15.2-5212 - Property of commission exempt from foreclosure or execution sale and judgment lien. - Virginia Statutes

§ 15.2-5212. Property of commission exempt from foreclosure or execution saleand judgment lien.

No interest of the commission in any property, real or personal, shall besubject to sale by foreclosure of a mortgage, trust indenture, or any otherinstrument, either through judicial proceedings or the exercise of a power ofsale contained in the instrument. All commission property shall be exemptfrom levy and sale by virtue of an execution, and no execution or judicialprocess shall issue against the commission. No judgment against thecommission shall be a charge or lien upon its property, real or personal.

Nothing contained in this section shall prohibit the owner of a leaseholdinterest granted by the commission from granting a lien or other securityinterest in his leasehold which would be subject to sale or foreclosure asprovided in any instrument creating the lien or other security interest.Nothing contained in this section shall prohibit the commission from grantinga lien on, or creating a security interest in, commission property, real orpersonal, to secure any bonds issued under this chapter, any of whichproperty will be subject to sale or foreclosure as provided in the instrumentgranting such lien or creating such security interest.

(Code 1950, § 32-286; 1975, c. 295, § 15.1-1526; 1979, c. 719; 1994, c. 759;1997, c. 587.)