Senate Bill No. 238
(By Senator Wooton)
____________
[Introduced February 1, 1994; referred to the Committee
on the Judiciary.]
____________
A BILL to amend article one, chapter thirty-eight of the code of
West Virginia, one thousand nine hundred thirty-one, as
amended, by adding thereto a new section, designated section
one-b, relating to the priority of a purchase money trust
deed lien over prior liens against real estate arising
through or against the purchaser.
Be it enacted by the Legislature of West Virginia:
That article one, chapter thirty-eight of the code of West
Virginia, one thousand nine hundred thirty-one, as amended, be
amended by adding thereto a new section, designated section one-
b, to read as follows:
ARTICLE 1. VENDOR'S AND TRUST DEED LIENS.
§38-1-1b. Purchase money trust deed lien; priority of lien.
A lien against real estate arising from a deed of trust
securing money used to purchase that real estate and executed
contemporaneously with, and as a part of the same transaction as
the conveyance of such real estate to the purchaser, shall havepriority over a prior lien against the real estate arising
through or against the purchaser.
NOTE: The purpose of this bill is to give priority to a
purchase money trust deed lien over prior liens against the same
real estate.
This section is new; therefore, strike-throughs and
underscoring have been omitted.
Email
Webmaster | © 2024 West Virginia Legislature **
