The termination of corporate existence shall not take away or impair any remedy available to or against the corporation, its directors, officers or members, 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 members, 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. § 13.1-917
Survival of remedy after termination of corporate existence
Known as the Virginia Nonstock Corporation Act
The act spans §§ 13.1-801 to 13.1-946 (183 sections).
Code 1950, § 13.1-264; 1956, c. 428; 1985, c. 522; 2007, c. 925.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.