13.1-1237 - Distribution of assets upon dissolution. - Virginia Statutes

§ 13.1-1237. Distribution of assets upon dissolution.

Upon the winding up of a business trust, the assets of the business trustshall be distributed as follows:

1. To creditors, including beneficial owners who are creditors, to the extentpermitted by law, in satisfaction of liabilities of the business trust, otherthan for distributions to beneficial owners under § 13.1-1227;

2. Unless otherwise provided in the articles of trust or in the governinginstrument, to the beneficial owners and former beneficial owners insatisfaction of liabilities for distributions under § 13.1-1227; and

3. Unless otherwise provided in the articles of trust or in the governinginstrument, to the beneficial owners in the proportions in which thebeneficial owners share in distributions.

(2002, c. 621.)