                                 CODE OF VIRGINIA

CAPACITY TO SUE AND BE SUED; PROCESS; LIABILITIES AND OBLIGATIONS; ATTACHMENT;
SEIZURE OF CERTAIN ASSETS (§ 13.1-1231)

A. A business trust may sue and be sued in its own name, and service of process
on one of the trustees shall be sufficient to constitute service on the business
trust.

B. A business trust may be sued for debts and other obligations or liabilities
contracted or incurred by the trustees, or by the duly authorized agents of such
trustees, in the performance of their respective duties under the governing
instrument of the business trust, and for any damages to persons or property
resulting from the negligence of such trustees or agents acting in the
performance of such respective duties.

C. The property of a business trust is subject to attachment and execution as if
the business trust was a Virginia corporation organized under Chapter 9 (&#xA7;
13.1-601 et seq.) of this title.

D. Notwithstanding the provisions of this section, in the event that the
governing instrument of a business trust, including a business trust that is a
registered investment company under the Investment Company Act of 1940, as
amended, creates one or more series as provided in subsection B of &#xA7;
13.1-1219, and if separate and distinct records are maintained for any such
series and the assets associated with any such series are held and accounted for
separately from the other assets of the business trust, or any other series, and
if the governing instrument so provides, and notice of the limitation on
liabilities of a series as referenced in this subsection is set forth in the
articles of trust of the business trust, then the debts, liabilities,
obligations, and expenses incurred, contracted for, or otherwise existing with
respect to a particular series shall be enforceable against the assets of that
series only, and not against the assets of the business trust generally or any
other series, and, unless otherwise provided in the articles of trust or in the
governing instrument, none of the debts, liabilities, obligations, and expenses
incurred, contracted for, or otherwise existing with respect to the business
trust generally or any other series shall be enforceable against the assets of
that series.

HISTORY: 2002, c. 621.