Chap. 330.—An ACT to amend the Code of Virginia by adding thereto a new
section, numbered 6457-a, providing that bonds, notes and other evidences of
indebtedness secured by deeds of trust, mortgages, or other liens, shall have
no priority, one over the other, by priority of assignment or otherwise, unless
the instrument creating the lien so provides. [H B 227]

Approved March 29, 1934

1. Be it enacted by the General Assembly of Virginia, That the
Code of Virginia be amended by adding thereto a new section, num-
bered sixty-four hundred and fifty-seven-a, which new section shall
read as follows:

Section 6457-a. Bonds, notes and other evidences of indebtedness
secured by deeds of trust, mortgages, et cetera, to be on equal footing
and paid ratably, not to acquire priority unless expressly so provided.—
Hereafter, whenever bonds, notes, or other evidences of indebtedness
are secured by a deed of trust, mortgage, vendor’s lien, or other lien,
such bonds, notes, or other evidences of indebtedness shall, in the
event the lien is executed or foreclosed, be secured on an equal footing
and shall be paid ratably out of the proceeds of any sale of property
subjected to the lien, and shail have no priority, the one over the other,
whether by priority of assignment or otherwise, unless the instrument
creating the lien expressly provides otherwise.

This section shall in no wise affect any priority or priorities acquired
or established by assignment or otherwise prior to the date on which
this section takes effect.