Virginia § 15.2-3813 Town liabilities and assets

Virginia Statutes

§ 15.2-3813 — Town liabilities and assets

Virginia § 15.2-3813

Title 15.2COUNTIES, CITIES AND TOWNS

Subtitle IIIBOUNDARY ADJUSTMENTS AND CHANGES OF STATUS OF COUNTIES, CITIES AND TOWNS

Ch. 38TRANSITION OF TOWNS TO CITIES

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Bluebook

Va. Code Ann. § 15.2-3813 (2026).

Text

If a town becomes a city under this chapter, the city shall be liable for the bonded indebtedness and current debts and obligations of the town and shall be liable for the obligations or other liabilities of the town, both in law and in equity, arising out of any plans or annexations theretofore consummated between the town and any other territory. The title to all the property of the town, and its rights and privileges under any contract, including all moneys belonging to the town, and its books, records, papers and other things of value, shall vest in and become the city's property.

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If a town becomes a city under this chapter, the city shall be liable for the bonded indebtedness and current debts and obligations of the town and shall be liable for the obligations or other liabilities of the town, both in law and in equity, arising out of any plans or annexations theretofore consummated between the town and any other territory. The title to all the property of the town, and its rights and privileges under any contract, including all moneys belonging to the town, and its books, records, papers and other things of value, shall vest in and become the city's property.