15.2-3813 - Town liabilities and assets. - Virginia Statutes

§ 15.2-3813. Town liabilities and assets.

If a town becomes a city under this chapter, the city shall be liable for thebonded indebtedness and current debts and obligations of the town and shallbe liable for the obligations or other liabilities of the town, both in lawand in equity, arising out of any plans or annexations theretoforeconsummated between the town and any other territory. The title to all theproperty of the town, and its rights and privileges under any contract,including all moneys belonging to the town, and its books, records, papersand other things of value, shall vest in and become the city's property.

(Code 1950, § 15-84; 1962, c. 623, § 15.1-984; 1997, c. 587.)