{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/13.1-1226.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/13.1-1226.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/13.1-1226.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/13.1-1226.html"}],"law_id":61059,"edition_id":1,"section_id":61059,"structure_id":14569,"section_number":"13.1-1226","catch_line":"Beneficial interests","history":"2002, c. 621.","full_text":"A\n\nExcept to the extent otherwise provided in the articles of trust or in the governing instrument of a business trust, a beneficial owner shall have an undivided beneficial interest in the property of the business trust and shall share in the profits and losses of the business trust in the proportion (expressed as a percentage) of the entire undivided beneficial interest in the business trust owned by the beneficial owner. The governing instrument of a business trust may provide that the business trust or the trustees, acting for and on behalf of the business trust, shall be deemed to hold beneficial ownership of any income earned on securities owned by the business trust issued by any business entities formed, organized or existing under the laws of any jurisdiction, including the laws of any foreign country.B\n\n1. Except to the extent otherwise provided in the articles of trust or in the governing instrument of a business trust, a beneficial owner has no interest in specific business trust property.2\n\nA creditor of the beneficial owner has no right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the business trust.C\n\nA beneficial owner’s beneficial interest in the business trust is personal property notwithstanding the nature of the property of the business trust.D\n\nExcept to the extent otherwise provided in the articles of trust or in the governing instrument of a business trust, a beneficial owner’s beneficial interest in the business trust is freely transferable.E\n\nExcept to the extent otherwise provided in the articles of trust or in the governing instrument of a business trust, at the time a beneficial owner becomes entitled to receive a distribution, the beneficial owner has the status of, and is entitled to all remedies available to, a creditor of the business trust with respect to the distribution. A governing instrument may provide for the establishment of record dates with respect to allocations and distributions by a business trust.F\n\nA beneficial owner of a business trust does not have a vested property right resulting from any provision of the articles of trust.","order_by":null,"text":{"0":{"id":223265,"text":"Except to the extent otherwise provided in the articles of trust or in the governing instrument of a business trust, a beneficial owner shall have an undivided beneficial interest in the property of the business trust and shall share in the profits and losses of the business trust in the proportion (expressed as a percentage) of the entire undivided beneficial interest in the business trust owned by the beneficial owner. The governing instrument of a business trust may provide that the business trust or the trustees, acting for and on behalf of the business trust, shall be deemed to hold beneficial ownership of any income earned on securities owned by the business trust issued by any business entities formed, organized or existing under the laws of any jurisdiction, including the laws of any foreign country.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":223266,"text":"1. Except to the extent otherwise provided in the articles of trust or in the governing instrument of a business trust, a beneficial owner has no interest in specific business trust property.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B2"},"2":{"id":223267,"text":"A creditor of the beneficial owner has no right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the business trust.","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B","next_prefix":"C"},"3":{"id":223268,"text":"A beneficial owner’s beneficial interest in the business trust is personal property notwithstanding the nature of the property of the business trust.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B2","next_prefix":"D"},"4":{"id":223269,"text":"Except to the extent otherwise provided in the articles of trust or in the governing instrument of a business trust, a beneficial owner’s beneficial interest in the business trust is freely transferable.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"5":{"id":223270,"text":"Except to the extent otherwise provided in the articles of trust or in the governing instrument of a business trust, at the time a beneficial owner becomes entitled to receive a distribution, the beneficial owner has the status of, and is entitled to all remedies available to, a creditor of the business trust with respect to the distribution. A governing instrument may provide for the establishment of record dates with respect to allocations and distributions by a business trust.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"6":{"id":223271,"text":"A beneficial owner of a business trust does not have a vested property right resulting from any provision of the articles of trust.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E"}},"ancestry":[{"id":14569,"edition_id":1,"name":"Beneficial Owners","identifier":"4","label":"article","depth":3,"order_by":1,"parent_id":12745,"metadata":{},"date_created":"2026-06-26 03:48:41","date_modified":"2026-06-26 03:48:41","permalink":{"id":149369,"object_type":"structure","relational_id":14569,"identifier":"4","token":"13.1\/14\/4","url":"\/13.1\/14\/4\/","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":82732,"structure_id":14569,"section_number":"13.1-1224","catch_line":"Beneficial owners","url":"\/13.1-1224\/","token":"13.1\/14\/4\/13.1-1224","metadata":false},{"id":67122,"structure_id":14569,"section_number":"13.1-1225","catch_line":"Limited liability","url":"\/13.1-1225\/","token":"13.1\/14\/4\/13.1-1225","metadata":false},{"id":61059,"structure_id":14569,"section_number":"13.1-1226","catch_line":"Beneficial interests","url":"\/13.1-1226\/","token":"13.1\/14\/4\/13.1-1226","metadata":false},{"id":56041,"structure_id":14569,"section_number":"13.1-1227","catch_line":"Distributions to beneficial owners","url":"\/13.1-1227\/","token":"13.1\/14\/4\/13.1-1227","metadata":false}],"previous_section":{"id":67122,"structure_id":14569,"section_number":"13.1-1225","catch_line":"Limited liability","url":"\/13.1-1225\/","token":"13.1\/14\/4\/13.1-1225","metadata":false},"next_section":{"id":56041,"structure_id":14569,"section_number":"13.1-1227","catch_line":"Distributions to beneficial owners","url":"\/13.1-1227\/","token":"13.1\/14\/4\/13.1-1227","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/13.1-1226\/","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":[{"id":65011,"section_number":"13.1-1002","catch_line":"Definitions","order_by":null,"url":"\/13.1-1002\/"}],"refers_to":false,"permalink":{"id":149379,"object_type":"law","relational_id":61059,"identifier":"13.1-1226","token":"13.1\/14\/4\/13.1-1226","url":"\/13.1-1226\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/13.1-1226\/","token":"13.1\/14\/4\/13.1-1226","dublin_core":{"Title":"Beneficial interests","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-1226","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Except to the extent otherwise provided in the articles of trust<\/span> or in the governing instrument<\/span> of a business trust<\/span>, a beneficial owner<\/span> shall have an undivided beneficial interest in the property of the business trust<\/span> and shall share in the profits and losses of the business trust<\/span> in the proportion (expressed as a percentage) of the entire undivided beneficial interest in the business trust<\/span> owned by the beneficial owner<\/span>. The governing instrument<\/span> of a business trust<\/span> may provide that the business trust<\/span> or the trustees<\/span>, acting for and on behalf of the business trust<\/span>, shall be deemed to hold beneficial ownership of any income earned on securities owned by the business trust<\/span> issued by any business entities formed, organized or existing under the laws<\/span> of any jurisdiction<\/span>, including the laws<\/span> of any foreign<\/span> country. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> 1. Except to the extent otherwise provided in the articles of trust<\/span> or in the governing instrument<\/span> of a business trust<\/span>, a beneficial owner<\/span> has no interest in specific business trust<\/span> property. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> A creditor<\/span> of the beneficial owner<\/span> has no right to obtain possession<\/span> of, or otherwise exercise legal or equitable<\/span> remedies with respect to, the property of the business trust<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> A beneficial owner<\/span>’s beneficial interest in the business trust<\/span> is personal property notwithstanding the nature of the property of the business trust<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Except to the extent otherwise provided in the articles of trust<\/span> or in the governing instrument<\/span> of a business trust<\/span>, a beneficial owner<\/span>’s beneficial interest in the business trust<\/span> is freely transferable. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> Except to the extent otherwise provided in the articles of trust<\/span> or in the governing instrument<\/span> of a business trust<\/span>, at the time a beneficial owner<\/span> becomes entitled to receive a distribution, the beneficial owner<\/span> has the status of, and is entitled to all remedies available to, a creditor<\/span> of the business trust<\/span> with respect to the distribution. A governing instrument<\/span> may provide for the establishment of record dates with respect to allocations and distributions by a business trust<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> A beneficial owner<\/span> of a business trust<\/span> does not have a vested property right resulting from any provision of the articles of trust<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBENEFICIAL INTERESTS (\u00a7 13.1-1226)\n\nA. Except to the extent otherwise provided in the articles of trust or in the\ngoverning instrument of a business trust, a beneficial owner shall have an\nundivided beneficial interest in the property of the business trust and shall\nshare in the profits and losses of the business trust in the proportion\n(expressed as a percentage) of the entire undivided beneficial interest in the\nbusiness trust owned by the beneficial owner. The governing instrument of a\nbusiness trust may provide that the business trust or the trustees, acting for\nand on behalf of the business trust, shall be deemed to hold beneficial\nownership of any income earned on securities owned by the business trust issued\nby any business entities formed, organized or existing under the laws of any\njurisdiction, including the laws of any foreign country.\n\nB. 1. Except to the extent otherwise provided in the articles of trust or in the\ngoverning instrument of a business trust, a beneficial owner has no interest in\nspecific business trust property.\n\n 2. A creditor of the beneficial owner has no right to obtain possession of, or\n otherwise exercise legal or equitable remedies with respect to, the property\n of the business trust.\n\nC. A beneficial owner’s beneficial interest in the business trust is\npersonal property notwithstanding the nature of the property of the business\ntrust.\n\nD. Except to the extent otherwise provided in the articles of trust or in the\ngoverning instrument of a business trust, a beneficial owner’s beneficial\ninterest in the business trust is freely transferable.\n\nE. Except to the extent otherwise provided in the articles of trust or in the\ngoverning instrument of a business trust, at the time a beneficial owner becomes\nentitled to receive a distribution, the beneficial owner has the status of, and\nis entitled to all remedies available to, a creditor of the business trust with\nrespect to the distribution. A governing instrument may provide for the\nestablishment of record dates with respect to allocations and distributions by a\nbusiness trust.\n\nF. A beneficial owner of a business trust does not have a vested property right\nresulting from any provision of the articles of trust.\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}}