                                 CODE OF VIRGINIA

EFFECT OF DOMESTICATION (§ 13.1-1270)

A. When a foreign business trust&#8217;s certificate of domestication in this
Commonwealth becomes effective, with respect to that business trust:

   1. The title to all real estate and other property remains in the business
   trust without reversion or impairment;

   2. The liabilities remain the liabilities of the business trust;

   3. A proceeding pending may be continued by or against the business trust as
   if the domestication did not occur;

   4. The articles of trust attached to the articles of domestication constitute
   the articles of trust of the business trust; and

   5. The business trust is deemed to:
   				a. Be formed under the laws of this Commonwealth for all purposes;
   				b. Be the same business trust as the business trust that existed under the
   laws of the jurisdiction or jurisdictions in which it was originally formed or
   formerly domiciled; and
   				c. Have been formed on the date it was originally formed or organized.

B. Any trustee of a foreign business trust that domesticates into this
Commonwealth who, prior to the domestication, was liable for the liabilities or
obligations of the business trust is not released from those liabilities or
obligations by reason of the domestication.

HISTORY: 2002, c. 621.