26-15 - Accounts of sales under deeds of trust, etc.
§ 26-15. Accounts of sales under deeds of trust, etc.
Within six months after the date of a sale made under any recorded deed oftrust, mortgage or assignment for benefit of creditors, otherwise than undera decree, the trustee shall return an account of sale to the commissioner ofaccounts of the court wherein the instrument was first recorded. Promptlyafter recording any trustee's deed, the trustee shall deliver to thecommissioner of accounts a copy of the deed. The date of sale is the datespecified in the notice of sale, or any postponement thereof, as required bysubsection A of § 55-59.1. The commissioner shall state, settle and report tothe court an account of the transactions of such trustee, and it shall berecorded as other fiduciary reports. Any trustee failing to comply with thissection shall forfeit his commissions on such sale, unless such commissionsare allowed by the court.
If the commissioner of accounts of the court wherein an instrument was firstrecorded becomes aware that an account as required by this section has notbeen filed, the commissioner and the court shall proceed against the trusteein like manner and impose like penalties as set forth in § 26-13, unless suchtrustee is excused for sufficient reason. If after a deed of trust is givenon land lying in a county, and before sale thereunder, the land is takenwithin the limits of the incorporated city, the returns of the trustee andsettlement of his accounts shall be before the commissioner of accounts ofsuch city.
Whenever the commissioner reports to the court that a fiduciary, who is anattorney-at-law licensed to practice in the Commonwealth, has failed to makethe required return within 30 days after the date of service of a summons,the commissioner shall also mail a copy of his report to the Virginia StateBar.
(Code 1919, § 5404; 1946, p. 325; 1966, c. 333; 1980, c. 148; 1996, c. 681;1997, c. 842; 1998, c. 610; 2003, c. 193.)