On May 19th, the Fourth Circuit held that the holder of the promissory note reflecting a home mortgage can institute foreclosure proceedings even when it is not named as the beneficiary on the deed of trust securing the loan. Both the deed of trust and Virginia case law suggest that there is no reason to treat the note and deed of trust as governed by separate forms of law. The text of the deed of trust envisions that it will be conjoined with the note. Moreover, the note and the deed of trust are contemporaneous documents that reflect a singular understanding between the parties. Horvath v. Bank of New York, N.A.