Whenever any assignee of an installment note secured by a security interest on a manufactured home determines that legal action is desirable to enforce the debt resulting in a potential foreclosure or repossession, he shall give prior notice by mail of any action to foreclose or repossess the collateral to any assignor who is liable under a recourse endorsement or by virtue of a reserve account at least 10 business days prior to the enforcement of the security interest or eviction. Assignment by way of pledge of the security interest granted by the assignor shall not be an assignment within the meaning of this section. The failure to so notify the assignor shall not affect any rights of the assignee as against the principal debtor or any party other than the assignor with recourse or a person with rights in a reserve account. Provisions of this section may not be waived by such assignor at the time of the original sale of the installment paper but only after the expiration of at least 30 days from such initial transfer. The assignee shall send such notice to the last known address of the assignor as it appears in the records of the assignee.
1978, c. 462, § 55-66.1:1; 1999, c. 77; 2019, c. 712.
Structure Code of Virginia
Title 55.1 - Property and Conveyances
Chapter 3 - Form and Effect of Deeds and Covenants; Liens
§ 55.1-300.1. Certificate of Release of Certain Prohibited Covenants
§ 55.1-302. Construction of generic terms
§ 55.1-303. Appurtenances, etc., included in deed of land
§ 55.1-304. Relocation of easement
§ 55.1-305. Enjoyment of easement
§ 55.1-306.1. Utility easements; expansion of broadband
§ 55.1-307. Public road easements; maintenance and improvements
§ 55.1-308. Private roads; public use; maintenance and improvements
§ 55.1-309. Deeds good between parties
§ 55.1-310. Conveyance of property not owned but subsequently acquired
§ 55.1-311. Vendor's equitable lien abolished
§ 55.1-312. Certain deeds to county real estate validated
§ 55.1-313. Validation of sales, etc., by county courts prior to 1860
§ 55.1-315. Effect of option; recording
§ 55.1-316. Form of deed of trust to secure debts, etc.
§ 55.1-317. Requirements for trustees
§ 55.1-318.1. Effect of amendment to loan document on deed of trust
§ 55.1-319. Priority of residential refinance mortgage over subordinate mortgage
§ 55.1-320. How deed of trust construed; duties, rights, etc., of parties
§ 55.1-321. Notices required before sale by trustee to owners, lienors, etc.; if note lost
§ 55.1-322. Advertisement required before sale by trustee
§ 55.1-323. Contents of advertisements of sale
§ 55.1-324. Powers and duties of trustee in event of sale under or satisfaction of deed of trust
§ 55.1-325. Meaning of phrases that may be included in deed of trust
§ 55.1-326. Evidences of indebtedness placed on equal footing
§ 55.1-327. Sales under deeds of trust that contain no maturity date or provision authorizing sale
§ 55.1-328. Validation of conveyances of real property under trust instrument not authorizing sale
§ 55.1-329. Permissible form for notice of sale under deed of trust
§ 55.1-330. Construction of deeds requiring notice by advertisement in newspaper
§ 55.1-331. Disposition of surplus from trustee's sale after death of grantor
§ 55.1-332. Title to real estate sold not affected by nonlisting of secured notes for taxation
§ 55.1-333. Validation of certain sales made under deeds of trust
§ 55.1-334. Validation of certain sales made under deeds of trust prior to October 1, 1977
§ 55.1-335. Validation of other sales under deeds of trust
§ 55.1-337. Required notice of foreclosure or repossession of manufactured home
§ 55.1-338. Release to person dead inures to successors
§ 55.1-339. Release of deed of trust or other lien
§ 55.1-340. Release by financial institution upon payment of debt placed with it for collection
§ 55.1-341. Partial satisfaction
§ 55.1-342. Permissible form for certificate of satisfaction or certificate of partial satisfaction
§ 55.1-343. Where certificates of satisfaction are to be indexed
§ 55.1-344. Releases made by court; costs and attorney fees
§ 55.1-345. Recordation of certificate of satisfaction, etc., required when release of lien recorded
§ 55.1-348. Document of rescission; effect; liability for wrongful recording
§ 55.1-349. Secured creditor to submit satisfaction for recording; liability for failure
§ 55.1-350. Form and effect of satisfaction
§ 55.1-351. Relation to Electronic Signatures in Global and National Commerce Act
§ 55.1-353. Effect of word "covenants."
§ 55.1-354. Effect of covenant of general warranty
§ 55.1-355. Covenant of special warranty
§ 55.1-357. Implied warranties on new homes
§ 55.1-358. Effect of certain transfer fee covenants
§ 55.1-359. Covenant of "right to convey."
§ 55.1-360. Covenant for "quiet possession" and "free from all encumbrances."
§ 55.1-361. Covenant for "further assurances."