CODE OF VIRGINIA

FORM AND EFFECT OF SATISFACTION (§ 55-66.12)

A. A document is sufficient to constitute a satisfaction of a security
instrument if it conforms substantially in form and content to the requirements
of § 55-66.4:1 and it:

   1.  Identifies the security instrument, the original parties to the security
   instrument, the recording data for the security instrument, and the office in
   which the security instrument is recorded;

   2.  States that the person signing the satisfaction is the secured creditor;

   3.  Contains a legal description of the real property identified in the
   security instrument, but only if a legal description is necessary for a
   satisfaction to be properly indexed, otherwise the deed book and page number
   or instrument number is sufficient;

   4.  Contains language terminating the effectiveness of the security
   instrument; and

   5.  Is signed by the secured creditor and acknowledged as required by law for
   a conveyance of an interest in real property.

B. The clerk of the circuit court shall accept for recording a satisfaction
document, unless:

   1.  An amount equal to or greater than the applicable recording fees and taxes
   is not tendered;

   2.  The document is submitted by a method or in a medium not authorized by the
   laws of the Commonwealth of Virginia; or

   3.  The document is not signed by the secured creditor and acknowledged as
   required by law for a conveyance of an interest in real property.

HISTORY: 2006, c. 907.