8VAC20-100-280: 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.