13.1-1270 - Effect of domestication. - Virginia Statutes

§ 13.1-1270. Effect of domestication.

A. When a foreign business trust's certificate of domestication in thisCommonwealth becomes effective, with respect to that business trust:

1. The title to all real estate and other property remains in the businesstrust without reversion or impairment;

2. The liabilities remain the liabilities of the business trust;

3. A proceeding pending may be continued by or against the business trust asif the domestication did not occur;

4. The articles of trust attached to the articles of domestication constitutethe articles of trust of the business trust; and

5. The business trust is deemed to:

a. Be formed under the laws of this Commonwealth for all purposes;

b. Be the same business trust as the business trust that existed under thelaws of the jurisdiction or jurisdictions in which it was originally formedor formerly domiciled; and

c. Have been formed on the date it was originally formed or organized.

B. Any trustee of a foreign business trust that domesticates into thisCommonwealth who, prior to the domestication, was liable for the liabilitiesor obligations of the business trust is not released from those liabilitiesor obligations by reason of the domestication.

(2002, c. 621.)