CHAP. 372.—An ACT to provide a mode by which the liens cre-
ated under the old State bank act may be released in pursu-
ance of the act of the general assembly, approved February 12,
1866, so far as the same applies to the bank of Rockbridge.

Approved February 25, 1892.

Whereas under an act of the general assembly of Vir-
ginia to amend the fifth section of the act passed Febru-
ary twelfth, eighteen hundred and sixty-six, entitled an
act requiring the banks of this commonwealth to go into
liquidation, approved March nineteenth, eighteen hun-
dred and sixty-seven, it was required that whenever any
such bank should have redeemed at least ninety per
centum of its countersigned notes issued for circulation,
the said treasurer (treasurer of Viginia) was authorized
and directed to re-transfer to the said bank or to its legal
representative or representatives, the certificates of debt
or bonds deposited by such. banks which might then re-
main in his hands, upon receiving from at least five of
the stockholders of said bank, with at least five good and
sufficient securities, to be approved of by him, a joint and
several bond payable to the commonwealth of Virginia in
a penalty equal to three times the amount of the out-
standing unredeemed countersigned notes of the said
bank, and conditioned to redeem the same in accordance
with the provisions of said act, on demand at the place of
business of the said bank or of either of the obligors
therein; which bond should be recorded in the manner
prescribed in the fourth section of chapter one hundred
and eighty-six of the code of Virginia of eighteen hun-
dred and sixty, and should have the force of a judgment;
and whereas the bank of Rockbridge, of Lexington, Vir-
ginia, complied fully with the requirements of the said act,
and the bond required thereunder having been executed
by S. McD. Moore, J. D. H. Ross, W. A. McClung, E. 8.
Tutwiler, A. L. Nelson, with H. H. Meyers, J. J. White, J.
M.{Barclay,jWilliam White and J. W. Massie, as their se-
curities, in the penalty of twenty-one thousand dollars
on the day of August, eighteen hundred and sev-
enty, and recorded in the county court clerk’s office of

Rockbridge county, on the twenty-seventh day of Sep-
tember, eighteen hundred and seventy, which under the
said act stands as a lien on their said lands, although all of
the countersigned notes of said bank then outstanding of
their issue in circulation has been redeemed and can-
celled, yet no authority exists under the statute to mark
upon the lien book the satisfaction of said lien; and
whereas under section twenty-four hundred and ninety-
eight of the code of Virginia of eighteen hundred and
eighty-seven, provision is there made for the satisfaction
of encumbrances existing on real estate, by ten days’
notice thereof to the person entitled to such encumb-
rance, giving to the county court of the county where such
encumbrance is recorded, to hear and determine to ques-
tion and authority to direct such encumbrance to be re-
leased, but there being under the statute no provision as
to the procedure in such cases for the release of such lien ;
therefore,

1. Be it enacted by the general assembly of Virginia,
That the said S. McD. Moore, J. D. H. Ross, W. A. Mc-
Clung, E. 8S. Tutwiler, A. L. Nelson, H. H. Meyers, J. J.
White, J. M. Barclay, William White and J. W. Massie, or
their legal representatives or those owning bonds conveyed
by any of said parties to said bond, may, upon giving ten
days’ notice prescribed by section twenty-four hundred
and ninety-eight of said code, to the commonwealth’s at-
torney of the said county of Rockbridge, to proceed be-
fore the county court of said county, to show the redemp-
tion and cancellation of the notes of circulation of said
bank, unredeemed, and the time of the execution and re-
cordation of said bond, and have the lien thereof released
under the provisions of said section twenty-four hundred
and ninety-eight of the said code.

2. This act shall be in force from and after its passage.