Code of Virginia § 56-9. Sale of public service corporation under deed of trust; how purchaser may form new corporation.

148 words·~1 min read·/va/title-56/chapter-1/56-9

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

If a sale be made under a deed of trust or mortgage, executed by a public service corporation, on all its works and property, and there be a conveyance pursuant thereto, such sale and conveyance shall pass to the purchaser at the sale not only the works and property of the company as they were at the time of making the deed of trust or mortgage, but any works which the company may, after that time and before the sale, having constructed, and all other property of which it may be possessed at the time of the sale other than debts due to it.

Upon such conveyance to the purchaser, the company shall ipso facto be dissolved, and the purchaser shall become a corporation by any name which may be set forth in the conveyance, upon complying with the provisions of § 13.1-604.1 .

Code 1919, § 3895.