79600313.1-1237Virginia Decodedhttps://vacode.org2016CorporationsVirginia Business Trust ActDissolutionDistribution of assets upon dissolution2002, c. 621.http://law.lis.virginia.gov/vacode/13.1-1237//13.1-1237/13.1/14/8/13.1-123713.1-1240

Upon the winding up of a business trust, the assets of the business trust shall be distributed as follows:section

1

To creditors, including beneficial owners who are creditors, to the extent permitted by law, in satisfaction of liabilities of the business trust, other than for distributions to beneficial owners under § 13.1-1227;section

1

112

Unless otherwise provided in the articles of trust or in the governing instrument, to the beneficial owners and former beneficial owners in satisfaction of liabilities for distributions under § 13.1-1227; andsection

2

222

Unless otherwise provided in the articles of trust or in the governing instrument, to the beneficial owners in the proportions in which the beneficial owners share in distributions.section

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332