§ 26-765. Supplemental instruments.  


Latest version.
  • (a)

    The taxes levied by Sections 26-760, 26-761 and 26-762 shall not apply to any deed of trust, deed of subordination, mortgage, contract, agreement, modification, addendum or other writing supplemental to any such deed, mortgage, contract, agreement, modification, addendum or other writing theretofore admitted to record and upon which the tax imposed by this article has been paid, when the sole purpose and effect of the supplemental deed or writing is to convey property, in addition to or in substitution, in whole or in part, of the property conveyed in the original instrument, to secure or to better secure the payment of the amount contracted for in the original instrument, to alter the priority of the instrument, as to modify the terms, conditions, parties or provisions of the original instruments, other than to increase the amount of the principal obligation secured thereby.

    (b)

    The assumption of a deed of trust shall not be separately taxable under Section 26-759, 26-760 or 26-761, whether such assumption is by a separate instrument or included in the deed of conveyance.

    (Code 1993, § 27-252; Code 2004, § 98-492)

    State Law reference— Similar provisions, Code of Virginia, § 58.1-809.

(Code 1993, § 27-252; Code 2004, § 98-492)

State law reference

Similar provisions, Code of Virginia, § 58.1-809.