                                 CODE OF VIRGINIA

OTHER LIENS AFFECTING THE COOPERATIVE (§ 55.1-2149)

A. Regardless of whether his cooperative interest is subject to the claims of
the association&#8217;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&#8217;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.

HISTORY: 1982, c. 277, § 55-473; 2019, c. 712.