CHAPTER 14

An Act to amend and reenact § 55-66.8 of the Code of Virginia, relating
to marginal release of deed of trust or other lien. [H 127]

Approved February 7, 1958

Be it enacted by the General Assembly of Virginia:

a That § 55-66.3 of the Code of Virginia be amended and reenacted as
ollows:

§ 55-66.3. When payment or satisfaction is made of a debt secured
by mortgage, deed of trust *, vendor’s lien, or other lien, or when any one
or more of the obligations representing at least twenty-five per cent of the
whole amount secured by any such lien, but less than the whole number of
such obligations so secured, when the debt secured thereby is evidenced by
two or more separate written obligations sufficiently described in the
instrument creating the lien, shall have been fully paid, the lien creditor,
unless he shall have delivered a proper release deed, shall cause such full
payment or satisfaction, or partial payment or satisfaction, as the case
may be, to be entered on the margin of the page of the book where such
encumbrance is recorded; and for any failure so to do after five days’
notice, if the obligation, or obligations, secured by such lien, and fully
paid as aforesaid, shall be left with the lien creditor, or with the clerk in
whose office such encumbrance is recorded, until the lien is released as
provided by this chapter, shall forfeit twenty dollars.

Such entry of payment or satisfaction shall be signed by the creditor
or his duly authorized agent, attorney or attorney in fact and if such debt
be evidenced by a separate obligation the note, bond or other evidence of
debt secured by such lien, duly cancelled, shall be produced before the
clerk in whose office such encumbrance is recorded, or an affidavit shall
be filed, by the creditor, or his duly authorized agent, attorney or attorney
in fact, with such clerk, to the effect that the debt therein secured and
intended to be released or discharged has been paid to such creditor, his
agent, attorney or attorney in fact, who was, when the debt was so satis-
fied, entitled and authorized to receive the same, and that such note, bond
or other evidence of the debt secured by the lien has been cancelled and
delivered to the person by whom it was paid or has been lost or destroyed
and cannot be produced as herein required; or in the event the creditor
or his duly authorized agent, attorney or attorney in fact is unable to make
the affidavit above referred to and after the creditor or his duly author-
ized agent, attorney or attorney in fact has executed the entry of payment
or satisfaction above referred to, an affidavit may be filed with the clerk
by the lien debtor, or such other person as may have paid the same, to the
effect that he fully paid such note, bond or other evidence of debt and that
the same was duly cancelled and delivered to him and has been lost or
destroyed and cannot be produced.

If such debt is not evidenced by a separate obligation an affidavit
shall be filed by the creditor or his duly authorized agent or attorney or
attorney in fact with such clerk to the effect that the debt therein secured
and intended to be released or discharged has been paid to such creditor,
his agent, attorney or attorney in fact, who was, when such debt was so
satisfied, entitled and authorized to receive the same.

And when so signed and the signature thereto attested by such clerk,
with a certificate that such note, bond or other evidence of debt duly can-
celled was produced before such clerk, or that the affidavit hereinbefore
required has been duly filed with such clerk, the same shall operate as a
release of the encumbrance as to which such payment or satisfaction is