Abstract: A drain valve for use in a fuel tank and having a drain port and an axially movable poppet or valve member. The valve member has a first position for closing the port, a second position for opening the port to permit draining of liquid from the fuel tank, and a third position wherein the valve member is lowered to expose a seal thereon for inspection or replacement. A valve stem is connected to the valve member and has a pin with ends projecting therefrom. A retainer assembly comprised of two identical, interfitting retainer members has slots for receiving the ends of the pin and surfaces for supporting the pin and, in turn, the valve member when the valve is either opened or closed.