                                 CODE OF VIRGINIA

SALES UNDER DEEDS OF TRUST THAT CONTAIN NO MATURITY DATE OR PROVISION
AUTHORIZING SALE (§ 55.1-327)

When any property, real or personal, is conveyed by deed of trust to a trustee
to secure the payment of a debt, money, notes, bonds, stocks, or other evidences
of debt and there is no date fixed for the maturity thereof and such deed of
trust contains no provision authorizing the trustee to make sale of such
property, or any part thereof, and the reinvestment of the proceeds of sale in
other property subject to the terms of such deed of trust, the circuit court, or
such court having jurisdiction of the subject matter, upon a complaint filed by
any one or more of the lien debtors, in which complaint all persons interested
in such lien and all holders of the evidences of debt secured by the deed of
trust thereon, and all other necessary or proper parties, except the plaintiffs,
shall be made defendants, may order a sale of such property, or any part
thereof, and may invest the proceeds of sale under order of court subject to the
terms of the deed of trust, provided that (i) the complaint sets forth facts
that will justify the sale of the property, to be verified by the affidavit of
at least one of the plaintiffs, (ii) no order shall be made authorizing such
sale unless it is shown to the satisfaction of the court that the interests of
the lien debtor or debtors will be promoted and the interests of no person
holding the evidences of debt secured by the deed of trust will be violated
thereby, and (iii) the plaintiff or the party for whose benefit the action is
brought shall bear the cost.

HISTORY: 1932, p. 77; Michie Code 1942, § 5167a; Code 1950, § 55-61; 2019, c.
712.