Lightning Docs System Updates 10.23.26
Nema Daghbandan, CEO
We have issued an update to the system that modified the following:
- Virginia Note and Guaranty Trustee Attorney Update: As part of last week’s update, the default trustee for Virginia has been changed from an individual, Marc DeCandia, to an entity, Blue Ridge Trustees, LLC, a Virginia limited liability company. Either an individual, who is a resident, or an entity organized under Virginia or U.S. law, with a principal office in the state, may act as a trustee.
The update will also be reflected in the Confession of Judgment language included in the Note and Guaranty (when applicable). The Default/Remedies provisions lists the names of specific attorneys from the default trustee (Jason Murphy, Owen Hare, and Luke McQueen) who upon default, may confess judgment against the Borrower in the forum where they practice, which is provided as the Clerk’s Office of the Circuit Court for the City of Alexandria, Virginia. The default language also allows the Lender to designate any other Virginia licensed attorney-at-law to act in place of the named individuals.
