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Code · Virginia · Title 54.1 · Chapter 23.1

Code of Virginia § 54.1-2335. Breach of contract by seller; trust to be single purpose trust.

107 words·~1 min read·/va/title-54-1/chapter-23-1/54-1-2335·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

If, after a written request, the seller fails to perform its contractual duties, the purchaser, executor or administrator of the estate, or heirs, or assigns or duly authorized representative of the purchaser shall be entitled to maintain a proper legal or equitable action in any court of competent jurisdiction. No other purchaser need be made a party to or receive notice of any proceeding brought pursuant to this section relating to the performance of any other contract.
The trust shall be a single purpose trust, and the trust funds shall not be available to any creditors as assets of the seller.
1998, cc. 708 , 721 .
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