15.2-718 - Postponement of payment of certain assessments. - Virginia Statutes

§ 15.2-718. Postponement of payment of certain assessments.

The board may provide for the postponement of the payment of assessments madepursuant to the provisions of Article 2 (§ 15.2-2404 et seq.) of Chapter 24of this title by any property owner at the election of the property owner.Full payment of the assessment plus accrued interest shall become due andpayable at the time of the death of the owner or the last surviving jointowner who made such an election or at the time the property or any dividedpart is sold, devised, subdivided, or transferred in any way. The board mayimpose interest on the unpaid balance of such assessments at a rate not toexceed the judgment rate, but at a rate which may be different from thatimposed on property owners making installment payments under § 15.2-2413.

(1988, c. 532, § 15.1-686.5; 1997, c. 587.)