55-388 - Purchaser's rights under developer's foreclosure. - Virginia Statutes

§ 55-388. Purchaser's rights under developer's foreclosure.

The developer whose project is subject to an underlying blanket lien orencumbrance shall protect a nondefaulting purchaser from foreclosure orcancellation by the lien holder by securing from such lien holder or placingof record a nondisturbance clause, subordination agreement, or partialrelease of the lien as to that time-share sold to such purchaser.

(1981, c. 462; 1985, c. 517.)