55-473 - Other liens affecting the cooperative. - Virginia Statutes

§ 55-473. Other liens affecting the cooperative.

A. Regardless of whether his cooperative interest is subject to the claims ofthe association's creditors, no property of a proprietary lessee other thanhis cooperative interest is subject to those claims.

B. If the association receives notice of an impending foreclosure on all orany portion of the association's real estate, the association shall promptlytransmit a copy of that notice to each proprietary lessee of a unit locatedwithin the real estate to be foreclosed. Failure of the association totransmit the notice does not affect the validity of the foreclosure.

(1982, c. 277.)