Enforcing Deeds of Trust

The Code of Virginia contains several statutes of limitations dealing with the enforcement of a deed of trust.  If a deed of trust contains a maturity date, it may be enforced for a period of ten years after the stated maturity date. If a deed of trust does not contain a maturity date, it may be enforced for a period of twenty years after its date.  A credit line deed of trust that does not state a maturity date may be enforced for a period of forty years from its date.  In each of the foregoing examples, a period of one year from the death of any party in interest is excluded from the computation of time.  The Code permits a lienholder secured by a deed of trust to record a certificate extending the limitations period for ten years from the date of recordation if recordation occurs prior to the expiration of the limitations period.  The form of the certificate is in the Code.  Lastly, if the maturity date of the secured obligation set forth in the deed of trust was between July 1, 1988 and July 1, 2000, the deed of trust could not be enforced after July 1, 2010.  See §8.01-241 to 8.01-242.