W. Va. Code R. § 110-36-13

Current through Register Vol. XLI, No. 48, November 27, 2024

Section 110-36-13 - Breach of Contract by Seller; Trust to be Single Purpose Trust

13.1. 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 relating to the performance of any other contract.

13.2. The seller's trust shall be a single purpose trust. The trust funds shall not be available to any creditors as assets of the seller, nor may the seller encumber any portion of the trust funds.