{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/13.1-748.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/13.1-748.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/13.1-748.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/13.1-748.html"}],"law_id":66813,"edition_id":1,"section_id":66813,"structure_id":15213,"section_number":"13.1-748","catch_line":"Receivership or custodianship","history":"Code 1950, \u00a7\u00a7 13.1-94 to 13.1-96; 1956, c. 428; 1959, Ex. Sess., c. 57; 1968, c. 112; 1974, c. 291; 1975, c. 500; 1985, c. 522; 2005, c. 765; 2007, c. 165; 2019, c. 734.","full_text":"A\n\nUnless an election to purchase has been filed under § 13.1-749.1, a court in a judicial proceeding brought to dissolve a corporation may appoint one or more receivers to wind up and liquidate, or one or more custodians to manage while the proceeding is pending, the business and affairs of the corporation. The court shall hold a hearing, after notifying all parties to the proceeding and any interested persons designated by the court, before appointing a receiver or custodian. The court appointing a receiver or custodian has exclusive jurisdiction over the corporation and all its property wherever located.B\n\nThe court may appoint as a receiver or custodian an individual, a domestic corporation or eligible entity, or a foreign corporation or eligible entity authorized to transact business in the Commonwealth. The court may require the receiver or custodian to post bond, with or without sureties, in an amount the court directs.C\n\nThe court shall describe the powers and duties of the receiver or custodian in its appointing order, which may be amended from time to time. Among other powers:1\n\nThe receiver (i) may dispose of all or any part of the assets of the corporation wherever located, at a public or private sale; and (ii) may sue and defend in the receiver’s own name as receiver of the corporation in all courts of the Commonwealth; and2\n\nThe custodian may exercise all of the powers of the corporation, through or in place of its board of directors or officers, to the extent necessary to manage the affairs of the corporation in the best interest of its shareholders and creditors.D\n\nThe court during a receivership may redesignate the receiver a custodian, and during a custodianship may redesignate the custodian a receiver.E\n\nThe court from time to time during the receivership or custodianship may order compensation paid and expenses paid or reimbursed to the receiver or custodian from the assets of the corporation or proceeds from the sale of the assets.","order_by":null,"text":{"0":{"id":242279,"text":"Unless an election to purchase has been filed under § 13.1-749.1, a court in a judicial proceeding brought to dissolve a corporation may appoint one or more receivers to wind up and liquidate, or one or more custodians to manage while the proceeding is pending, the business and affairs of the corporation. The court shall hold a hearing, after notifying all parties to the proceeding and any interested persons designated by the court, before appointing a receiver or custodian. The court appointing a receiver or custodian has exclusive jurisdiction over the corporation and all its property wherever located.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":242280,"text":"The court may appoint as a receiver or custodian an individual, a domestic corporation or eligible entity, or a foreign corporation or eligible entity authorized to transact business in the Commonwealth. The court may require the receiver or custodian to post bond, with or without sureties, in an amount the court directs.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":242281,"text":"The court shall describe the powers and duties of the receiver or custodian in its appointing order, which may be amended from time to time. Among other powers:","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"C1"},"3":{"id":242282,"text":"The receiver (i) may dispose of all or any part of the assets of the corporation wherever located, at a public or private sale; and (ii) may sue and defend in the receiver’s own name as receiver of the corporation in all courts of the Commonwealth; and","type":"section","prefixes":["C","1"],"prefix":"1","entire_prefix":"C1","prefix_anchor":"C1","level":2,"prior_prefix":"C","next_prefix":"C2"},"4":{"id":242283,"text":"The custodian may exercise all of the powers of the corporation, through or in place of its board of directors or officers, to the extent necessary to manage the affairs of the corporation in the best interest of its shareholders and creditors.","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C1","next_prefix":"D"},"5":{"id":242284,"text":"The court during a receivership may redesignate the receiver a custodian, and during a custodianship may redesignate the custodian a receiver.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C2","next_prefix":"E"},"6":{"id":242285,"text":"The court from time to time during the receivership or custodianship may order compensation paid and expenses paid or reimbursed to the receiver or custodian from the assets of the corporation or proceeds from the sale of the assets.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":15213,"edition_id":1,"name":"Dissolution","identifier":"16","label":"article","depth":3,"order_by":1,"parent_id":12983,"metadata":{},"date_created":"2026-06-26 03:53:05","date_modified":"2026-06-26 03:53:05","permalink":{"id":150607,"object_type":"structure","relational_id":15213,"identifier":"16","token":"13.1\/9\/16","url":"\/13.1\/9\/16\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12983,"edition_id":1,"name":"Virginia Stock Corporation Act","identifier":"9","label":"chapter","depth":2,"order_by":1,"parent_id":12744,"metadata":{},"date_created":"2026-06-26 03:44:06","date_modified":"2026-06-26 03:44:06","permalink":{"id":150163,"object_type":"structure","relational_id":12983,"identifier":"9","token":"13.1\/9","url":"\/13.1\/9\/","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":78573,"structure_id":15213,"section_number":"13.1-742","catch_line":"Dissolution by directors and shareholders","url":"\/13.1-742\/","token":"13.1\/9\/16\/13.1-742","metadata":false},{"id":74323,"structure_id":15213,"section_number":"13.1-743","catch_line":"Articles of dissolution","url":"\/13.1-743\/","token":"13.1\/9\/16\/13.1-743","metadata":false},{"id":84480,"structure_id":15213,"section_number":"13.1-744","catch_line":"Revocation of dissolution","url":"\/13.1-744\/","token":"13.1\/9\/16\/13.1-744","metadata":false},{"id":64259,"structure_id":15213,"section_number":"13.1-745","catch_line":"Effect of dissolution","url":"\/13.1-745\/","token":"13.1\/9\/16\/13.1-745","metadata":false},{"id":71065,"structure_id":15213,"section_number":"13.1-746","catch_line":"Known claims against dissolved corporation","url":"\/13.1-746\/","token":"13.1\/9\/16\/13.1-746","metadata":false},{"id":80590,"structure_id":15213,"section_number":"13.1-746.1","catch_line":"Other claims against dissolved corporation","url":"\/13.1-746.1\/","token":"13.1\/9\/16\/13.1-746.1","metadata":false},{"id":65922,"structure_id":15213,"section_number":"13.1-746.2","catch_line":"Court proceedings","url":"\/13.1-746.2\/","token":"13.1\/9\/16\/13.1-746.2","metadata":false},{"id":61111,"structure_id":15213,"section_number":"13.1-746.3","catch_line":"Director duties","url":"\/13.1-746.3\/","token":"13.1\/9\/16\/13.1-746.3","metadata":false},{"id":78235,"structure_id":15213,"section_number":"13.1-747","catch_line":"Grounds for judicial dissolution","url":"\/13.1-747\/","token":"13.1\/9\/16\/13.1-747","metadata":false},{"id":66813,"structure_id":15213,"section_number":"13.1-748","catch_line":"Receivership or custodianship","url":"\/13.1-748\/","token":"13.1\/9\/16\/13.1-748","metadata":false},{"id":60460,"structure_id":15213,"section_number":"13.1-749","catch_line":"Decree of dissolution","url":"\/13.1-749\/","token":"13.1\/9\/16\/13.1-749","metadata":false},{"id":79426,"structure_id":15213,"section_number":"13.1-749.1","catch_line":"Election to purchase in lieu of dissolution","url":"\/13.1-749.1\/","token":"13.1\/9\/16\/13.1-749.1","metadata":false},{"id":74574,"structure_id":15213,"section_number":"13.1-750","catch_line":"Articles of termination of corporate existence","url":"\/13.1-750\/","token":"13.1\/9\/16\/13.1-750","metadata":false},{"id":86164,"structure_id":15213,"section_number":"13.1-751","catch_line":"Termination of corporate existence by incorporators or initial directors","url":"\/13.1-751\/","token":"13.1\/9\/16\/13.1-751","metadata":false},{"id":85358,"structure_id":15213,"section_number":"13.1-752","catch_line":"Automatic termination of corporate existence","url":"\/13.1-752\/","token":"13.1\/9\/16\/13.1-752","metadata":false},{"id":57936,"structure_id":15213,"section_number":"13.1-753","catch_line":"Involuntary termination of corporate existence","url":"\/13.1-753\/","token":"13.1\/9\/16\/13.1-753","metadata":false},{"id":70924,"structure_id":15213,"section_number":"13.1-754","catch_line":"Reinstatement of a corporation that has ceased to exist","url":"\/13.1-754\/","token":"13.1\/9\/16\/13.1-754","metadata":false},{"id":69331,"structure_id":15213,"section_number":"13.1-755","catch_line":"Survival of remedy after termination of corporate existence","url":"\/13.1-755\/","token":"13.1\/9\/16\/13.1-755","metadata":false},{"id":71024,"structure_id":15213,"section_number":"13.1-756","catch_line":"Repealed","url":"\/13.1-756\/","token":"13.1\/9\/16\/13.1-756","metadata":false}],"previous_section":{"id":78235,"structure_id":15213,"section_number":"13.1-747","catch_line":"Grounds for judicial dissolution","url":"\/13.1-747\/","token":"13.1\/9\/16\/13.1-747","metadata":false},"next_section":{"id":60460,"structure_id":15213,"section_number":"13.1-749","catch_line":"Decree of dissolution","url":"\/13.1-749\/","token":"13.1\/9\/16\/13.1-749","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/13.1-748\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 8 times. 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. Those modifications are as follows: in 1956, chapter 428; in 1968, chapter 112; in 1974, chapter 291; in 1975, chapter 500; in 1985, chapter 522; in 2005, chapter 765<\/a>; in 2007, chapter 165<\/a>; in 2019, chapter 734<\/a>.<\/p>","references":false,"refers_to":[{"id":79426,"section_number":"13.1-749.1","catch_line":"Election to purchase in lieu of dissolution","order_by":null,"url":"\/13.1-749.1\/"}],"permalink":{"id":150645,"object_type":"law","relational_id":66813,"identifier":"13.1-748","token":"13.1\/9\/16\/13.1-748","url":"\/13.1-748\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/13.1-748\/","token":"13.1\/9\/16\/13.1-748","dublin_core":{"Title":"Receivership or custodianship","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-748","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Unless an election to purchase has been filed under § 13.1-749.1<\/a>, a court<\/span> in a judicial proceeding<\/span> brought to dissolve a corporation<\/span> may appoint one or more receivers to wind up and liquidate, or one or more custodians to manage while the proceeding<\/span> is pending, the business and affairs of the corporation<\/span>. The court<\/span> shall hold a hearing<\/span>, after notifying all parties to the proceeding<\/span> and any interested persons<\/span> designated by the court<\/span>, before appointing a receiver or custodian. The court<\/span> appointing a receiver or custodian has exclusive jurisdiction<\/span> over the corporation<\/span> and all its property wherever located. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The court<\/span> may appoint as a receiver or custodian an individual<\/span>, a domestic corporation<\/span> or eligible entity<\/span>, or a foreign corporation<\/span> or eligible entity<\/span> authorized to transact business in the Commonwealth. The court<\/span> may require the receiver or custodian to post bond<\/span>, with or without sureties, in an amount the court<\/span> directs. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The court<\/span> shall describe the powers and duties of the receiver or custodian in its appointing order<\/span>, which may be amended from time to time. Among other powers: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The receiver (i) may dispose of all or any part of the assets<\/span> of the corporation wherever located, at a public or private sale; and (ii) may sue and defend in the receiver’s own name as receiver of the corporation in all courts<\/span> of the Commonwealth; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The custodian may exercise all of the powers of the corporation, through or in place of its board of directors or officers, to the extent necessary to manage the affairs of the corporation in the best interest<\/span> of its shareholders<\/span> and creditors<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The court<\/span> during a receivership may redesignate the receiver a custodian, and during a custodianship may redesignate the custodian a receiver. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> The court<\/span> from time to time during the receivership or custodianship may order<\/span> compensation paid and expenses<\/span> paid or reimbursed to the receiver or custodian from the assets<\/span> of the corporation or proceeds from the sale of the assets<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nRECEIVERSHIP OR CUSTODIANSHIP (\u00a7 13.1-748)\n\nA. Unless an election to purchase has been filed under § 13.1-749.1, a\ncourt in a judicial proceeding brought to dissolve a corporation may appoint one\nor more receivers to wind up and liquidate, or one or more custodians to manage\nwhile the proceeding is pending, the business and affairs of the corporation.\nThe court shall hold a hearing, after notifying all parties to the proceeding\nand any interested persons designated by the court, before appointing a receiver\nor custodian. The court appointing a receiver or custodian has exclusive\njurisdiction over the corporation and all its property wherever located.\n\nB. The court may appoint as a receiver or custodian an individual, a domestic\ncorporation or eligible entity, or a foreign corporation or eligible entity\nauthorized to transact business in the Commonwealth. The court may require the\nreceiver or custodian to post bond, with or without sureties, in an amount the\ncourt directs.\n\nC. The court shall describe the powers and duties of the receiver or custodian\nin its appointing order, which may be amended from time to time. Among other\npowers:\n\n 1. The receiver (i) may dispose of all or any part of the assets of the\n corporation wherever located, at a public or private sale; and (ii) may sue\n and defend in the receiver’s own name as receiver of the corporation in\n all courts of the Commonwealth; and\n\n 2. The custodian may exercise all of the powers of the corporation, through or\n in place of its board of directors or officers, to the extent necessary to\n manage the affairs of the corporation in the best interest of its shareholders\n and creditors.\n\nD. The court during a receivership may redesignate the receiver a custodian, and\nduring a custodianship may redesignate the custodian a receiver.\n\nE. The court from time to time during the receivership or custodianship may\norder compensation paid and expenses paid or reimbursed to the receiver or\ncustodian from the assets of the corporation or proceeds from the sale of the\nassets.\n\nHISTORY: Code 1950, \u00a7\u00a7 13.1-94 to 13.1-96; 1956, c. 428; 1959, Ex. Sess., c.\n57; 1968, c. 112; 1974, c. 291; 1975, c. 500; 1985, c. 522; 2005, c. 765; 2007,\nc. 165; 2019, c. 734.","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}}