Code of Virginia - Title 54.1 Professions And Occupations - Section 54.1-2335 Breach of contract by seller; trust to be single purpose trust

§ 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 contractual duties, the purchaser, executor or administrator of the estate, or heirs, or assigns or duly authorized representative of the purchaser shall be entitled to maintain a proper legal or equitable action in any court of competent jurisdiction. No other purchaser need be made a party to or receive notice of any proceeding brought pursuant to this section relating to the performance of any other contract.

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

(1998, cc. 708, 721.)

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Last modified: April 3, 2009