H. B. 2040
(By Delegate Riggs)
[Introduced February 10, 1993; referred to the
Committee on the Judiciary.]
A BILL to amend and reenact section eight, article one, chapter
forty of the code of West Virginia, one thousand nine
hundred thirty-one, as amended, relating to the effect of
recording certain contracts as to creditors and purchasers
and eliminating the requirement with respect to recordable
memoranda of leases that the rentals or royalties to be
charged and terms of payment be set forth.
Be it enacted by the Legislature of West Virginia:
That section eight, article one, chapter forty of the code
of West Virginia, one thousand nine hundred thirty-one, as
amended, be amended and reenacted to read as follows:
ARTICLE 1. ACTS GENERALLY VOID AS TO CREDITORS AND PURCHASERS.
ยง40-1-8. Effect of recording certain contracts as to creditors
and purchasers; memorandum of lease may be recorded.
Any contract in writing made in respect to real estate or
goods and chattels in consideration of marriage; or any contractin writing made for the conveyance or sale of real estate, or an
interest or term therein of more than five years, or any other
interest or term therein, of any duration, under which the whole
or any part of the corpus of the state may be taken, destroyed,
or consumed, except for domestic use, shall, from the time it is
duly admitted to record, be, as against creditors and purchasers,
as valid as if the contract were a deed conveying the estate or
interest embraced in the contract. In lieu of the recording of a
lease pursuant to this section, there may be recorded with like
effect a memorandum of such lease, executed by all persons who
are parties to the lease and acknowledged in the manner to
entitle a conveyance to be recorded. A memorandum of lease thus
entitled to be recorded shall contain at least the following
information with respect to the lease: The name of the lessor
and the name of the lessee and the addresses of such parties as
set forth in the lease; a reference to the lease, with its date
of execution; a description of the leased premises in the form
contained in the lease; the rentals or royalties to be charged
and terms of payment thereof the term of the lease, with the date
of commencement and the date of termination of such term, and if
there is a right of extension or renewal, the maximum period for
which, or date to which, the lease may be extended, or the number
of times or date to which it may be renewed and the date or dates
on which such rights of extension or renewal are exercisable.
Such memorandum shall constitute notice of only the information
contained therein.
NOTE: The purpose of this bill is to eliminate the
requirement in a memorandum of a lease, that rental or royalties
to be changed and term of payment be listed in the memorandum and
recorded.
Strike-throughs indicate language that would be stricken
from the present law, and underscoring indicates new language
that would be added.