Virginia § 32.1-354 - Definitions
Full text of Virginia Code of Virginia § 32.1-354 — Definitions, with citation guidance and answers to common questions.
§ 32.1-354. Definitions
As used in this chapter, unless the context clearly indicates otherwise:
"Agreement" means the agreement or agreements between the Commonwealth, as seller of the Tobacco Assets, and the Corporation, as purchaser of the Tobacco Assets. The sale by the Commonwealth of the Tobacco Assets pursuant to any such agreement shall be a true sale and not a borrowing.
"Board" means the Board of Trustees of the Foundation appointed pursuant to § 32.1-357.
"Corporation" means the Tobacco Settlement Financing Corporation as created under state law.
"Director" means the director of the Foundation appointed pursuant to § 32.1-358.
"Endowment" means the Virginia Tobacco Settlement Foundation Endowment established pursuant to § 32.1-361.1.
"Foundation" means the Virginia Foundation for Healthy Youth, created pursuant to § 32.1-355.
"Foundation Allocation" means 10 percent of the annual amount received under the Master Settlement Agreement by the Commonwealth, or that would have been received but for the sale of such allocation pursuant to an agreement, between the starting and ending dates specified in the agreement.
"Fund" means the Virginia Tobacco Settlement Fund established pursuant to § 32.1-360.
"Period of sale" means the time during which a purchase under an agreement is entitled to receive the Foundation Allocation.
"Tobacco Assets" means all right, title, and interest in and to the portion of the Foundation Allocation that may be sold to the Corporation from time to time.
Frequently Asked Questions About Virginia § 32.1-354
What does Code of Virginia § 32.1-354 cover?
Section 32.1-354 ("Definitions") 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 § 32.1-354?
A common citation format is "Code of Virginia § 32.1-354" (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 § 32.1-354 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.