8VAC20-100-280. Property transfer.

Part IX. Property Transfer

When a school board or a local governing body sells or transfers property on which there is an outstanding balance on a Literary Loan, such balance becomes due and must be paid before title to the property is conveyed to the new owner. In no event, however, shall this provision be applicable where a court of competent jurisdiction decrees otherwise in an annexation settlement, or where fee simple title, after sale or transfer, remains in either the school board or its governing body.

Statutory Authority

Article VIII, § 8 of the Constitution of Virginia; §§ 22.1-140 and 22.1-142 et seq. of the Code of Virginia.

Historical Notes

Derived from VR270-01-0009 § 9.1, eff. March 30, 1988; amended, Virginia Register Volume 11, Issue 10, eff. March 8, 1995.

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