55-66.1:1 - Required notice of foreclosure or repossession - Virginia Statutes

§ 55-66.1:1. Required notice of foreclosure or repossession.

Whenever any assignee of an installment note secured by a security intereston a manufactured home determines that legal action is desirable to enforcethe debt resulting in a potential foreclosure or repossession, he shall giveprior notice by mail of any action to foreclose or repossess the collateralto any assignor who is liable under a recourse endorsement or by virtue of areserve account at least ten business days prior to the enforcement of thesecurity interest or eviction. Assignment by way of pledge of the securityinterest granted by the assignor shall not be an assignment within themeaning of this section. The failure to so notify the assignor shall notaffect any rights of the assignee as against the principal debtor or anyparty other than the assignor with recourse or a person with rights in areserve account. Provisions of this section may not be waived by suchassignor at the time of the original sale of the installment paper, but onlyafter the expiration of at least thirty days from such initial transfer. Theassignee shall send such notice to the last known address of the assignor asit appears in the records of the assignee.

(1978, c. 462; 1999, c. 77.)