Virginia Business Trust Act

Virginia · 13.1 · §§ 13.1-1200 to 13.1-1285 · 93 sections

Overview

The act governs business trusts — unincorporated entities in which trustees hold and manage property for the benefit of beneficial owners — covering their formation, internal governance, and dissolution. A trust comes into existence upon the filing of a certificate of trust with the secretary of state, and thereafter the trust's governing instrument is the controlling source of the powers, duties, and liabilities of trustees, officers, and beneficial owners, including how each may act by consent or proxy rather than by meeting, how contributions and distributions work, and how the trust is dissolved and wound up. It also treats beneficial interests as freely transferable personal property representing an undivided share of trust property, shields trust property from the personal creditors of both trustees and beneficial owners, allows a trust to be organized in separate series, and sets out registered agent, service of process, and court jurisdiction rules for trusts and those who deal with them.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

In the courts

Sections of this act have been cited in 4 court decisions.

Most-cited authority: 498 F. Supp. 2d 831 - Williams v. Equity Holding Corp.

Sections covered

Va. Code Ann. § 13.1-1200Short title2 cites
Va. Code Ann. § 13.1-1201Definitions
Va. Code Ann. § 13.1-1202Filing requirements
Va. Code Ann. § 13.1-1203Issuance of certificate by Commission; recordation of documents
Va. Code Ann. § 13.1-1204Fees for filing documents and issuing certificates
Va. Code Ann. § 13.1-1205Unlawful to sign false documents; penalty
Va. Code Ann. § 13.1-1206Unlawful to transact or offer to transact business as a business trust; penalty
Va. Code Ann. § 13.1-1207Tax classification
Va. Code Ann. § 13.1-1208Separate legal entity
Va. Code Ann. § 13.1-1209Purposes
Va. Code Ann. § 13.1-1210Powers
Va. Code Ann. § 13.1-1211Formation
Va. Code Ann. § 13.1-1212Articles of trust
Va. Code Ann. § 13.1-1213Articles of correction
Va. Code Ann. § 13.1-1214Name
Va. Code Ann. § 13.1-1215Reserved name
Va. Code Ann. § 13.1-1216Amendment of articles of trust
Va. Code Ann. § 13.1-1217Restatement of articles of trust
Va. Code Ann. § 13.1-1218Existence
Va. Code Ann. § 13.1-1219Governing instrument
Va. Code Ann. § 13.1-1220Registered office and registered agent
Va. Code Ann. § 13.1-1221Change of registered office or registered agent
Va. Code Ann. § 13.1-1222Resignation of registered agent
Va. Code Ann. § 13.1-1223Service on business trust
Va. Code Ann. § 13.1-1224Beneficial owners
Va. Code Ann. § 13.1-1225Limited liability
Va. Code Ann. § 13.1-1226Beneficial interests
Va. Code Ann. § 13.1-1227Distributions to beneficial owners
Va. Code Ann. § 13.1-1228Trustee management; limitation on duties and liabilities of others1 cite
Va. Code Ann. § 13.1-1229Trustee standards of conduct; trustee liability; restrictions on liability limitations in governing instrument
Va. Code Ann. § 13.1-1230Indemnification
Va. Code Ann. § 13.1-1231Capacity to sue and be sued; process; liabilities and obligations; attachment; seizure of certain assets
Va. Code Ann. § 13.1-1232Right of action
Va. Code Ann. § 13.1-1233Payment of and security for expenses
Va. Code Ann. § 13.1-1234Dissolution generally
Va. Code Ann. § 13.1-1235Judicial dissolution
Va. Code Ann. § 13.1-1236Winding up
Va. Code Ann. § 13.1-1237Distribution of assets upon dissolution
Va. Code Ann. § 13.1-1238Articles of cancellation
Va. Code Ann. § 13.1-1238.1Automatic cancellation of business trust existence
Va. Code Ann. § 13.1-1238.2Involuntary cancellation of business trust existence
Va. Code Ann. § 13.1-1239Reinstatement of a business trust that has ceased to exist
Va. Code Ann. § 13.1-1240Dissolution of series
Va. Code Ann. § 13.1-1241Authority to transact business required; governing law
Va. Code Ann. § 13.1-1242Application for certificate of registration
Va. Code Ann. § 13.1-1243Repealed
Va. Code Ann. § 13.1-1244Name
Va. Code Ann. § 13.1-1245Amendments; amended applications for registration
Va. Code Ann. § 13.1-1246Voluntary cancellation of certificate of registration
Va. Code Ann. § 13.1-1246.1Automatic cancellation of registration
Va. Code Ann. § 13.1-1246.2Involuntary cancellation of registration
Va. Code Ann. § 13.1-1246.3Reinstatement of a certificate of registration that has been canceled
Va. Code Ann. § 13.1-1247Transaction of business without registration; civil penalty1 cite
Va. Code Ann. § 13.1-1248Actions by Attorney General
Va. Code Ann. § 13.1-1249Transactions not constituting doing business
Va. Code Ann. § 13.1-1250Merger of foreign business trust registered to transact business in Commonwealth
Va. Code Ann. § 13.1-1250.1Entity conversion of foreign business trust registered to transact business in Commonwealth
Va. Code Ann. § 13.1-1251Annual registration fees to be assessed and collected by Commission; application of payment
Va. Code Ann. § 13.1-1252Assessment of annual registration fees; annual registration fee to be paid by domestic and foreign business trusts
Va. Code Ann. § 13.1-1253Repealed
Va. Code Ann. § 13.1-1254Penalty for failure to timely pay annual registration fees or file statement of change
Va. Code Ann. § 13.1-1255Payment of fees, fines, penalties, and interest prerequisite to Commission action; refunds
Va. Code Ann. § 13.1-1256Collection by suit and of unpaid bills
Va. Code Ann. § 13.1-1257Authorization for merger
Va. Code Ann. § 13.1-1258Approval
Va. Code Ann. § 13.1-1259Exchange of securities; termination or amendment of merger
Va. Code Ann. § 13.1-1260Repealed
Va. Code Ann. § 13.1-1261Articles of merger
Va. Code Ann. § 13.1-1262Governing instrument
Va. Code Ann. § 13.1-1263Effect of merger
Va. Code Ann. § 13.1-1263.1Abandonment of merger
Va. Code Ann. § 13.1-1264Definitions
Va. Code Ann. § 13.1-1265Domestication
Va. Code Ann. § 13.1-1266Plan of domestication
Va. Code Ann. § 13.1-1267Action on plan of domestication by a domestic business trust
Va. Code Ann. § 13.1-1268Articles of domestication
Va. Code Ann. § 13.1-1269Surrender of articles of trust upon domestication
Va. Code Ann. § 13.1-1270Effect of domestication
Va. Code Ann. § 13.1-1271Abandonment of domestication
Va. Code Ann. § 13.1-1272Entity conversion
Va. Code Ann. § 13.1-1273Plan of entity conversion
Va. Code Ann. § 13.1-1274Action on plan of entity conversion
Va. Code Ann. § 13.1-1275Articles of entity conversion
Va. Code Ann. § 13.1-1276Effect of entity conversion
Va. Code Ann. § 13.1-1277Abandonment of entity conversion
Va. Code Ann. § 13.1-1278Trust records
Va. Code Ann. § 13.1-1279Inspection of records by beneficial owners
Va. Code Ann. § 13.1-1280Scope of inspection right
Va. Code Ann. § 13.1-1281Court-ordered inspection
Va. Code Ann. § 13.1-1282Construction and application of chapter and governing instrument
Va. Code Ann. § 13.1-1283Reservation of power to amend or repeal
Va. Code Ann. § 13.1-1284Application to existing real estate investment trusts and foreign business trusts
Va. Code Ann. § 13.1-1285Property title records

Enacted in other states

Indiana, South Dakota

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