Virginia Code 55.1-2425: Resale in case of default
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If the purchaser does not pay the purchase money into the state treasury within a reasonable time, any deposit is forfeited, and the State Treasurer may rescind the contract and order a new sale.
Terms Used In Virginia Code 55.1-2425
- Contract: A legal written agreement that becomes binding when signed.
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
Code 1919, § 508; Code 1950, § 55-187; 1990, c. 938; 2019, c. 712.