In the latest ACMA Community Blog post, Fellow and Immediate Past President Nancy R. Little describes the "far-reaching impact" of a recent Virginia Supreme Court decision that overruled a trial court and found that the formal requirements of the Statute of Conveyances must be satisfied in order for a lease of more than five years to be valid.
Little writes that the impact of the holding in Game Place includes loans supported by leases in Virginia and the potentially significant affect on the collateral for such loans. She notes that during the period in which legislative solutions are pursued, lenders should carefully review leases with five-plus year terms for their compliance with the Virginia formalities for a deed.
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