Virginia § 55.1-326 Evidences of indebtedness placed on equal footing

Virginia Statutes

§ 55.1-326 — Evidences of indebtedness placed on equal footing

Virginia § 55.1-326

JurisdictionVirginia

Title 55.1Property and Conveyances

Subtitle IProperty Conveyances

Ch. 3Form and Effect of Deeds and Covenants; Liens

Art. 2Form and Effect of Deeds of Trust; Sales Thereunder; Assignments; Releases

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Bluebook

Va. Code Ann. § 55.1-326 (2026).

Text

When bonds, notes, or other evidences of indebtedness are secured by a deed of trust, mortgage, vendor's lien, or other lien, such bonds, notes, or other evidences of indebtedness shall, in the event the lien is executed or foreclosed, be secured on an equal footing and shall be paid ratably out of the proceeds of any sale of property subjected to the lien and shall have no priority, the one over the other, whether by priority of assignment or otherwise, unless the instrument creating the lien expressly provides otherwise.

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When bonds, notes, or other evidences of indebtedness are secured by a deed of trust, mortgage, vendor's lien, or other lien, such bonds, notes, or other evidences of indebtedness shall, in the event the lien is executed or foreclosed, be secured on an equal footing and shall be paid ratably out of the proceeds of any sale of property subjected to the lien and shall have no priority, the one over the other, whether by priority of assignment or otherwise, unless the instrument creating the lien expressly provides otherwise.