§ 13.1-1099.20 Application of § 13.1-1099.10 after merger
A. A creditor’s right that existed under § 13.1-1099.10 immediately before a merger under § 13.1-1099.16 may be enforced after the merger in accordance with the following rules:
1. A creditor’s right that existed immediately before the merger against the surviving company, a continuing protected series, or a relocated protected series continues without change after the merger.
2. A creditor’s right that existed immediately before the merger against a non-surviving company: a. May be asserted against an asset of the non-surviving company that vested in the surviving company as a result of the merger; and b. Does not otherwise change.
3. Subject to subsection B, the following rules apply: a. In addition to the remedy stated in subdivision 1, a creditor with a right under § 13.1-1099.10 that existed immediately before the merger against a non-surviving company or a relocated protected series may assert the right against:
1. An asset of the surviving company, other than an asset of the non-surviving company that vested in the surviving company as a result of the merger;
3. An asset of a protected series established by the surviving company as a result of the merger;
4. If the creditor’s right was against an asset of the non-surviving company, an asset of a relocated protected series; or
5. If the creditor’s right was against an asset of a relocated protected series, an asset of a relocated protected series. b. In addition to the remedy stated in subdivision 2, a creditor with a right that existed immediately before the merger against the surviving company or a continuing protected series may assert the right against:
2. An asset of a non-surviving company that vested in the surviving company as a result of the merger.
B. For the purposes of subdivision A 3 and subdivisions B 1a, B 2a, and B 3a of § 13.1-1099.10, the incurrence date is deemed to be the date on which the merger becomes effective.
C. A merger under § 13.1-1099.16 does not affect the manner in which § 13.1-1099.10 applies to a liability incurred after the merger.
History
This law was first created in 2019. The record of its establishment is cataloged in chapter 636 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year.
2019, c. 636.