13.1-1240 - Dissolution of series. - Virginia Statutes

§ 13.1-1240. Dissolution of series.

A. Except to the extent otherwise provided in the articles of trust or in thegoverning instrument of the business trust, a series established inaccordance with § 13.1-1219 may be dissolved and its affairs wound up withoutcausing the dissolution of the business trust or any other series. Unlessotherwise provided in the articles of trust or in the governing instrument ofthe business trust, the dissolution, winding up, liquidation or terminationof the business trust or any series thereof shall not affect the limitationof liability with respect to a series established in accordance with §§13.1-1219 and 13.1-1231. A series established in accordance with § 13.1-1219is dissolved and its affairs shall be wound up at the time or upon thehappening of events specified in the governing instrument of the businesstrust. Except to the extent otherwise provided in the articles of trust or inthe governing instrument of a business trust, the death, incapacity,dissolution, termination or bankruptcy of a beneficial owner of such seriesshall not result in the termination or dissolution of such series and suchseries may not be terminated or revoked by a beneficial owner of such seriesor other person except in accordance with the terms of the governinginstrument of the business trust.

B. Upon dissolution of a series of a business trust, the persons who underthe governing instrument of the business trust are responsible for winding upsuch series' affairs may, in the name of the business trust and for and onbehalf of the business trust and such series, take all actions with respectto the series as are permitted under § 13.1-1236 and shall provide for theclaims and obligations of the series and distribute the assets of the seriesas provided under § 13.1-1237. Any person, including any trustee, who underthe governing instrument is responsible for winding up such series' affairsand who has complied with § 13.1-1237 shall not be personally liable to theclaimants of the dissolved series by reason of such person's actions inwinding up the series.

(2002, c. 621.)