Virginia Code 15.2-4114: Liabilities and assets of such city
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Unless otherwise provided by agreement of the governing bodies of the city and county, or by order of the special court pursuant to § 15.2-4106, a town created under this chapter shall remain liable for all of the bonded indebtedness, current debts, obligations, and liabilities if incurred as a city. Unless otherwise provided by agreement of the governing bodies of the city and county, or by order of the court pursuant to § 15.2-4106, the title to all of the real and personal property of the former city and all of its rights and privileges under any contract, and all of its books, records, papers and other things of value, shall vest in and become the property of the town.
Terms Used In Virginia Code 15.2-4114
- City: means an independent incorporated community which became a city as provided by law before noon on July 1, 1971, or which has within defined boundaries a population of 5,000 or more and which has become a city as provided by law. See Virginia Code 1-208
- Contract: A legal written agreement that becomes binding when signed.
- County: means any existing county or such unit hereafter created. See Virginia Code 15.2-102
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Personal property: All property that is not real property.
- Town: means any existing town or an incorporated community within one or more counties which became a town before noon, July one, nineteen hundred seventy-one, as provided by law or which has within defined boundaries a population of 1,000 or more and which has become a town as provided by law. See Virginia Code 15.2-102
1988, c. 881, § 15.1-965.23; 1997, c. 587.