13.1-755 - Survival of remedy after termination of corporate existence. - Virginia Statutes

§ 13.1-755. Survival of remedy after termination of corporate existence.

The termination of corporate existence shall not take away or impair anyremedy available to or against the corporation, its directors, officers orshareholders, for any right or claim existing or any liability incurred,prior to such termination. Any such action or proceeding by or against thecorporation may be prosecuted or defended by the corporation in its corporatename. The shareholders, directors and officers shall have power to take suchcorporate or other action as shall be appropriate to protect such remedy,right or claim.

(Code 1950, § 13.1-101; 1956, c. 428; 1985, c. 522.)