§ 13.1-1237. Distribution of assets upon dissolution
Upon the winding up of a business trust, the assets of the business trust shall be distributed as follows:
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;
2. 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; and
3. 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.
(2002, c. 621.)
Sections: Previous 13.1-1230 13.1-1231 13.1-1232 13.1-1233 13.1-1234 13.1-1235 13.1-1236 13.1-1237 13.1-1238 13.1-1238.1 13.1-1238.2 13.1-1239 13.1-1240 13.1-1241 13.1-1242 NextLast modified: April 16, 2009