§ 55.1-326 Evidences of indebtedness placed on equal footing
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.
History
This law was first created in 1934. The record of its establishment is cataloged at page 516 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1934 “Acts” aren’t available online. It has been modified 3 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1942, when it was recodified as § 6457a; in 1950, when it was recodified as § 55-60.1; in 2019, chapter 712.
1934, p. 516; Michie Code 1942, § 6457a; Code 1950, § 55-60.1; 2019, c. 712.