15.2-5381 - Property of Authority exempt from foreclosure or execution sale and judgment lien.
§ 15.2-5381. Property of Authority exempt from foreclosure or execution saleand judgment lien.
No interest of the Authority in any property, real or personal, shall besubject to sale by foreclosure of a mortgage, trust indenture, or any otherinstrument, either through judicial proceedings or the exercise of a power ofsale contained in the instrument. All Authority property shall be exempt fromlevy and sale by virtue of an execution, and no execution or judicial processshall issue against the Authority. No judgment against the Authority shall bea charge or lien upon its property, real or personal.
Nothing contained in this section shall prohibit the owner of a leaseholdinterest granted by the Authority from granting a lien or other securityinterest in his leasehold that would be subject to sale or foreclosure asprovided in any instrument creating the lien or other security interest.Nothing contained in this section shall prohibit the Authority from grantinga lien on or creating a security interest in Authority property, real orpersonal, to secure any bonds issued under this chapter, any of whichproperty will be subject to sale or foreclosure as provided in the instrumentgranting such lien or creating such security interest.
(2007, c. 676.)