{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-2129.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-2129.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-2129.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-2129.html"}],"law_id":69933,"edition_id":1,"section_id":69933,"structure_id":13510,"section_number":"55.1-2129","catch_line":"Rights of secured lenders","history":"1982, c. 277, \u00a7 55-455; 2019, c. 712.","full_text":"The declaration may require that all or a specified number or percentage of the lenders holding security interests encumbering the cooperative interests approve specified actions of the proprietary lessees or the association as a condition to the effectiveness of those actions, but no requirement for approval shall operate to (i) deny or delegate control over the general administrative affairs of the association by the proprietary lessees or the executive board; (ii) prevent the association or the executive board from commencing, intervening in, or settling any litigation or proceeding; or (iii) receive and distribute any insurance proceeds except pursuant to \u00a7 55.1-2145.","order_by":null,"text":{"0":{"id":252685,"text":"The declaration may require that all or a specified number or percentage of the lenders holding security interests encumbering the cooperative interests approve specified actions of the proprietary lessees or the association as a condition to the effectiveness of those actions, but no requirement for approval shall operate to (i) deny or delegate control over the general administrative affairs of the association by the proprietary lessees or the executive board; (ii) prevent the association or the executive board from commencing, intervening in, or settling any litigation or proceeding; or (iii) receive and distribute any insurance proceeds except pursuant to \u00a7 55.1-2145.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13510,"edition_id":1,"name":"Creation, Alteration, and Termination of Cooperatives","identifier":"2","label":"article","depth":4,"order_by":1,"parent_id":13509,"metadata":{},"date_created":"2026-06-26 03:45:06","date_modified":"2026-06-26 03:45:06","permalink":{"id":247161,"object_type":"structure","relational_id":13510,"identifier":"2","token":"55.1\/IV\/21\/2","url":"\/55.1\/IV\/21\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13509,"edition_id":1,"name":"Virginia Real Estate Cooperative Act","identifier":"21","label":"chapter","depth":3,"order_by":1,"parent_id":12914,"metadata":{},"date_created":"2026-06-26 03:45:06","date_modified":"2026-06-26 03:45:06","permalink":{"id":247109,"object_type":"structure","relational_id":13509,"identifier":"21","token":"55.1\/IV\/21","url":"\/55.1\/IV\/21\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12914,"edition_id":1,"name":"Common Interest Communities","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":12707,"metadata":{},"date_created":"2026-06-26 03:44:01","date_modified":"2026-06-26 03:44:01","permalink":{"id":246473,"object_type":"structure","relational_id":12914,"identifier":"IV","token":"55.1\/IV","url":"\/55.1\/IV\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12707,"edition_id":1,"name":"Property and Conveyances","identifier":"55.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":244769,"object_type":"structure","relational_id":12707,"identifier":"55.1","token":"55.1","url":"\/55.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":75913,"structure_id":13510,"section_number":"55.1-2112","catch_line":"Creation of cooperative ownership","url":"\/55.1-2112\/","token":"55.1\/IV\/21\/2\/55.1-2112","metadata":false},{"id":82447,"structure_id":13510,"section_number":"55.1-2113","catch_line":"Unit boundaries","url":"\/55.1-2113\/","token":"55.1\/IV\/21\/2\/55.1-2113","metadata":false},{"id":86939,"structure_id":13510,"section_number":"55.1-2114","catch_line":"Construction and validity of declaration and bylaws","url":"\/55.1-2114\/","token":"55.1\/IV\/21\/2\/55.1-2114","metadata":false},{"id":71260,"structure_id":13510,"section_number":"55.1-2115","catch_line":"Description of units","url":"\/55.1-2115\/","token":"55.1\/IV\/21\/2\/55.1-2115","metadata":false},{"id":60682,"structure_id":13510,"section_number":"55.1-2116","catch_line":"Contents of declaration","url":"\/55.1-2116\/","token":"55.1\/IV\/21\/2\/55.1-2116","metadata":false},{"id":72102,"structure_id":13510,"section_number":"55.1-2117","catch_line":"Leasehold cooperatives","url":"\/55.1-2117\/","token":"55.1\/IV\/21\/2\/55.1-2117","metadata":false},{"id":66972,"structure_id":13510,"section_number":"55.1-2118","catch_line":"Allocation of ownership interests, votes, and common expense liabilities","url":"\/55.1-2118\/","token":"55.1\/IV\/21\/2\/55.1-2118","metadata":false},{"id":84579,"structure_id":13510,"section_number":"55.1-2119","catch_line":"Limited common elements","url":"\/55.1-2119\/","token":"55.1\/IV\/21\/2\/55.1-2119","metadata":false},{"id":65450,"structure_id":13510,"section_number":"55.1-2120","catch_line":"Exercise of development rights","url":"\/55.1-2120\/","token":"55.1\/IV\/21\/2\/55.1-2120","metadata":false},{"id":73544,"structure_id":13510,"section_number":"55.1-2121","catch_line":"Alterations of units","url":"\/55.1-2121\/","token":"55.1\/IV\/21\/2\/55.1-2121","metadata":false},{"id":61131,"structure_id":13510,"section_number":"55.1-2122","catch_line":"Relocation of boundaries between adjoining units","url":"\/55.1-2122\/","token":"55.1\/IV\/21\/2\/55.1-2122","metadata":false},{"id":72357,"structure_id":13510,"section_number":"55.1-2123","catch_line":"Subdivision of units","url":"\/55.1-2123\/","token":"55.1\/IV\/21\/2\/55.1-2123","metadata":false},{"id":54476,"structure_id":13510,"section_number":"55.1-2124","catch_line":"Easement for encroachments","url":"\/55.1-2124\/","token":"55.1\/IV\/21\/2\/55.1-2124","metadata":false},{"id":79793,"structure_id":13510,"section_number":"55.1-2125","catch_line":"Use for sales purposes","url":"\/55.1-2125\/","token":"55.1\/IV\/21\/2\/55.1-2125","metadata":false},{"id":65491,"structure_id":13510,"section_number":"55.1-2126","catch_line":"Easement rights","url":"\/55.1-2126\/","token":"55.1\/IV\/21\/2\/55.1-2126","metadata":false},{"id":62864,"structure_id":13510,"section_number":"55.1-2127","catch_line":"Amendment of declaration","url":"\/55.1-2127\/","token":"55.1\/IV\/21\/2\/55.1-2127","metadata":false},{"id":79915,"structure_id":13510,"section_number":"55.1-2128","catch_line":"Termination of cooperative ownership","url":"\/55.1-2128\/","token":"55.1\/IV\/21\/2\/55.1-2128","metadata":false},{"id":69933,"structure_id":13510,"section_number":"55.1-2129","catch_line":"Rights of secured lenders","url":"\/55.1-2129\/","token":"55.1\/IV\/21\/2\/55.1-2129","metadata":false},{"id":58552,"structure_id":13510,"section_number":"55.1-2130","catch_line":"Master associations","url":"\/55.1-2130\/","token":"55.1\/IV\/21\/2\/55.1-2130","metadata":false},{"id":71160,"structure_id":13510,"section_number":"55.1-2131","catch_line":"Merger or consolidation of cooperatives","url":"\/55.1-2131\/","token":"55.1\/IV\/21\/2\/55.1-2131","metadata":false}],"previous_section":{"id":79915,"structure_id":13510,"section_number":"55.1-2128","catch_line":"Termination of cooperative ownership","url":"\/55.1-2128\/","token":"55.1\/IV\/21\/2\/55.1-2128","metadata":false},"next_section":{"id":58552,"structure_id":13510,"section_number":"55.1-2130","catch_line":"Master associations","url":"\/55.1-2130\/","token":"55.1\/IV\/21\/2\/55.1-2130","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-2129\/","history_text":"<p>This law was first created in 1982. The record of its establishment is cataloged in chapter 277 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1982 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2019, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?191+ful+CHAP0712\">712<\/a>.<\/p>","references":false,"refers_to":[{"id":80965,"section_number":"55.1-2145","catch_line":"Insurance","order_by":null,"url":"\/55.1-2145\/"}],"permalink":{"id":247231,"object_type":"law","relational_id":69933,"identifier":"55.1-2129","token":"55.1\/IV\/21\/2\/55.1-2129","url":"\/55.1-2129\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-2129\/","token":"55.1\/IV\/21\/2\/55.1-2129","dublin_core":{"Title":"Rights of secured lenders","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-2129","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>The <span class=\"dictionary\">declaration<\/span> may require that all or a specified number or percentage of the lenders holding <span class=\"dictionary\">security interests<\/span> encumbering the <span class=\"dictionary\">cooperative interests<\/span> approve specified actions of the <span class=\"dictionary\">proprietary lessees<\/span> or the <span class=\"dictionary\">association<\/span> as a condition to the effectiveness of those actions, but no requirement for approval shall operate to (i) deny or delegate control over the general administrative affairs of the <span class=\"dictionary\">association<\/span> by the <span class=\"dictionary\">proprietary lessees<\/span> or the <span class=\"dictionary\">executive board<\/span>; (ii) prevent the <span class=\"dictionary\">association<\/span> or the <span class=\"dictionary\">executive board<\/span> from commencing, intervening in, or settling any <span class=\"dictionary\">litigation<\/span> or proceeding; or (iii) receive and distribute any insurance proceeds except pursuant to \u00a7&nbsp;<a class=\"law\" title=\"Insurance\" href=\"\/55.1-2145\/\">55.1-2145<\/a>.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nRIGHTS OF SECURED LENDERS (\u00a7 55.1-2129)\n\nThe declaration may require that all or a specified number or percentage of the\nlenders holding security interests encumbering the cooperative interests approve\nspecified actions of the proprietary lessees or the association as a condition\nto the effectiveness of those actions, but no requirement for approval shall\noperate to (i) deny or delegate control over the general administrative affairs\nof the association by the proprietary lessees or the executive board; (ii)\nprevent the association or the executive board from commencing, intervening in,\nor settling any litigation or proceeding; or (iii) receive and distribute any\ninsurance proceeds except pursuant to \u00a7 55.1-2145.\n\nHISTORY: 1982, c. 277, \u00a7 55-455; 2019, c. 712.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}