Code of Virginia - Title 55 Property And Conveyances - Chapter 11.1 Disposition Of Unclaimed Property
- 55-210.1 Citation of chapter
This chapter may be cited as "The Uniform Disposition of Unclaimed Property Act." (1960, c. 330.) ...
- 55-210.2 Definitions
As used in this chapter, unless the context otherwise requires: "Administrator" means the State Treasurer or his designee. "Apparent owner" means the person whose name ...
- 55-210.2:1 Property presumed abandoned; general rule
All tangible and intangible property, including any income or increment thereon, less any lawful charges, that is held, issued or owing in the ordinary course ...
- 55-210.2:2 General rules for taking custody of intangible unclaimed property
Unless otherwise provided in this chapter or by other law of this Commonwealth, intangible property is subject to the custody of this Commonwealth as unclaimed ...
- 55-210.3 Description unavailable
Repealed by Acts 1984, c. 121. ...
- 55-210.3:01 Bank deposits and funds in financial organizations
A. Any demand, savings, or matured time deposit with a banking or financial organization, including deposits that are automatically renewable, and any funds paid toward ...
- 55-210.3:02 Travelers' checks and money orders
Except as otherwise provided in this section, any sum payable on a traveler's check that has been outstanding for more than fifteen years after its ...
- 55-210.3:1 Description unavailable
Repealed by Acts 1984, c. 121. ...
- 55-210.3:2 Checks, drafts and similar instruments issued or certified by banking and financial organization...
Any sum payable on a check, draft, or similar instrument, except money orders, travelers' checks and other similar instruments subject to § 55-210.3:02, on which ...
- 55-210.3:3 Contents of safe deposit box or other safekeeping repository
All tangible and intangible property held in a safe deposit box or any other safekeeping repository in this Commonwealth in the ordinary course of the ...
- 55-210.4 Description unavailable
Repealed by Acts 1984, c. 121. ...
- 55-210.4:01 Funds owing under life insurance policies
A. Funds held or owing under any life or endowment insurance policy or annuity contract which has matured or terminated are presumed abandoned if unclaimed ...
- 55-210.4:1 When intangible personal property held by insurance corporation subject to { 55-210.2:1
An insurance corporation holding any other intangible personal property not covered by subsection A of § 55-210.4:01 or § 55-210.4:2 shall be otherwise subject to ...
- 55-210.4:2 Unclaimed demutualization proceeds
Unclaimed property payable or distributable in the course of the demutualization of an insurance company is presumed abandoned five years after the earlier of (i) ...
- 55-210.5 Deposits held by utilities
Any deposit, including any interest thereon, made by a subscriber with a utility to secure payment or any sum paid in advance for utility services ...
- 55-210.6 Description unavailable
Repealed by Acts 1991, c. 357. ...
- 55-210.6:1 When intangible interest in business association presumed abandoned
A. Any intangible interest in a business association, as evidenced by the stock records or membership records of the association, is presumed abandoned five years ...
- 55-210.6:2 Refunds held by business associations
Except to the extent otherwise ordered by a court or administrative agency of competent jurisdiction any sum that a business association has been ordered to ...
- 55-210.7 Property of business associations held in course of dissolution
All intangible property distributable in the course of a voluntary or involuntary dissolution of a business association which remains unclaimed by the owner for more ...
- 55-210.8 When intangible personal property held in fiduciary capacity presumed abandoned
All intangible personal property and any income or increment thereon, held in a fiduciary capacity for the benefit of another person is presumed abandoned unless ...
- 55-210.8:1 Gift certificates and credit balances
A. Except as described in subsection B, a gift certificate or credit balance issued in the ordinary course of the issuer's business that has remained ...
- 55-210.8:2 Wages
Unpaid wages, including wages represented by unpresented payroll checks owing in the ordinary course of the holder's business, that have remained unclaimed by the owner ...
- 55-210.9 When intangible property held for owner by public agency presumed abandoned
All intangible property held for the owner by any government or governmental subdivision or agency, public corporation, or public authority that has remained unclaimed by ...
- 55-210.9:1 Property held by courts
All intangible property held for the owner by any state or federal court that has remained unclaimed by the owner for more than one year ...
- 55-210.9:2 Responsibilities of general receiver and clerk
The general receiver, if one has been appointed, and the clerk of each circuit court shall be responsible for identifying moneys held by them in ...
- 55-210.10 Description unavailable
Repealed by Acts 1984, c. 121. ...
- 55-210.10:1 Employee benefit trust distribution
A. All employee benefit trust distributions and any income or other increment thereon are abandoned to this Commonwealth under the provisions of this chapter if ...
- 55-210.10:2 Holder of tangible or intangible personal property may voluntarily report same
Any holder of tangible or intangible personal property, the owner of which is unlocatable, may voluntarily report the property to the State Treasurer, prior to ...
- 55-210.11 When certain property not presumed abandoned in this Commonwealth
If specific property which is subject to the provisions of §§ 55-210.2:1, 55-210.3:01, 55-210.4:01, 55-210.6:1, 55-210.7, 55-210.8, 55-210.10:1, and 55-210.10:2 is payable to an owner ...
- 55-210.11:01 Interstate agreements and cooperation
The administrator may enter into agreements with other states to exchange information needed to enable this or another state to audit or otherwise determine unclaimed ...
- 55-210.11:1 Description unavailable
Repealed by Acts 1984, c. 121. ...
- 55-210.12 Report and remittance to be made by holder of funds or property presumed abandoned; holder to exerc...
A. Every person holding funds or other property, tangible or intangible, presumed abandoned under this chapter shall report and remit to the administrator with respect ...
- 55-210.12:1 Description unavailable
Repealed by Acts 1983, c. 190. ...
- 55-210.13 Notices to be published by State Treasurer
A. The State Treasurer shall cause to be published notice of the report filed under subsection D of § 55-210.12 once each year in an ...
- 55-210.14 Description unavailable
Repealed by Acts 1988, c. 378. ...
- 55-210.15 Holder relieved of liability for property paid or delivered to administrator; payment to owner by h...
(a) Upon the payment or delivery of abandoned property to the administrator, the Commonwealth shall assume custody and shall be responsible for the safekeeping thereof. ...
- 55-210.16 Description unavailable
Repealed by Acts 1981, c. 47. ...
- 55-210.16:1 Crediting of dividends, interest, or increments to owner's account
Whenever property other than money is paid or delivered to the administrator under this chapter, the owner is entitled to receive from the administrator any ...
- 55-210.17 Periods of limitation
A. The expiration of any period of time specified by statute or court order, during which an action or proceeding may be commenced or enforced ...
- 55-210.18 Sale of abandoned property by administrator
Except as provided in subsection (d) of this section: (a) All abandoned property other than money or other certificate of ownership delivered to the administrator ...
- 55-210.18:1 When securities received in name of owner
Whenever the State Treasurer shall receive securities under this chapter in the name of the owner, he shall forthwith take appropriate action to transfer the ...
- 55-210.19 Disposition of funds received under chapter; records to be kept by administrator
(a) All funds received under this chapter, including the proceeds from the sale of abandoned property under § 55-210.18, shall forthwith be deposited by the ...
- 55-210.20 Filing claim to property or proceeds of sale thereof
Any person claiming an interest in any property delivered to the Commonwealth under this chapter may file a claim thereto or to the proceeds from ...
- 55-210.21 Consideration of and hearing on claim by State Treasurer; payment; interest
A. The State Treasurer shall consider any claim for property held by the State Treasurer pursuant to the provisions of this chapter that is filed ...
- 55-210.22 Judicial review of decision of State Treasurer
Any person aggrieved by an act or decision of the State Treasurer with respect to a claim for property held by the State Treasurer pursuant ...
- 55-210.23 Election of State Treasurer not to receive property or to postpone taking possession of fund...
The State Treasurer, after receiving reports of property deemed abandoned pursuant to this chapter, may decline to receive any property reported which he deems to ...
- 55-210.24 Requests for verified reports and examinations of records
A. Except as otherwise provided in this chapter, the administrator may require any person who has not filed a report to file a verified report ...
- 55-210.24:1 Retention of records
A. Every holder required to file a report under § 55-210.12, shall retain all books, records and documents necessary to establish the accuracy and compliance ...
- 55-210.24:2 Confidentiality of information and records
Any information or records required to be furnished to the Division of Unclaimed Property shall be confidential except as is otherwise necessary in the proper ...
- 55-210.25 Enforcement of chapter
The administrator may bring an action in a court of competent jurisdiction to enforce this chapter. The administrator shall commence enforcement for compliance with the ...
- 55-210.26 Description unavailable
Repealed by Acts 1984, c. 121. ...
- 55-210.26:1 Interest and penalties
A. Any person who fails to pay or deliver property within the time prescribed by this chapter shall be required to pay to the administrator ...
- 55-210.27 Determinations; appeal procedures; rules and regulations of State Treasurer
A. The State Treasurer may make necessary rules and regulations to carry out the provisions of this chapter. B. If the State Treasurer ascertains that ...
- 55-210.27:1 Agreements to locate reported property; penalty
A. It is unlawful for any person to seek or receive from another person or contract with another person for a fee or compensation for ...
- 55-210.28 Property presumed abandoned or escheated under laws of another state
This chapter shall not apply to any property that has been presumed abandoned or escheated under the laws of another state prior to January 1, ...
- 55-210.28:1 Property held or payable pursuant to Title 51.1
This chapter shall not apply to any funds or other property, tangible or intangible, held or payable pursuant to Title 51.1 of this Code. (1983, ...
- 55-210.29 Construction of chapter
This chapter shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact it. (1960, c. ...
- 55-210.30 Severability
If any provision of this chapter or the application thereof to any person or circumstances is held invalid, the invalidity shall not affect other provisions ...
Last modified: April 3, 2009