CHAPTER 156

An Act to amend and reenact § 55-58.1 of the Code of Virginia, relating
to security trusts and prescribing certain requirements therefor.

[H 290]
Approved February 28, 1962

Be it enacted by the General Assembly of Virginia:

1. That § 55-58.1 of the Code of Virginia be amended and reenacted as
follows:

§ 55-58.1. (1) For the purposes of this article, the term “security
trust” shall include a deed of trust, mortgage, bond or other instrument,
entered into after the effective date of this article under which the title to
real and personal property, or either of them, wholly situate in and includ-
ing no property situate outside of the State of Virginia, is conveyed, trans-
ferred, encumbered or pledged to secure the payment of money or the per-
formance of an obligation; provided, however, that the provisions of this
article shall not apply to supplements to existing security trust instru-
ments now of record executed pursuant to the provisions of said existing
security trust instruments, nor shall the article apply to security trusts
applying to property singly or jointly owned and situate partly in this
State and partly outside this State or to property situate in this State
which, together with property situate outside this State, is the security for
the performance of an obligation.

(2) No person not a resident of this State may be named or act, in
person or by agent or attorney, as the trustee of a security trust, either
individually or as one of several trustees, the other or others of which are
residents of this State. No corporation may be named or act as the trustee
or as one of the trustees of a security trust unless it is chartered under the
laws of this State or of the United States of America, and unless its prin-
cipal office is within this State.

_ (3) No clerk shall hereafter admit any security trust for recordation or
filing which does not state the residence address of the trustee or trustees
named therein; provided, however, that the county, city or town in this
State in which the said trustee resides shall be sufficient statement of the
residence address thereof; notwithstanding any other provisions of this
section, if any security trust is admitted by a clerk for recordation or
filing it shall be conclusively presumed that such security trust complies
with all the requirements of this section.

(4) AU deeds of trust, mortgages, bonds or other instruments recorded
by the clerk without the residence address of the trustee or trustees named
therein shall be valid for all purposes as if such address had been named
therein, if such recordation be otherwise valid according to the law then in
force, provided, that this section shall not affect any right or remedy of any
third party which accrued after the recordation of said instrument or
before July one, nineteen hundred sixty.