Virginia Code 38.2-1436: Mortgage participations
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Notwithstanding the provisions of §§ 13.1-627 and 13.1-826, a domestic insurer may acquire or sell participation interests in any loans secured by a mortgage or deed of trust qualifying under § 38.2-1434 if the insurer has all or substantially all the rights of a first mortgagee.
Terms Used In Virginia Code 38.2-1436
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Insurer: means a company licensed pursuant to Chapter 10 (§ 38. See Virginia Code 38.2-1401
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
1983, c. 457, § 38.1-217.39; 1986, c. 562.