Survival of remedy after termination of corporate existence (§ 13.1-755)—Virginia Decoded

Survival of remedy after termination of corporate existence

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

History

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

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Court Decisions

Harris v. TI, INC. (SCV, 01/10/92)
. . . the trial court ruled that, pursuant to Code § 13.1-755, the executor had no right of action . . .

In Re Wine Farms, Inc. (United States Bankruptcy Court, W.D. Virginia, 12/15/88)
. . . to section 13.1-101 of the Code of Virginia is 13.1-755 which states as follows: . . .

Giannotti v. Hamway (SCV, 01/12/90)
. . . former Code § 13.1-101 (1978 Repl.Vol.) (now § 13.1-755) provides that dissolution of a . . .

. . . General Technology Applications, Incorporated, a Dissolved . . . (Court of Appeals for the Fourth Circuit, 10/28/04)
. . . purposes of this suit. Va.Code Ann. § 13.1-755 . . .

In Re Banks-Davis (United States Bankruptcy Court, E.D. Virginia, 10/22/92)
. . . existing prior to such termination. Va. Code § 13.1-755. Washington and Dabney, as directors, . . .

United States v. Moore (District Court, E.D. Virginia, 03/10/88)
. . . S.Ct. 146, 98 L.Ed.2d 102 (1987). Virginia Code § 13.1-755 expressly provides that a defunct . . .

City of Virginia Beach v. Bell (SCV, 02/27/98)
. . . corporation in its corporate name." Code § 13.1-755. Finally, any right Seawall may have had to . . .

Safety Cas. Ins. v. Cg Mitchell (SCV, 09/17/04)
. . . Mitchell's remedy against Nations. Under Code § 13.1-755, "[t]he termination of corporate . . .

General Technology v. EXRO Ltda (Court of Appeals for the Fourth Circuit, 10/28/04)
. . . for the purposes of this suit. Va. Code Ann. § 13.1- . . .

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