Code of Virginia § 13.1-1099.20. Application of § 13.1-1099.10 after merger.
368 words·~2 min read·
/va/title-13-1/chapter-12/13-1-1099-20·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A creditor's right that existed under § 13.1-1099.10 immediately before a merger under § 13.1-1099.16 may be enforced after the merger in accordance with the following rules:
1. A creditor's right that existed immediately before the merger against the surviving company, a continuing protected series, or a relocated protected series continues without change after the merger.
2. A creditor's right that existed immediately before the merger against a non-surviving company:
a. May be asserted against an asset of the non-surviving company that vested in the surviving company as a result of the merger; and
b. Does not otherwise change.
3. Subject to subsection B, the following rules apply:
a. In addition to the remedy stated in subdivision 1, a creditor with a right under § 13.1-1099.10 that existed immediately before the merger against a non-surviving company or a relocated protected series may assert the right against:
(1)An asset of the surviving company, other than an asset of the non-surviving company that vested in the surviving company as a result of the merger;
(2)An asset of a continuing protected series;
(3)An asset of a protected series established by the surviving company as a result of the merger;
(4)If the creditor's right was against an asset of the non-surviving company, an asset of a relocated protected series; or
(5)If the creditor's right was against an asset of a relocated protected series, an asset of a relocated protected series.
b. In addition to the remedy stated in subdivision 2, a creditor with a right that existed immediately before the merger against the surviving company or a continuing protected series may assert the right against:
(1)An asset of a relocated protected series; or
(2)An asset of a non-surviving company that vested in the surviving company as a result of the merger.
B. For the purposes of subdivision A 3 and subdivisions B 1a, B 2a, and B 3a of § 13.1-1099.10 , the incurrence date is deemed to be the date on which the merger becomes effective.
C. A merger under § 13.1-1099.16 does not affect the manner in which § 13.1-1099.10 applies to a liability incurred after the merger.
2019, c. 636 .