The termination of corporate existence shall not take away or impair any remedy available to or against the corporation or 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.
Va. Code Ann. § 13.1-755
Survival of remedy after termination of corporate existence
Known as the Virginia Stock Corporation Act
The act spans §§ 13–13 (265 sections).
Applied in 8 court decisions — leading case General Technology Applications, Inc. v. Exro Ltda (2004)
Most recently applied in Rogers Electrical of Virginia, Ltd. v. Sims (February 2015)
Code 1950, § 13.1-101; 1956, c. 428; 1985, c. 522; 2019, c. 734.
How often courts cite this section
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.