HB4433 S JUD AM #1 SABSTRACT JUD

SENATE COMMITTEE ON JUDICIARY

COUNSEL: Laura Goins

ABSTRACT

COMMITTEE AMENDMENT FOR HOUSE BILL NO. 4433

BY: Delegate Nelson, Delegate Criss

SHORT TITLE: Relating to deeds of trust

DATE INTRODUCED: January 20, 2020

CODE REFERENCE: new section §38-1-2a

PROPOSED LAW PRESENTED TO THE COMMITTEE:

The Bill amends the article on Vendor’s and Trust Deeds, by adding a new section, designated §38-1-2a, relating to deeds of trust to secure debts or indemnify sureties. This law will apply to deeds of trust to secure debts or indemnify sureties executed after the effective date of the enactment of this section.  Unless the deed of trust or applicable law provides otherwise, the law will require the deed of trust to be construed to impose certain duties, rights, and obligations of parties to a deed of trust to secure debts or indemnify sureties as if the same were expressly provided for by the deed of trust.

TITLE: Needs amended

FISCAL NOTE: No

GOVERNMENT AGENCIES AFFECTED:  none

EFFECTIVE DATE: 90 days

OTHER COMMITTEE REFERENCE AND/OR ACTION:

COMMENTS: