2006 Code of Virginia § 54.1-2335 - Breach of contract by seller; trust to be single purpose trust
54.1-2335. Breach of contract by seller; trust to be single purpose trust.
If, after a written request, the seller fails to perform its contractualduties, the purchaser, executor or administrator of the estate, or heirs, orassigns or duly authorized representative of the purchaser shall be entitledto maintain a proper legal or equitable action in any court of competentjurisdiction. No other purchaser need be made a party to or receive notice ofany proceeding brought pursuant to this section relating to the performanceof any other contract.
The trust shall be a single purpose trust, and the trust funds shall not beavailable to any creditors as assets of the seller.
(1998, cc. 708, 721.)
Disclaimer: These codes may not be the most recent version. Virginia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
