{"data":{"id":"us-va/va.-code-13.1-1237","jurisdiction":"us-va","citation":"Va. Code § 13.1-1237","heading":"Distribution of assets upon dissolution","body":"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; and3. 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.","path":["Title 13.1. CORPORATIONS","Chapter 14. VIRGINIA BUSINESS TRUST ACT","Article 8. DISSOLUTION"],"source_url":"https://law.lis.virginia.gov/vacode/13.1-1237/","current_through":"9/4/2026","vintage":"","retrieved_at":"2026-09-04T15:14:14Z","sha256":"06567f391576f8c5d562dc1725fd464792565779196c983c6737e41ebc6c0e7b","source_id":"us-va","stale":true,"prev":"us-va/va.-code-13.1-1236","next":"us-va/va.-code-13.1-1238"},"notice":"GroundRules: Original legal text. Not legal advice."}