Code of Virginia § 55.1-2149. Other liens affecting the cooperative.
102 words·~1 min read·
/va/title-55-1/chapter-21/55-1-2149A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Regardless of whether his cooperative interest is subject to the claims of the association's creditors, no property of a proprietary lessee other than his cooperative interest is subject to those claims.
B. If the association receives notice of an impending foreclosure on all or any portion of the association's real estate, the association shall promptly transmit a copy of that notice to each proprietary lessee of a unit located within the real estate to be foreclosed. Failure of the association to transmit the notice does not affect the validity of the foreclosure.
1982, c. 277, § 55-473; 2019, c. 712 .