Financial institutions; serving notice of lien. (SB445)
Introduced By
Progress
√ |
Introduced |
√ |
Passed Committee |
√ |
Passed House |
√ |
Passed Senate |
√ |
Signed by Governor |
√ |
Became Law |
Description
Notice of lien on financial institutions. Provides that any judgment creditor serving a notice of lien on a financial institution shall, within five business days of such service, mail to the judgment debtor at his last known address a copy of the notice of lien along with a notice of exemptions and claim for exemption form. The judgment creditor or attorney for the judgment creditor shall file a certification with the court affirming that he has mailed the judgment debtor these notices. If the judgment creditor fails to mail the notices, the financial institution shall release to the judgment debtor any funds otherwise subject to the lien. In the event that the judgment creditor fails to comply, he shall be liable to the judgment debtor for no more than $500 in damages, unless he proves by a preponderance of the evidence that the failure was not willful. Amends § 8.01-502.1 (“Serving notice of lien on financial institution.”), § 8.01-512.4 (“Notice of exemptions from garnishment and lien.”), of the Code of Virginia. View Full Text »
