First Virginia Bank-Colonial v. Baker

This is a plaintiffs appeal from a final order sustaining a demurrer and pleas of the statute of limitations and sovereign immunity and dismissing the motion for judgment with prejudice. Our review is based upon the facts as pleaded and stipulated by the parties. The chronology of events is important.

Plaintiff First Virginia Bank-Colonial (the bank) agreed to loan Ramez M. Zahralddin and his wife $133,000 to be secured by a second deed of trust on their property. The title examination disclosed a deed of trust recorded February 13, 1973, securing payment of $33,250 to Heritage Savings and…