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.
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