANCIAL INSTITUTION UPON PAYMENT OF DEBT PLACED WITH IT FOR\nCOLLECTION (\u00a7 55.1-340)\n\nIn any case where a note, bond, or other evidence of indebtedness placed by a\ncreditor for collection with a bank, trust company, savings institution, small\nloan company, or credit union is fully paid at such financial institution, the\nfinancial institution, through its authorized agents, may execute all\ncertificates, releases, and affidavits required of a creditor by this chapter to\neffectuate a release. The financial institution may execute and deliver to the\nclerk an affidavit to the effect that the financial institution had been acting\nas collecting agent for the creditor on the debt and that the debt has been paid\nin full at such institution.\n\nHISTORY: 1983, c. 220, \u00a7 55-66.3:1; 1996, c. 77; 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}}