Chap. 269.—An ACT to amend and re-enact Chapter 71 of the Acts of Assembly
of 1942, approved February 25, 1942, relating to disposition of surplus from
proceeds of sale under deeds of trust under certain circumstances. [S 217]

Approved March 17, 1944

Be it enacted by the General Assembly of Virginia:

1. That chapter seventy-one of the Acts of Assembly of nineteen
hundred forty-two, approved February twenty-five, nineteen hundred
forty-two, be amended and re-enacted, as follows:

Section 1. Whenever the grantor, or his successor in title, in any
deed of trust by which any real property is conveyed in trust to secure
debts or indemnity securities, dies prior to the trustee’s sale held pur-
suant to the deed of trust, and the deed of trust contains no definite pro-
vision for the distribution of any surplus in the event of the death of
the grantor or his successors in title prior to the trustee’s sale held pur-
suant to the deed of trust, or contains a provision that such surplus shall
be paid to the grantor or his heirs or assigns or personal representative,
then any surplus of the proceeds of the sale remaining in the hands of
the trustee, after discharging the expenses of executing the trust, all
tax liens upon the property sold, and all debts and obligations secured
by the deed of trust, shall be paid by the trustee to the personal represen-
tative of the decedent.

Section 2. Any funds so coming into the hands of the personal rep-
resentative shall constitute assets for the payment by him first, of all ex-
isting liens against the property foreclosed which are subsequent to the
deed of trust under which the trustee sells in the order of their priority,
and secondly, of any debts and demands, against the decedent's estate,
remaining unsatisfied after the personal estate has been exhausted. Any
surplus of the funds so paid to the personal representative and remain-
ing in his hands after the satisfaction of all debts and demands against
the estate shall be paid over by him, if the decedent died intestate, as to
the real property embraced in the deed of trust, to the heirs at law of the
decedent, or their successors in title, and if the decedent died testate as to
the real property embraced in the deed of trust, then such surplus shall
be paid to the persons entitled to the real property under the terms of
the decedent's will, or to their successors in title. subject in all cases to
whatever rights of dower and curtesy are then existing.