                                 CODE OF VIRGINIA

PRIOR SECURITY INTEREST ON PROPERTY LEVIED ON (§ 8.01-480)

Tangible personal property subject to a prior security interest, or in which the
execution debtor has only an equitable interest, may nevertheless be levied on
for the satisfaction of a fieri facias. If the prior security interest is due
and payable, the officer levying the fieri facias may sell the property free of
such security interest, and apply the proceeds first to the payment of such
security interest, and the residue, so far as necessary, to the satisfaction of
the fieri facias. In the event the property is to be sold free of such prior
security interest, the judgment creditor shall give written notice by certified
mail to each secured party of record as hereafter specified, as his name and
address shall appear on record, of the proposed sale, or to any secured party of
whom the judgment creditor shall have actual knowledge. Such notice shall be
given to each secured party who is of record at the State Corporation
Commission, at the Department of Motor Vehicles, at the Department of Wildlife
Resources, or in the clerk&#8217;s office in the city or county in Virginia,
where the debtor has resided to the knowledge of the judgment creditor at any
time during a one-year period prior to the sale. Certification of such notice
shall be delivered to the sheriff or other officer conducting the sale pursuant
to execution of the judgment, who shall announce that except as to such person
so notified, the sale is subject to any prior security interest of record, other
than one of record at a place where the debtor may have resided more than one
year previously. If such prior security interest is not due and payable at the
time of sale, such officer shall sell the property levied on subject to such
security interest.

HISTORY: Code 1950, § 8-413; 1977, c. 617; 1979, c. 491; 1990, c. 553; 2020, c.
958.