                                 CODE OF VIRGINIA

BENEFICIAL INTERESTS (§ 13.1-1226)

A. 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.

B. 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.

   2. 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.

C. A beneficial owner&#8217;s beneficial interest in the business trust is
personal property notwithstanding the nature of the property of the business
trust.

D. Except to the extent otherwise provided in the articles of trust or in the
governing instrument of a business trust, a beneficial owner&#8217;s beneficial
interest in the business trust is freely transferable.

E. 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.

F. A beneficial owner of a business trust does not have a vested property right
resulting from any provision of the articles of trust.

HISTORY: 2002, c. 621.