76935555-516Virginia Decodedhttps://vacode.org2016Property And ConveyancesProperty Owners' Association ActOperation And Management Of Association.Lien for assessments1989, c. 679; 1991, c. 667; 1997, cc. 760, 766; 2000, c. 905; 2004, cc. 778, 779, 786.Goldfarb v. Virginia State BarCiv. A. No. 75-72-A355 F. Supp. 4911973-01-05https://www.courtlistener.com/opinion/1447810/goldfarb-v-virginia-state-bar/ . . . 661 2,925 . . . District Court, E.D. VirginiaBoard of Directors v. Wachovia Bank, NA021741581 S.E.2d 2012003-06-06https://www.courtlistener.com/opinion/1059216/board-of-directors-v-wachovia-bank-na/ . . . legislation, the General Assembly also amended Code § 55-516 to provide the identical enforcement . . . <abbr title="Supreme Court of Virginia">SCV</abbr>Dogwood Valley Citizens Ass'n v. Winkelman031053590 S.E.2d 3582004-01-16https://www.courtlistener.com/opinion/1059151/dogwood-valley-citizens-assn-v-winkelman/ . . . Association Act. However, the court held that Code § 55-516(I) of the Act applied only to a . . . <abbr title="Supreme Court of Virginia">SCV</abbr>Dogwood Valley Citizens Ass'n v. Shifflett070143654 S.E.2d 8942008-01-11https://www.courtlistener.com/opinion/1058559/dogwood-valley-citizens-assn-v-shifflett/ . . . two-thirds vote of the board of directors. Code § 55-516.2 allows the president of the association . . . <abbr title="Supreme Court of Virginia">SCV</abbr>Dikun v. Streich1:05CV103 (GBL)369 F. Supp. 2d 7812005-05-13https://www.courtlistener.com/opinion/2360904/dikun-v-streich/ . . . governs the contents of the notice of debt. Va.Code § 55-516 allows a homeowners association to . . . District Court, E.D. VirginiaTvardek v. Powhatan Village1504562016-02-12https://www.courtlistener.com/opinion/3177026/tvardek-v-powhatan-village/ . . . Property Owners’ Association Act, Code §§ 55-508 to 55-516.2, expanded . . . <abbr title="Supreme Court of Virginia">SCV</abbr>Tvardek v. Powhatan Village1504562016-02-12https://www.courtlistener.com/opinion/3186364/tvardek-v-powhatan-village/ . . . Property Owners’ Association Act, Code §§ 55-508 to 55-516.2, expanded . . . <abbr title="Supreme Court of Virginia">SCV</abbr>http://law.lis.virginia.gov/vacode/55-516/55-515Compliance with declaration/55-515/55-58.2Credit line deed of trust defined; relative priority of credit line deed of trust and other instruments of judgment/55-58.2//55-516/55/26/3/55-51655-509.655-509.755-51355-514 The name of the development;sectionB1B12 A description of the lot;sectionB2B22 The name or names of the persons constituting the owners of that lot;sectionB3B32 The amount of unpaid assessments currently due or past due relative to such lot together with the date when each fell due;sectionB4B42 The date of issuance of the memorandum;sectionB5B52 The name of the association and the name and current address of the person to contact to arrange for payment or release of the lien; andsectionB6B62No suit to enforce any lien perfected under subsection B shall be brought or action to foreclose any lien perfected under subsection I shall be initiated after 36 months from the time when the memorandum of lien was recorded; however, the filing of a petition to enforce any such lien in any suit wherein the petition may be properly filed shall be regarded as the institution of a suit under this section. Nothing herein shall extend the time within which any such lien may be perfected.sectionEE1When payment or satisfaction is made of a debt secured by the lien perfected by subsection B hereof, the lien shall be released in accordance with the provisions of § 55-66.3. Any lien which is not so released shall subject the lien creditor to the penalty set forth in subdivision A 1 of § 55-66.3. For the purposes of § 55-66.3, the principal officer of the association, or any other officer or officers as the declaration may specify, shall be deemed the duly authorized agent of the lien creditor.sectionGG1Nothing in this section shall be construed to prohibit actions at law to recover sums for which subsection A hereof creates a lien, maintainable pursuant to § 55-515.sectionHH1 The association shall give notice to the lot owner prior to advertisement required by subdivision 4. The notice shall specify (i) the debt secured by the perfected lien; (ii) the action required to satisfy the debt secured by the perfected lien; (iii) the date, not less than 60 days from the date the notice is given to the lot owner, by which the debt secured by the lien must be satisfied; and (iv) that failure to satisfy the debt secured by the lien on or before the date specified in the notice may result in the sale of the lot. The notice shall further inform the lot owner of the right to bring a court action in the circuit court of the county or city where the lot is located to assert the nonexistence of a debt or any other defense of the lot owner to the sale.sectionI1I12 In addition to the advertisement required by subdivision 5, the association shall give written notice of the time, date and place of any proposed sale in execution of the lien, and including the name, address and telephone number of the trustee, by personal delivery or by mail to (i) the present owner of the property to be sold at his last known address as such owner and address appear in the records of the association, (ii) any lienholder who holds a note against the property secured by a deed of trust recorded at least 30 days prior to the proposed sale and whose address is recorded with the deed of trust, and (iii) any assignee of such a note secured by a deed of trust provided the assignment and address of the assignee are likewise recorded at least 30 days prior to the proposed sale. Mailing a copy of the advertisement or the notice containing the same information to the owner by certified or registered mail no less than 14 days prior to such sale and to lienholders and their assigns, at the addresses noted in the memorandum of lien, by ordinary mail no less than 14 days prior to such sale, shall be a sufficient compliance with the requirement of notice.sectionI4I42 The advertisement of sale by the association shall be in a newspaper having a general circulation in the city or county wherein the property to be sold, or any portion thereof, lies pursuant to the following provisions:
sectionI5I52 The association shall advertise once a week for four successive weeks; however, if the property or some portion thereof is located in a city or in a county immediately contiguous to a city, publication of the advertisement five different days, which may be consecutive days, shall be deemed adequate. The sale shall be held on any day following the day of the last advertisement which is no earlier than eight days following the first advertisement nor more than 30 days following the last advertisement.sectionI5aI5a3 Such advertisement shall be placed in that section of the newspaper where legal notices appear or where the type of property being sold is generally advertised for sale. The advertisement of sale, in addition to such other matters as the association finds appropriate, shall set forth a description of the property to be sold, which description need not be as extensive as that contained in the deed of trust, but shall identify the property by street address, if any, or, if none, shall give the general location of the property with reference to streets, routes, or known landmarks. Where available, tax map identification may be used but is not required. The advertisement shall also include the date, time, place, and terms of sale and the name of the association. It shall set forth the name, address and telephone number of the representative, agent, or attorney who may be able to respond to inquiries concerning the sale.sectionI5bI5b3 In addition to the advertisement required by subdivisions a and b above, the association may give such other further and different advertisement as the association finds appropriate.sectionI5cI5c3 In the event of postponement of sale, which postponement shall be at the discretion of the association, advertisement of such postponed sale shall be in the same manner as the original advertisement of sale.sectionI6I62 Failure to comply with the requirements for advertisement contained in this section shall, upon petition, render a sale of the property voidable by the court.sectionI7I72 In the event of a sale, the association shall have the following powers and duties:
sectionI8I82 Written one-price bids may be made and shall be received by the trustee from the association or any person for entry by announcement at the sale. Any person other than the trustee may bid at the foreclosure sale, including a person who has submitted a written one-price bid. Upon request to the trustee, any other bidder in attendance at a foreclosure sale shall be permitted to inspect written bids. Unless otherwise provided in the declaration, the association may bid to purchase the lot at a foreclosure sale. The association may own, lease, encumber, exchange, sell or convey the lot. Whenever the written bid of the association is the highest bid submitted at the sale, such written bid shall be filed by the trustee with his account of sale required under subdivision I 10 of this section and § 64.2-1309. The written bid submitted pursuant to this subsection may be prepared by the association, its agent or attorney.sectionI8aI8a3 The association may require of any bidder at any sale a cash deposit of as much as 10 percent of the sale price before his bid is received, which shall be refunded to him if the property is not sold to him. The deposit of the successful bidder shall be applied to his credit at settlement, or if such bidder fails to complete his purchase promptly, the deposit shall be applied to pay the costs and expenses of the sale, and the balance, if any, shall be retained by the association in connection with that sale.sectionI8bI8b3 The trustee shall file an accounting of the sale with the commissioner of accounts pursuant to § 64.2-1309 and every account of a sale shall be recorded pursuant to § 64.2-1310. In addition, the accounting shall be made available for inspection and copying pursuant to § 55-510 upon the written request of the prior lot owner, current lot owner or any holder of a recorded lien against the lot at the time of the sale. The association shall maintain a copy of the accounting for at least 12 months following the foreclosure sale.sectionI10I102 If the sale of a lot is made pursuant to subsection I and the accounting is made by the trustee, the title of the purchaser at such sale shall not be disturbed unless within 12 months from the confirmation of the accounting by the commissioner of accounts, the sale is set aside by the court or an appeal is allowed by the Supreme Court of Virginia, and a decree is therein entered requiring such sale to be set aside.sectionI11I112