                                 CODE OF VIRGINIA

ACCOUNTS OF SALES UNDER DEEDS OF TRUST (§ 64.2-1309)

A. Within six months after the date of a sale made under any recorded deed of
trust, mortgage, or assignment for benefit of creditors, other than under a
decree, the trustee shall return an account of the sale to the commissioner of
accounts of the circuit court where the instrument was first recorded. After
recording any trustee&#8217;s deed, the trustee shall promptly deliver to the
commissioner of accounts a copy of the deed. The date of sale is the date
specified in the notice of sale, or any postponement thereof, as required by
subsection A of &#xA7; 55.1-321. The commissioner of accounts shall state,
settle, and report to the court an account of the transactions of the trustee,
which shall be recorded as other fiduciary reports. Any trustee failing to
comply with this section shall forfeit his commissions on such sale, unless such
commissions are allowed by the court.

B. If the commissioner of accounts of the court where an instrument was first
recorded becomes aware that an account as required by this section has not been
filed, the commissioner of accounts and the court shall proceed against the
trustee and impose penalties in the same manner as set forth in &#xA7;
64.2-1215, unless the trustee is excused for sufficient reason. If after a deed
of trust is given on land located in a county, and before a sale under the deed
of trust, the land is taken within the limits of the incorporated city, the
returns of the trustee and settlement of his accounts shall be before the
commissioner of accounts of such city.

C. Whenever the commissioner of accounts reports to the court that a fiduciary
who is an attorney-at-law licensed to practice in the Commonwealth has failed to
make the required return within 30 days after the date of service of a summons,
the commissioner of accounts shall also mail a copy of his report to the
Virginia State Bar.

HISTORY: Code 1919, § 5404; 1946, p. 325; Code 1950, § 26-15; 1966, c. 333;
1980, c. 148; 1996, c. 681; 1997, c. 842; 1998, c. 610; 2003, c. 193; 2012, c.
614.