H.
B.
4137
(By Delegates S. Williams, H. White, Rutledge,
Phillips and Harrison)
[Introduced January 25, 1994; referred to the
Committee on the Judiciary.]
A BILL to amend article one, chapter thirty-eight of the code of West Virginia, one thousand nine hundred thirty-one, as amended, by adding thereto a new section, designated section one-b, relating to the priority of a purchase money trust deed lien over prior liens against real estate arising through or against the purchaser.
Be it enacted by the Legislature of West Virginia:
That article one, chapter thirty-eight of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended by adding thereto a new section, designated section one-b, to read as follows:
ARTICLE 1. VENDOR'S AND TRUST DEED LIENS.
§
38
-
1
-
1b.
Purchase
money
trust
deed
lien;
priority
of
lien.
A lien against real estate arising from a deed of trust securing money used to purchase that real estate and executed contemporaneously with, and as a part of the same transaction as the conveyance of such real estate to the purchaser, shall have priority over a prior lien against the real estate arising through or against the purchaser.
NOTE: The purpose of this bill is to give priority to a purchase money trust deed lien over prior liens against the same real estate.
This section is new; therefore, strike-throughs and underscoring have been omitted.