Virginia Code 8.01-551: When officer to take possession of property.
If so requested by the plaintiff in his petition, the officer to whom the attachment is directed shall take possession of the property specified in the attachment, or when no such property is specified, of any estate or effects of the defendant, or so much thereof as is sufficient to pay the plaintiff’s claim. But the officer levying the attachment shall, before taking possession of any property as aforesaid, make his certificate of the estimated fair market value of the property on which the attachment is levied, and he shall not take possession of the same unless and until bond in conformance with § 8.01-537.1 based on the estimated fair market value of the property as so stated in his certificate is posted. The certificate shall be filed in the clerk’s office of the court to which the attachment is returnable and the value so certified shall be subject to review by the court to which the attachment is returnable.
Terms Used In Virginia Code 8.01-551
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Plaintiff: The person who files the complaint in a civil lawsuit.
Code 1950, § 8-538; 1973, c. 545; 1977, c. 617; 1984, c. 646; 1993, c. 841.