62.1-96 - Transfer or assignment of license. - Virginia Statutes

§ 62.1-96. Transfer or assignment of license.

No voluntary transfer or assignment of any license granted under this chaptershall be made to any transferee or assignee unless he be financially able tocarry out the project or development, nor shall any such voluntary transferor assignment be valid or of any effect whatsoever unless the same shall bein writing and a copy thereof be filed with, and approved by, the Commission,provided that any mortgage or trust deed, or foreclosure under any mortgageor deed of trust, or any judicial or tax sale, merger or consolidation, orany sale of the greater part of the property of the licensee in theCommonwealth, shall not be deemed a voluntary transfer within the meaning ofthis chapter. Any successor or assignee of the rights of the licensee,whether by voluntary transfer, judicial sale, foreclosure sale or otherwise,shall be subject to all of the obligations, liabilities and conditionsincident to such license to the same extent as though such successor orassignee were the original licensee.

(Code 1950, § 62-85; 1968, c. 659.)