{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/13.1-1236.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/13.1-1236.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/13.1-1236.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/13.1-1236.html"}],"law_id":71409,"edition_id":1,"section_id":71409,"structure_id":15125,"section_number":"13.1-1236","catch_line":"Winding up","history":"2002, c. 621; 2008, c. 101.","full_text":"A\n\nThe winding up of a business trust shall be completed when all debts, liabilities, and obligations of the business trust have been paid and discharged or reasonably adequate provision therefor has been made, and all of the remaining property and assets of the business trust have been distributed to the beneficial owners.B\n\nUnless otherwise provided in the articles of trust or in the governing instrument, upon the dissolution of a business trust, the trustees may wind up the business trust’s affairs; however, the circuit court of the city or county in which the registered office of the business trust is located, on cause shown, may wind up the business trust’s affairs on application of any beneficial owner, his legal representative, or assignee.","order_by":null,"text":{"0":{"id":257453,"text":"The winding up of a business trust shall be completed when all debts, liabilities, and obligations of the business trust have been paid and discharged or reasonably adequate provision therefor has been made, and all of the remaining property and assets of the business trust have been distributed to the beneficial owners.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":257454,"text":"Unless otherwise provided in the articles of trust or in the governing instrument, upon the dissolution of a business trust, the trustees may wind up the business trust’s affairs; however, the circuit court of the city or county in which the registered office of the business trust is located, on cause shown, may wind up the business trust’s affairs on application of any beneficial owner, his legal representative, or assignee.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":15125,"edition_id":1,"name":"Dissolution","identifier":"8","label":"article","depth":3,"order_by":1,"parent_id":12745,"metadata":{},"date_created":"2026-06-26 03:52:18","date_modified":"2026-06-26 03:52:18","permalink":{"id":149417,"object_type":"structure","relational_id":15125,"identifier":"8","token":"13.1\/14\/8","url":"\/13.1\/14\/8\/","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":70888,"structure_id":15125,"section_number":"13.1-1234","catch_line":"Dissolution generally","url":"\/13.1-1234\/","token":"13.1\/14\/8\/13.1-1234","metadata":false},{"id":76577,"structure_id":15125,"section_number":"13.1-1235","catch_line":"Judicial dissolution","url":"\/13.1-1235\/","token":"13.1\/14\/8\/13.1-1235","metadata":false},{"id":71409,"structure_id":15125,"section_number":"13.1-1236","catch_line":"Winding up","url":"\/13.1-1236\/","token":"13.1\/14\/8\/13.1-1236","metadata":false},{"id":78638,"structure_id":15125,"section_number":"13.1-1237","catch_line":"Distribution of assets upon dissolution","url":"\/13.1-1237\/","token":"13.1\/14\/8\/13.1-1237","metadata":false},{"id":57615,"structure_id":15125,"section_number":"13.1-1238","catch_line":"Articles of cancellation","url":"\/13.1-1238\/","token":"13.1\/14\/8\/13.1-1238","metadata":false},{"id":60423,"structure_id":15125,"section_number":"13.1-1238.1","catch_line":"Automatic cancellation of business trust existence","url":"\/13.1-1238.1\/","token":"13.1\/14\/8\/13.1-1238.1","metadata":false},{"id":85409,"structure_id":15125,"section_number":"13.1-1238.2","catch_line":"Involuntary cancellation of business trust existence","url":"\/13.1-1238.2\/","token":"13.1\/14\/8\/13.1-1238.2","metadata":false},{"id":82140,"structure_id":15125,"section_number":"13.1-1239","catch_line":"Reinstatement of a business trust that has ceased to exist","url":"\/13.1-1239\/","token":"13.1\/14\/8\/13.1-1239","metadata":false},{"id":82921,"structure_id":15125,"section_number":"13.1-1240","catch_line":"Dissolution of series","url":"\/13.1-1240\/","token":"13.1\/14\/8\/13.1-1240","metadata":false}],"previous_section":{"id":76577,"structure_id":15125,"section_number":"13.1-1235","catch_line":"Judicial dissolution","url":"\/13.1-1235\/","token":"13.1\/14\/8\/13.1-1235","metadata":false},"next_section":{"id":78638,"structure_id":15125,"section_number":"13.1-1237","catch_line":"Distribution of assets upon dissolution","url":"\/13.1-1237\/","token":"13.1\/14\/8\/13.1-1237","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/13.1-1236\/","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. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2008, chapter 101<\/a>.<\/p>","references":[{"id":57615,"section_number":"13.1-1238","catch_line":"Articles of cancellation","order_by":null,"url":"\/13.1-1238\/"},{"id":82921,"section_number":"13.1-1240","catch_line":"Dissolution of series","order_by":null,"url":"\/13.1-1240\/"}],"refers_to":false,"permalink":{"id":149427,"object_type":"law","relational_id":71409,"identifier":"13.1-1236","token":"13.1\/14\/8\/13.1-1236","url":"\/13.1-1236\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/13.1-1236\/","token":"13.1\/14\/8\/13.1-1236","dublin_core":{"Title":"Winding up","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-1236","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The winding up of a business trust<\/span> shall be completed when all debts, liabilities, and obligations of the business trust<\/span> have been paid and discharged or reasonably adequate provision therefor has been made, and all of the remaining property and assets<\/span> of the business trust<\/span> have been distributed to the beneficial owners<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Unless otherwise provided in the articles of trust<\/span> or in the governing instrument<\/span>, upon the dissolution of a business trust<\/span>, the trustees<\/span> may wind up the business trust<\/span>’s affairs; however, the circuit<\/span> court<\/span> of the city or county in which the registered office of the business trust<\/span> is located, on cause shown, may wind up the business trust<\/span>’s affairs on application of any beneficial owner<\/span>, his legal representative, or assignee. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nWINDING UP (\u00a7 13.1-1236)\n\nA. The winding up of a business trust shall be completed when all debts,\nliabilities, and obligations of the business trust have been paid and discharged\nor reasonably adequate provision therefor has been made, and all of the\nremaining property and assets of the business trust have been distributed to the\nbeneficial owners.\n\nB. Unless otherwise provided in the articles of trust or in the governing\ninstrument, upon the dissolution of a business trust, the trustees may wind up\nthe business trust’s affairs; however, the circuit court of the city or\ncounty in which the registered office of the business trust is located, on cause\nshown, may wind up the business trust’s affairs on application of any\nbeneficial owner, his legal representative, or assignee.\n\nHISTORY: 2002, c. 621; 2008, c. 101.","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}}