54.1-2335 - Breach of contract by seller; trust to be single purpose trust. - Virginia Statutes

§ 54.1-2335. Breach of contract by seller; trust to be single purpose trust.

If, after a written request, the seller fails to perform its contractualduties, the purchaser, executor or administrator of the estate, or heirs, orassigns or duly authorized representative of the purchaser shall be entitledto maintain a proper legal or equitable action in any court of competentjurisdiction. No other purchaser need be made a party to or receive notice ofany proceeding brought pursuant to this section relating to the performanceof any other contract.

The trust shall be a single purpose trust, and the trust funds shall not beavailable to any creditors as assets of the seller.

(1998, cc. 708, 721.)