8.01-505 - When lien acquired on intangibles under § 8.01-501 ceases. - Virginia Statutes

§ 8.01-505. When lien acquired on intangibles under § 8.01-501 ceases.

The lien acquired under § 8.01-501 on intangibles shall cease whenever theright of the judgment creditor to enforce the judgment by execution or byaction, or to extend the right by motion, ceases or is suspended by aforthcoming bond being given and forfeited or by other legal process.Furthermore, as to all such intangibles the lien shall cease upon theexpiration of the following periods whichever is the longer: (i) one yearfrom the return day of the execution pursuant to which the lien arose, or(ii) if the intangible is a debt due from, or a claim upon, a third person infavor of the judgment debtor or the estate of such third person, one yearfrom the final determination of the amount owed to the judgment debtor.

(Code 1950, § 8-434; 1977, c. 617.)