CHAPTER 410

An Act to amend and reenact § 55-93 of the Code of Virginia, providing
when repossession and sale of personal property discharges amount
secured by reservation of title or lien. rH 223]

Approved March 381, 1964

Be it enacted by the General Assembly of Virginia:

. " That § 55-93 of the Code of Virginia be amended and reenacted as
ollows:

§ 55-98. If the vendor of any personal property sold under a written
contract, whether such contract be made within or without this State,
whereby the title thereto or a lien thereon is reserved to secure unpaid
purchase money, or the assignee or beneficial owner of any such contract,
shall repossess and sell such personal property without legal process, such
repossession and sale shall operate to cancel and fully discharge the amount
of money secured by such contract, including all unpaid purchase money,
notwithstanding any provision to the contrary contained in such contract.
This section shall not be construed to affect in any way the provisions
of § 55-91 or the rights and remedies provided therein, nor shall it apply
in any case when the property repossessed shall be sold at public auction
in the county or city in which the vendor has his principal place of
business, or in which the vendee resides, after ten days’ written notice
of the time, place and terms of sale served upon or sent by registered mail
to the last known postoffice address of the vendee, and after publication in
some newspaper having general circulation in the county or city in which
such sale is to be held, or, in lieu of such publication, after notice duly
posted for five days at three or more public places in such county or city.

Nothing in this section shall affect the validity of any new contract
in writing made, after default on the part of the vendee, between the
vendor, assignee or beneficial owner and the vendee providing for the
— of such personal property and the vendee’s liability for any

eficiency.