                                 CODE OF VIRGINIA

RELEASE OF JUDGMENT LIEN BY SETTLEMENT AGENT; NOTICE TO LIEN CREDITOR (§
55.1-3101)

A. A settlement agent may release property from a judgment lien in accordance
with the provisions of this section if (i) the settlement agent has made a
written request for a payoff amount from the lien creditor and his counsel of
record, if any, as reflected in the judgment, judgment abstract, or any
certificate of extension filed in the land records; (ii) the lien creditor (a)
has not responded to such request within 15 days or (b) is unable to be located
by the settlement agent after attempts at notice are made as provided in
subsection B; (iii) the settlement agent has delivered or attempted to deliver a
notice of intent to release pursuant to subsection C and the lien creditor has
not responded as required by this section; and (iv) the owner of the property
attests in an affidavit that (a) the owner has paid all or a portion of the
judgment but in good faith does not have knowledge of the judgment balance or
(b) the owner is not the judgment debtor and has no knowledge of the judgment
balance. In such affidavit, such owner shall attest that he has exercised due
diligence to locate the creditor and obtain a payoff amount, if the judgment is
outstanding, and that all attempts to reach such creditor have been
unsuccessful.

B. A settlement agent intending to release a specific piece of property from a
judgment lien pursuant to this section shall deliver or attempt to deliver to
the lien creditor and his counsel of record, if any, by certified mail,
commercial overnight delivery service, or the United States Postal Service, a
notice of intent to release and a copy of the release to be recorded.

C. The notice of intent to release shall contain (i) the name and current
contact information of the settlement agent; (ii) a copy of the recorded
judgment or judgment abstract and a copy of any related recorded assignment or
notice of assignment of the judgment; and (iii) the street address, tax parcel
number, or other identifying information for the property that is the subject of
the release. The notice of intent to release shall conform substantially to the
following form:
			NOTICE OF INTENT TO RELEASE
			(Date of notice)
			Notice is hereby given to you concerning the judgment lien described on the
certificate of release, a copy of which is attached to this notice, as follows:

   1. The settlement agent identified below made a written request more than 15
   days ago for payoff amounts related to the judgment lien cited in the attached
   recorded abstract of judgment incident to the conveyance or encumbrance of
   certain property identified below. Said payoff has not been provided as of the
   date of this notice.

   2. The undersigned will release only the property from the judgment lien
   described in this notice unless, within 30 days from the date of notice, the
   lien creditor sends to the undersigned by (i) certified mail, return receipt
   requested; (ii) commercial delivery service for same day or next business day
   delivery; (iii) the United States Postal Service for next business day
   delivery; or (iv) electronic mail or facsimile transmittal to the electronic
   mail address or fax number provided by the settlement agent a notice stating
   that the lien creditor objects to the release of the property from the
   judgment lien without payment to the lien creditor and provides a complete
   payoff amount. Notice shall be sent to the address stated on this form.
   				(Name of settlement agent)
   				(Virginia RESA registration number of settlement agent)
   				(Address of settlement agent)
   				(Telephone number, fax number, and email address of settlement agent)

D. For the purposes of this chapter, a settlement agent shall maintain, for the
lifetime of the judgement lien, all documents related to exercising due
diligence to locate the creditor.

HISTORY: 2023, c. 550.