                                 CODE OF VIRGINIA

LIENS (§ 55.1-2229)

A. In the case of time-share estate transfers, unless the purchaser expressly
agrees to take subject to or assume a lien prior to transferring a time-share
estate other than by deed in lieu of foreclosure, the developer shall either (i)
record or furnish to the purchaser as part of settlement releases of all liens
affecting that time-share estate, or (ii) provide a surety bond or title
insurance against the lien, as provided for liens on real estate in the
Commonwealth.

B. Unless a time-share owner or his predecessor in title agrees otherwise with
the lienor, if a lien other than an underlying mortgage or deed of trust becomes
effective against more than one time-share in a time-share project, any
time-share owner is entitled to a release of a time-share from the lien upon
payment of the amount of the lien attributable to the time-share. The amount of
the payment shall be proportionate to the ratio that the time-share
owner&#8217;s liability bears to the liabilities of all time-share owners whose
interests are subject to the lien. Upon receipt of payment, the lien-holder
shall promptly deliver to the time-share owner a release of the lien covering
that time-share. After payment, the managing entity may not assess or have a
lien against that time-share for any portion of the expenses incurred in
connection with that lien.

HISTORY: 1981, c. 462, § 55-381; 1991, c. 704; 2019, c. 712.