H. B. 2712


(By Delegate Louisos)
[Introduced February 24, 1995; referred to the
Committee on the Judiciary.]




A BILL to amend and reenact section seven, article one, chapter thirty-eight of the code of West Virginia, one thousand nine hundred thirty-one, as amended, relating to trustee payment from sales proceeds.

Be it enacted by the Legislature of West Virginia:
That section seven, article one, chapter thirty-eight of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended and reenacted to read as follows:
ARTICLE 1. VENDOR'S AND TRUST DEED LIENS.

§38-1-7. Application of proceeds.
The trustee shall apply the proceeds of sale, first to the payment of expenses attending the execution of the trust, including a commission to the trustee of five percent on the first three one hundred thousand dollars, up to a commission of five hundred dollars and two five percent on the residue of the proceeds in excess of one hundred thousand dollars, the commission not to exceed seven hundred fifty dollars and shall apply the balance of such proceeds pro rata (or in the order of priority, if any, prescribed by the trust deed) to the payment of the debts secured and the indemnity of the sureties indemnified by the deed, and shall pay the surplus, if any, to the grantor, his heirs, personal representatives or assigns, as their interests may appear.



NOTE: The purpose of this bill is to cap trustee commissions.

Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.