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SB553

Partition of property; in partition actions the court shall order an appraisal of property.

Status:
Enacted

Chief Patron:
Frank Ruff (R)

Session:
2020 Regular Session

Summary

As Passed House of Origin. Partition of property.

Incorporates major provisions of the Uniform Partition of Heirs Property Act. The bill provides that in partition actions the court shall order an appraisal to determine fair market value of the property, unless the parties have agreed to the value of the property or to another valuation method. The bill also provides factors to be considered by the court when making an allotment of the property when there is a dispute among the parties. The bill further provides that if the court orders a sale of property in a partition action, the sale shall be conducted on the open market, unless the court finds that a sale by sealed bids or at auction would be more economically advantageous to the parties as a group. The bill outlines the procedure for such open-market sale. This bill is identical to HB 1605. (Less)

  • Bill History

  • 01/07/2020 - Senate: Prefiled and ordered printed; offered 01/08/20 20103964D
  • 01/07/2020 - Senate: Referred to Committee on the Judiciary
  • 01/29/2020 - Senate: Reported from Judiciary with substitute (14-Y 0-N)
  • 01/29/2020 - Senate: Committee substitute printed 20106043D-S1
  • 01/31/2020 - Senate: Constitutional reading dispensed (37-Y 0-N)
  • 02/03/2020 - Senate: Read second time
  • 02/03/2020 - Senate: Reading of substitute waived
  • 02/03/2020 - Senate: Committee substitute agreed to 20106043D-S1
  • 02/03/2020 - Senate: Engrossed by Senate - committee substitute SB553S1
  • 02/04/2020 - Senate: Read third time and passed Senate (40-Y 0-N)
  • 02/12/2020 - House: Placed on Calendar
  • 02/12/2020 - House: Read first time
  • 02/12/2020 - House: Referred to Committee for Courts of Justice
  • 02/14/2020 - House: Reported from Courts of Justice (22-Y 0-N)
  • 02/18/2020 - House: Read second time
  • 02/19/2020 - House: Read third time
  • 02/19/2020 - House: Passed House BLOCK VOTE (100-Y 0-N)
  • 02/19/2020 - House: VOTE: (100-Y 0-N)
  • 02/24/2020 - Senate: Enrolled
  • 02/24/2020 - Senate: Bill text as passed Senate and House (SB553ER)
  • 02/24/2020 - House: Signed by Speaker
  • 02/25/2020 - Senate: Signed by President
  • 02/28/2020 - Senate: Enrolled Bill Communicated to Governor on February 28, 2020
  • 02/28/2020 - Governor: Governor's Action Deadline 11:59 p.m., March 6, 2020
  • 03/06/2020 - Governor: Approved by Governor-Chapter 193 (effective 7/1/20)
  • 03/06/2020 - Governor: Acts of Assembly Chapter text (CHAP0193)

Full text and vote history:

Virginia Legislative Information System

RichmondSunlight.com

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