                                 CODE OF VIRGINIA

REQUIRED NOTICE OF FORECLOSURE OR REPOSSESSION OF MANUFACTURED HOME (§
55.1-337)

Whenever any assignee of an installment note secured by a security interest on a
manufactured home determines that legal action is desirable to enforce the debt
resulting in a potential foreclosure or repossession, he shall give prior notice
by mail of any action to foreclose or repossess the collateral to any assignor
who is liable under a recourse endorsement or by virtue of a reserve account at
least 10 business days prior to the enforcement of the security interest or
eviction. Assignment by way of pledge of the security interest granted by the
assignor shall not be an assignment within the meaning of this section. The
failure to so notify the assignor shall not affect any rights of the assignee as
against the principal debtor or any party other than the assignor with recourse
or a person with rights in a reserve account. Provisions of this section may not
be waived by such assignor at the time of the original sale of the installment
paper but only after the expiration of at least 30 days from such initial
transfer. The assignee shall send such notice to the last known address of the
assignor as it appears in the records of the assignee.

HISTORY: 1978, c. 462, § 55-66.1:1; 1999, c. 77; 2019, c. 712.