H. B. 4598
(By Delegates Shott, Porter and Frazier)
[Introduced February 22, 2010; referred to the
Committee on the Judiciary.]
A BILL to amend and reenact §38-1-2 the Code of West Virginia,
1931, as amended, relating to filing a memorandum of deed of
trust in lieu of a deed of trust.
Be it enacted by the Legislature of West Virginia:
That §38-1-2 of the Code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 1. VENDOR'S AND TRUST DEED LIENS.
§38-1-2. Form of trust deed; memorandum of deed of trust may be
recorded.
A trust deed to secure debts or indemnify sureties may be in
the following form or to the same effect: "This deed made the
.......... day of ................, in the year ........, between
.............................. (the grantor) of the one part, and
.............................. (the trustee) of the other part,
witnesseth: That the said ................... (the grantor) doth (or do) grant unto the said ....................... (the trustee)
the following property (here describe it). In trust to secure
(here describe the debts to be secured or the sureties to be
indemnified, and insert covenants, or any other provisions the
parties may agree upon). Witness the following signature."
In lieu of the recording of a deed of trust, there may be
recorded with like effect a memorandum of such deed of trust,
executed by all persons who are grantors under the deed of trust
and acknowledged in the manner to entitle a conveyance to be
recorded. A memorandum of deed of trust recorded shall contain at
least the following information with respect to the deed of trust:
The name and the address of each grantor, the name and the address
of each trustee and the name and the address of each beneficiary
as set forth in the deed of trust; A reference to the indebtedness
secured by the deed of trust including the amount of the
indebtedness and the date the indebtedness was incurred or if the
indebtedness is evidenced by a note or contract, the date the
instrument was executed; the date of execution of the deed of trust
if different than the date the evidence of indebtedness was
executed; a description of the real estate against which a lien is
claimed to secure the indebtedness; and the date on which the
indebtedness is due; and a summary of the applicable notice and
publication requirements in the event of default. The memorandum
constitutes notice of only the information contained therein, but
it is, as against creditors and purchasers, valid as if the complete deed of trust were recorded on the date the memorandum is
admitted to record.
NOTE: The purpose of this bill is to provide for recording
memorandums of deeds of trust.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.