State Codes and Statutes
Statutes > Virginia > Title-55 > Chapter-21 > 55-381§ 55-381. Liens.
A. In the case of time-share estate transfers, unless the purchaser expresslyagrees to take subject to or assume a lien prior to transferring a time-shareestate other than by deed in lieu of foreclosure, the developer shall either:(i) record or furnish to the purchaser as part of settlement, releases of allliens affecting that time-share estate or (ii) provide a surety bond or titleinsurance against the lien, as provided for liens on real estate in thisCommonwealth.
B. Unless a time-share owner or his predecessor in title agrees otherwisewith the lienor, if a lien other than an underlying mortgage or deed of trustbecomes effective against more than one time-share in a time-share project,any time-share owner is entitled to a release of a time-share from the lienupon payment of the amount of the lien attributable to the time-share. Theamount of the payment shall be proportionate to the ratio that the time-shareowner's liability bears to the liabilities of all time-share owners whoseinterests are subject to the lien. Upon receipt of payment, the lien-holdershall promptly deliver to the time-share owner a release of the lien coveringthat time-share. After payment, the managing entity may not assess or have alien against that time-share for any portion of the expenses incurred inconnection with that lien.
(1981, c. 462; 1991, c. 704.)
