{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/13.1-1218.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/13.1-1218.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/13.1-1218.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/13.1-1218.html"}],"law_id":81602,"edition_id":1,"section_id":81602,"structure_id":14984,"section_number":"13.1-1218","catch_line":"Existence","history":"2002, c. 621.","full_text":"A\n\nExcept to the extent otherwise provided in this chapter, in the articles of trust or in the governing instrument of the business trust, a business trust:1\n\nShall have perpetual existence; and2\n\nMay not be terminated or revoked by a beneficial owner or other person except in accordance with the terms of the articles of trust or the governing instrument of the business trust.B\n\nExcept to the extent otherwise provided in the articles of trust or in the governing instrument of a business trust, the death, incapacity, dissolution, termination, or bankruptcy of a beneficial owner shall not result in the termination or dissolution of a business trust.C\n\nIn the event that a business trust does not have perpetual existence, a business trust is dissolved and its affairs shall be wound up in accordance with Article 8 (§ 13.1-1234 et seq.) of this chapter at the time or on the happening of events specified in the articles of trust or the governing instrument.","order_by":null,"text":{"0":{"id":292246,"text":"Except to the extent otherwise provided in this chapter, in the articles of trust or in the governing instrument of the business trust, a business trust:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":292247,"text":"Shall have perpetual existence; and","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":292248,"text":"May not be terminated or revoked by a beneficial owner or other person except in accordance with the terms of the articles of trust or the governing instrument of the business trust.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"B"},"3":{"id":292249,"text":"Except to the extent otherwise provided in the articles of trust or in the governing instrument of a business trust, the death, incapacity, dissolution, termination, or bankruptcy of a beneficial owner shall not result in the termination or dissolution of a business trust.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A2","next_prefix":"C"},"4":{"id":292250,"text":"In the event that a business trust does not have perpetual existence, a business trust is dissolved and its affairs shall be wound up in accordance with Article 8 (§ 13.1-1234 et seq.) of this chapter at the time or on the happening of events specified in the articles of trust or the governing instrument.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":14984,"edition_id":1,"name":"Formation","identifier":"2","label":"article","depth":3,"order_by":1,"parent_id":12745,"metadata":{},"date_created":"2026-06-26 03:51:18","date_modified":"2026-06-26 03:51:18","permalink":{"id":149305,"object_type":"structure","relational_id":14984,"identifier":"2","token":"13.1\/14\/2","url":"\/13.1\/14\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12745,"edition_id":1,"name":"Virginia Business Trust Act","identifier":"14","label":"chapter","depth":2,"order_by":1,"parent_id":12744,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":149111,"object_type":"structure","relational_id":12745,"identifier":"14","token":"13.1\/14","url":"\/13.1\/14\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12744,"edition_id":1,"name":"Corporations","identifier":"13.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":147493,"object_type":"structure","relational_id":12744,"identifier":"13.1","token":"13.1","url":"\/13.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":59719,"structure_id":14984,"section_number":"13.1-1209","catch_line":"Purposes","url":"\/13.1-1209\/","token":"13.1\/14\/2\/13.1-1209","metadata":false},{"id":73430,"structure_id":14984,"section_number":"13.1-1210","catch_line":"Powers","url":"\/13.1-1210\/","token":"13.1\/14\/2\/13.1-1210","metadata":false},{"id":87115,"structure_id":14984,"section_number":"13.1-1211","catch_line":"Formation","url":"\/13.1-1211\/","token":"13.1\/14\/2\/13.1-1211","metadata":false},{"id":76794,"structure_id":14984,"section_number":"13.1-1212","catch_line":"Articles of trust","url":"\/13.1-1212\/","token":"13.1\/14\/2\/13.1-1212","metadata":false},{"id":82051,"structure_id":14984,"section_number":"13.1-1213","catch_line":"Articles of correction","url":"\/13.1-1213\/","token":"13.1\/14\/2\/13.1-1213","metadata":false},{"id":68645,"structure_id":14984,"section_number":"13.1-1214","catch_line":"Name","url":"\/13.1-1214\/","token":"13.1\/14\/2\/13.1-1214","metadata":false},{"id":87380,"structure_id":14984,"section_number":"13.1-1215","catch_line":"Reserved name","url":"\/13.1-1215\/","token":"13.1\/14\/2\/13.1-1215","metadata":false},{"id":57174,"structure_id":14984,"section_number":"13.1-1216","catch_line":"Amendment of articles of trust","url":"\/13.1-1216\/","token":"13.1\/14\/2\/13.1-1216","metadata":false},{"id":81214,"structure_id":14984,"section_number":"13.1-1217","catch_line":"Restatement of articles of trust","url":"\/13.1-1217\/","token":"13.1\/14\/2\/13.1-1217","metadata":false},{"id":81602,"structure_id":14984,"section_number":"13.1-1218","catch_line":"Existence","url":"\/13.1-1218\/","token":"13.1\/14\/2\/13.1-1218","metadata":false},{"id":84854,"structure_id":14984,"section_number":"13.1-1219","catch_line":"Governing instrument","url":"\/13.1-1219\/","token":"13.1\/14\/2\/13.1-1219","metadata":false}],"previous_section":{"id":81214,"structure_id":14984,"section_number":"13.1-1217","catch_line":"Restatement of articles of trust","url":"\/13.1-1217\/","token":"13.1\/14\/2\/13.1-1217","metadata":false},"next_section":{"id":84854,"structure_id":14984,"section_number":"13.1-1219","catch_line":"Governing instrument","url":"\/13.1-1219\/","token":"13.1\/14\/2\/13.1-1219","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/13.1-1218\/","history_text":"

This law was first created in 2002. The record of its establishment is cataloged in chapter 621<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":false,"refers_to":[{"id":70888,"section_number":"13.1-1234","catch_line":"Dissolution generally","order_by":null,"url":"\/13.1-1234\/"}],"permalink":{"id":149343,"object_type":"law","relational_id":81602,"identifier":"13.1-1218","token":"13.1\/14\/2\/13.1-1218","url":"\/13.1-1218\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/13.1-1218\/","token":"13.1\/14\/2\/13.1-1218","dublin_core":{"Title":"Existence","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-1218","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Except to the extent otherwise provided in this chapter, in the articles of trust<\/span> or in the governing instrument<\/span> of the business trust<\/span>, a business trust<\/span>: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Shall have perpetual existence; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> May not be terminated or revoked by a beneficial owner<\/span> or other person<\/span> except in accordance with the terms of the articles of trust<\/span> or the governing instrument<\/span> of the business trust<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Except to the extent otherwise provided in the articles of trust<\/span> or in the governing instrument<\/span> of a business trust<\/span>, the death, incapacity, dissolution, termination, or bankruptcy<\/span> of a beneficial owner<\/span> shall not result in the termination or dissolution of a business trust<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> In the event that a business trust<\/span> does not have perpetual existence, a business trust<\/span> is dissolved and its affairs shall be wound up in accordance with Article 8 (§ 13.1-1234<\/a> et seq.) of this chapter at the time or on the happening of events specified in the articles of trust<\/span> or the governing instrument<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nEXISTENCE (\u00a7 13.1-1218)\n\nA. Except to the extent otherwise provided in this chapter, in the articles of\ntrust or in the governing instrument of the business trust, a business trust:\n\n 1. Shall have perpetual existence; and\n\n 2. May not be terminated or revoked by a beneficial owner or other person\n except in accordance with the terms of the articles of trust or the governing\n instrument of the business trust.\n\nB. Except to the extent otherwise provided in the articles of trust or in the\ngoverning instrument of a business trust, the death, incapacity, dissolution,\ntermination, or bankruptcy of a beneficial owner shall not result in the\ntermination or dissolution of a business trust.\n\nC. In the event that a business trust does not have perpetual existence, a\nbusiness trust is dissolved and its affairs shall be wound up in accordance with\nArticle 8 (§ 13.1-1234 et seq.) of this chapter at the time or on the\nhappening of events specified in the articles of trust or the governing\ninstrument.\n\nHISTORY: 2002, c. 621.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}