13.1-1218 - Existence. - Virginia Statutes

§ 13.1-1218. Existence.

A. Except to the extent otherwise provided in this chapter, in the articlesof trust or in the governing instrument of the business trust, a businesstrust:

1. Shall have perpetual existence; and

2. May not be terminated or revoked by a beneficial owner or other personexcept in accordance with the terms of the articles of trust or the governinginstrument of the business trust.

B. Except to the extent otherwise provided in the articles of trust or in thegoverning instrument of a business trust, the death, incapacity, dissolution,termination, or bankruptcy of a beneficial owner shall not result in thetermination or dissolution of a business trust.

C. In the event that a business trust does not have perpetual existence, abusiness trust is dissolved and its affairs shall be wound up in accordancewith Article 8 (§ 13.1-1234 et seq.) of this chapter at the time or on thehappening of events specified in the articles of trust or the governinginstrument.

(2002, c. 621.)