Virginia § 13.1-1237 - Distribution of assets upon dissolution
Full text of Virginia Code of Virginia § 13.1-1237 — Distribution of assets upon dissolution, with citation guidance and answers to common questions.
§ 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.
Frequently Asked Questions About Virginia § 13.1-1237
What does Code of Virginia § 13.1-1237 cover?
Section 13.1-1237 ("Distribution of assets upon dissolution") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 13.1-1237?
A common citation format is "Code of Virginia § 13.1-1237" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 13.1-1237 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.