                                 CODE OF VIRGINIA

DOCUMENT OF RESCISSION; EFFECT; LIABILITY FOR WRONGFUL RECORDING (§ 55.1-348)

A. As used in this section, &#8220;document of rescission&#8221; means a
document stating that an identified satisfaction, certificate of satisfaction,
or affidavit of satisfaction of a security instrument was recorded erroneously
or fraudulently, the secured obligation remains unsatisfied, and the security
instrument remains in force.

B. If a person records a satisfaction, certificate of satisfaction, or affidavit
of satisfaction of a security instrument in error or by fraud, the person may
execute and record a document of rescission. Upon recording, the document
rescinds an erroneously recorded satisfaction, certificate, or affidavit.

C. A recorded document of rescission has no effect on the rights of a person
who:

   1. Acquired an interest in the real property described in a security
   instrument after the recording of the satisfaction, certificate of
   satisfaction, or affidavit of satisfaction of the security instrument and
   before the recording of the document of rescission; and

   2. Would otherwise have priority over or take free of the lien created by the
   security instrument under the laws of the Commonwealth.

D. A person, other than the clerk of the circuit court or any of his employees
or other governmental official in the course of the performance of his
recordation duties, who erroneously, fraudulently, or wrongfully records a
document of rescission is subject to liability under &#xA7; 55.1-339.

HISTORY: 2006, c. 907, § 55-66.10; 2019, c. 712.