Virginia Code 10.1-1015: Conveyance to the Commonwealth
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Whenever any holder as defined in this chapter, or the successors or assigns thereof, shall cease to exist, any conservation easement and any right of enforcement held by it shall vest in the Virginia Outdoors Foundation, unless the instrument creating the easement otherwise provides for its transfer to some other holder or public body. In an easement vested in the Virginia Outdoors Foundation by operation of the preceding sentence, the Foundation may retain it or thereafter convey it to any other public body or any holder the Foundation deems most appropriate to hold and enforce such interest in accordance with the purpose of the original conveyance of the easement.
Terms Used In Virginia Code 10.1-1015
- Conservation easement: means a nonpossessory interest of a holder in real property, whether easement appurtenant or in gross, acquired through gift, purchase, devise, or bequest imposing limitations or affirmative obligations, the purposes of which include retaining or protecting natural or open-space values of real property, assuring its availability for agricultural, forestal, recreational, or open-space use, protecting natural resources, maintaining or enhancing air or water quality, or preserving the historical, architectural or archaeological aspects of real property. See Virginia Code 10.1-1009
- Holder: means a charitable corporation, charitable association, or charitable trust which has been declared exempt from taxation pursuant to Virginia Code 10.1-1009
- Public body: means any entity defined in § Virginia Code 10.1-1009
1988, cc. 720, 891.