2011 Code of Virginia
Title 13.1 CORPORATIONS.
Chapter 14 Virginia Business Trust Act (13.1-1200 thru 13.1-1285)
13.1-1237 Distribution of assets upon dissolution
13.1-1237. Distribution of assets upon dissolution.
Upon the winding up of a business trust, the assets of the business trust shall be distributed as follows:
1. To creditors, including beneficial owners who are creditors, to the extent permitted by law, in satisfaction of liabilities of the business trust, other than for distributions to beneficial owners under 13.1-1227;
2. Unless otherwise provided in the articles of trust or in the governing instrument, to the beneficial owners and former beneficial owners in satisfaction of liabilities for distributions under 13.1-1227; and
3. Unless otherwise provided in the articles of trust or in the governing instrument, to the beneficial owners in the proportions in which the beneficial owners share in distributions.
(2002, c. 621.)
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