                                 CODE OF VIRGINIA

DISTRIBUTION OF ASSETS UPON DISSOLUTION (§ 13.1-1237)

Upon the winding up of a business trust, the assets of the business trust shall
be distributed as follows:

1. To creditors, including beneficial owners who are creditors, to the extent
permitted by law, in satisfaction of liabilities of the business trust, other
than for distributions to beneficial owners under &#xA7; 13.1-1227;

2. Unless otherwise provided in the articles of trust or in the governing
instrument, to the beneficial owners and former beneficial owners in
satisfaction of liabilities for distributions under &#xA7; 13.1-1227; and

3. Unless otherwise provided in the articles of trust or in the governing
instrument, to the beneficial owners in the proportions in which the beneficial
owners share in distributions.

HISTORY: 2002, c. 621.