{"data":{"id":"us-va/va.-code-55.1-2129","jurisdiction":"us-va","citation":"Va. Code § 55.1-2129","heading":"Rights of secured lenders","body":"The declaration may require that all or a specified number or percentage of the lenders holding security interests encumbering the cooperative interests approve specified actions of the proprietary lessees or the association as a condition to the effectiveness of those actions, but no requirement for approval shall operate to (i) deny or delegate control over the general administrative affairs of the association by the proprietary lessees or the executive board; (ii) prevent the association or the executive board from commencing, intervening in, or settling any litigation or proceeding; or (iii) receive and distribute any insurance proceeds except pursuant to § 55.1-2145.1982, c. 277, § 55-455; 2019, c. 712.","path":["Title 55.1. Property and Conveyances","Subtitle IV. Common Interest Communities","Chapter 21. Virginia Real Estate Cooperative Act","Article 2. Creation, Alteration, and Termination of Cooperatives"],"source_url":"https://law.lis.virginia.gov/vacode/55.1-2129/","current_through":"9/4/2026","vintage":"","retrieved_at":"2026-09-04T15:17:29Z","sha256":"9bd92eb0def650eea822bcaf478243066d847ab9f487cd786952827f8a00aaf4","source_id":"us-va","stale":true,"prev":"us-va/va.-code-55.1-2128","next":"us-va/va.-code-55.1-2130"},"notice":"GroundRules: Original legal text. Not legal advice."}