{"law_id":"774217","section_number":"13.1-1240","catch_line":"Dissolution of series","history":"2002, c. 621.","order_by":null,"metadata":false,"court_decisions":{},"official_url":"http:\/\/law.lis.virginia.gov\/vacode\/13.1-1240\/","refers_to":[{"id":"766295","section_number":"13.1-1219","catch_line":"Governing instrument","url":"\/13.1-1219\/"},{"id":"772184","section_number":"13.1-1231","catch_line":"Capacity to sue and be sued; process; liabilities and obligations; attachment; seizure of certain assets","url":"\/13.1-1231\/"},{"id":"784713","section_number":"13.1-1236","catch_line":"Winding up","url":"\/13.1-1236\/"},{"id":"796003","section_number":"13.1-1237","catch_line":"Distribution of assets upon dissolution","url":"\/13.1-1237\/"}],"url":"\/13.1-1240\/","token":"13.1\/14\/8\/13.1-1240","structure":{"1":{"id":"2027","name":"Dissolution","identifier":"8","label":"article","url":"\/13.1\/14\/8\/"},"2":{"id":"385","name":"Virginia Business Trust Act","identifier":"14","label":"chapter","url":"\/13.1\/14\/"},"3":{"id":"43","name":"Corporations","identifier":"13.1","label":"title","url":"\/13.1\/"}},"referred_to_by":false,"edition_id":"11","section_id":"774217","structure_id":"2027","full_text":"A Except to the extent otherwise provided in the articles of trust or in the governing instrument of the business trust, a series established in accordance with \u00a7 13.1-1219 may be dissolved and its affairs wound up without causing the dissolution of the business trust or any other series. Unless otherwise provided in the articles of trust or in the governing instrument of the business trust, the dissolution, winding up, liquidation or termination of the business trust or any series thereof shall not affect the limitation of liability with respect to a series established in accordance with \u00a7\u00a7 13.1-1219 and 13.1-1231. A series established in accordance with \u00a7 13.1-1219 is dissolved and its affairs shall be wound up at the time or upon the happening of events specified in the governing instrument of the business trust. Except to the extent otherwise provided in the articles of trust or in the governing instrument of a business trust, the death, incapacity, dissolution, termination or bankruptcy of a beneficial owner of such series shall not result in the termination or dissolution of such series and such series may not be terminated or revoked by a beneficial owner of such series or other person except in accordance with the terms of the governing instrument of the business trust.\r\rB Upon dissolution of a series of a business trust, the persons who under the governing instrument of the business trust are responsible for winding up such series’ affairs may, in the name of the business trust and for and on behalf of the business trust and such series, take all actions with respect to the series as are permitted under \u00a7 13.1-1236 and shall provide for the claims and obligations of the series and distribute the assets of the series as provided under \u00a7 13.1-1237. Any person, including any trustee, who under the governing instrument is responsible for winding up such series’ affairs and who has complied with \u00a7 13.1-1237 shall not be personally liable to the claimants of the dissolved series by reason of such person’s actions in winding up the series.\r\r","text":{"0":{"id":"2496398","text":"Except to the extent otherwise provided in the articles of trust or in the governing instrument of the business trust, a series established in accordance with \u00a7 13.1-1219 may be dissolved and its affairs wound up without causing the dissolution of the business trust or any other series. Unless otherwise provided in the articles of trust or in the governing instrument of the business trust, the dissolution, winding up, liquidation or termination of the business trust or any series thereof shall not affect the limitation of liability with respect to a series established in accordance with \u00a7\u00a7 13.1-1219 and 13.1-1231. A series established in accordance with \u00a7 13.1-1219 is dissolved and its affairs shall be wound up at the time or upon the happening of events specified in the governing instrument of the business trust. Except to the extent otherwise provided in the articles of trust or in the governing instrument of a business trust, the death, incapacity, dissolution, termination or bankruptcy of a beneficial owner of such series shall not result in the termination or dissolution of such series and such series may not be terminated or revoked by a beneficial owner of such series or other person except in accordance with the terms of the governing instrument of the business trust.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1},"1":{"id":"2496399","text":"Upon dissolution of a series of a business trust, the persons who under the governing instrument of the business trust are responsible for winding up such series’ affairs may, in the name of the business trust and for and on behalf of the business trust and such series, take all actions with respect to the series as are permitted under \u00a7 13.1-1236 and shall provide for the claims and obligations of the series and distribute the assets of the series as provided under \u00a7 13.1-1237. Any person, including any trustee, who under the governing instrument is responsible for winding up such series’ affairs and who has complied with \u00a7 13.1-1237 shall not be personally liable to the claimants of the dissolved series by reason of such person’s actions in winding up the series.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1}},"ancestry":{"1":{"id":"2027","name":"Dissolution","identifier":"8","label":"article","url":"\/13.1\/14\/8\/"},"2":{"id":"385","name":"Virginia Business Trust Act","identifier":"14","label":"chapter","url":"\/13.1\/14\/"},"3":{"id":"43","name":"Corporations","identifier":"13.1","label":"title","url":"\/13.1\/"}},"structure_contents":{"0":{"id":"793330","structure_id":"2027","section_number":"13.1-1234","catch_line":"Dissolution generally","url":"\/13.1-1234\/","token":"13.1\/14\/8\/13.1-1234"},"1":{"id":"794384","structure_id":"2027","section_number":"13.1-1235","catch_line":"Judicial dissolution","url":"\/13.1-1235\/","token":"13.1\/14\/8\/13.1-1235"},"2":{"id":"784713","structure_id":"2027","section_number":"13.1-1236","catch_line":"Winding up","url":"\/13.1-1236\/","token":"13.1\/14\/8\/13.1-1236"},"3":{"id":"796003","structure_id":"2027","section_number":"13.1-1237","catch_line":"Distribution of assets upon dissolution","url":"\/13.1-1237\/","token":"13.1\/14\/8\/13.1-1237"},"4":{"id":"767656","structure_id":"2027","section_number":"13.1-1238","catch_line":"Articles of cancellation","url":"\/13.1-1238\/","token":"13.1\/14\/8\/13.1-1238"},"5":{"id":"794881","structure_id":"2027","section_number":"13.1-1238.1","catch_line":"Automatic cancellation of business trust existence","url":"\/13.1-1238.1\/","token":"13.1\/14\/8\/13.1-1238.1"},"6":{"id":"786177","structure_id":"2027","section_number":"13.1-1238.2","catch_line":"Involuntary cancellation of business trust existence","url":"\/13.1-1238.2\/","token":"13.1\/14\/8\/13.1-1238.2"},"7":{"id":"782402","structure_id":"2027","section_number":"13.1-1239","catch_line":"Reinstatement of a business trust that has ceased to exist","url":"\/13.1-1239\/","token":"13.1\/14\/8\/13.1-1239"},"8":{"id":"774217","structure_id":"2027","section_number":"13.1-1240","catch_line":"Dissolution of series","url":"\/13.1-1240\/","token":"13.1\/14\/8\/13.1-1240"}},"previous_section":{"id":"782402","structure_id":"2027","section_number":"13.1-1239","catch_line":"Reinstatement of a business trust that has ceased to exist","url":"\/13.1-1239\/","token":"13.1\/14\/8\/13.1-1239"},"references":false,"formats":{"txt":"\/13.1-1240.txt","json":"\/13.1-1240.json","xml":"\/13.1-1240.xml"},"dublin_core":{"Title":"Dissolution of series","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-1240","Relation":"Code of Virginia"},"plain_text":"                                 CODE OF VIRGINIA\n\nDISSOLUTION OF SERIES (\u00a7 13.1-1240)\n\nA. Except to the extent otherwise provided in the articles of trust or in the\ngoverning instrument of the business trust, a series established in accordance\nwith \u00a7 13.1-1219 may be dissolved and its affairs wound up without causing the\ndissolution of the business trust or any other series. Unless otherwise provided\nin the articles of trust or in the governing instrument of the business trust,\nthe dissolution, winding up, liquidation or termination of the business trust or\nany series thereof shall not affect the limitation of liability with respect to\na series established in accordance with \u00a7\u00a7 13.1-1219 and 13.1-1231. A series\nestablished in accordance with \u00a7 13.1-1219 is dissolved and its affairs shall\nbe wound up at the time or upon the happening of events specified in the\ngoverning instrument of the business trust. Except to the extent otherwise\nprovided in the articles of trust or in the governing instrument of a business\ntrust, the death, incapacity, dissolution, termination or bankruptcy of a\nbeneficial owner of such series shall not result in the termination or\ndissolution of such series and such series may not be terminated or revoked by a\nbeneficial owner of such series or other person except in accordance with the\nterms of the governing instrument of the business trust.\n\nB. Upon dissolution of a series of a business trust, the persons who under the\ngoverning instrument of the business trust are responsible for winding up such\nseries’ affairs may, in the name of the business trust and for and on\nbehalf of the business trust and such series, take all actions with respect to\nthe series as are permitted under \u00a7 13.1-1236 and shall provide for the claims\nand obligations of the series and distribute the assets of the series as\nprovided under \u00a7 13.1-1237. Any person, including any trustee, who under the\ngoverning instrument is responsible for winding up such series’ affairs\nand who has complied with \u00a7 13.1-1237 shall not be personally liable to the\nclaimants of the dissolved series by reason of such person’s actions in\nwinding up the series.\n\nHISTORY: 2002, c. 621."}