Virginia § 55.1-2149 Other liens affecting the cooperative

Virginia Statutes

§ 55.1-2149 — Other liens affecting the cooperative

Virginia § 55.1-2149

JurisdictionVirginia

Title 55.1Property and Conveyances

Subtitle IVCommon Interest Communities

Ch. 21Virginia Real Estate Cooperative Act

Art. 3Management of Cooperatives

This text of Virginia § 55.1-2149 (Other liens affecting the cooperative) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 55.1-2149 (2026).

Text

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.

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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.