dcrodriguez/Code-of-Virginia huggingface dataset:
Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2512. 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 refund by a court or administrative agency that has remained unclaimed by the owner for more than one year after it became payable in accordance with the final determination or order providing for the refund, regardless of whether the final determination or order requires any person entitled to a refund to make a claim for it, is presumed abandoned.

1984, c. 121, § 55-210.6:2; 2019, c. 712.

Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2513. 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 that remains unclaimed by the owner for more than one year after the date for specified final distribution is presumed abandoned.

1960, c. 330, § 55-210.7; 1981, c. 47; 1983, c. 190; 2019, c. 712.

Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2514. Intangible personal property held in fiduciary capacity.
A. 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 the owner has, within five years after it became payable, increased or decreased the principal, accepted payment of principal or income, corresponded in writing concerning the property, or otherwise indicated an interest as evidenced by a memorandum or other record on file with and prepared by the fiduciary or an employee of the fiduciary.

B. Funds in an individual retirement account, a retirement plan for self-employed individuals, or a similar account or plan established pursuant to the Internal Revenue laws of the United States are not payable under this section unless, under the terms of the account or plan, distribution of all or part of the funds would then be mandatory.

C. For the purpose of this section, a person who holds property as an agent for a business association is deemed to hold the property in a fiduciary capacity for that business association alone, unless such person's agreement with the business association provides otherwise. A person who is so deemed to hold property in a fiduciary capacity for a business association alone is the holder of the property only insofar as the interest of the business association in the property is concerned, and the business association is the holder of the property insofar as the interest of any other person in the property is concerned.

1960, c. 330, § 55-210.8; 1981, c. 47; 1982, c. 331; 1984, c. 121; 2000, cc. 733, 745; 2019, c. 712.
Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2515. 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 unclaimed by the owner for more than five years after such gift certificate or credit balance became payable is presumed abandoned.

B. The following property is exempt from the provisions of this chapter and shall not be assessed by the administrator as unclaimed property: (i) credit balances payable to a business association; (ii) outstanding checks resulting from or attributable to the sale of goods or services to a business association; (iii) promotional incentives; and (iv) credits, gift certificates, coupons, layaways, and similar items, provided that such credits, gift certificates, coupons, layaways, and similar items are redeemable in merchandise, in services, or through future purchases.

1983, c. 190, § 55-210.8:1; 1988, cc. 595, 643; 2000, cc. 733, 745; 2019, c. 712.

Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2516. 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 for more than one year after such unpaid wages became payable are presumed abandoned.

1983, c. 190, § 55-210.8:2; 2019, c. 712.

Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2517. Intangible property held for owner by public agency.
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 the owner for more than one year after it became payable is presumed abandoned.

1960, c. 330, § 55-210.9; 1980, c. 293; 1982, c. 331; 1983, c. 190; 2000, cc. 733, 745; 2019, c. 712.

Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2518. 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 after it became payable is presumed abandoned.

1983, c. 190, § 55-210.9:1; 1985, c. 294; 2000, cc. 733, 745; 2019, c. 712.
Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2519. 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 their respective accounts that have remained unclaimed by the owner for more than one year after such moneys became payable and for petitioning the court to remit such money to the administrator. There shall be no obligation to report or remit funds deposited as compensation and damages in condemnation proceedings pursuant to § 25.1-237 prior to a final court order or pursuant to § 33.2-1019.

1988, c. 841, § 55-210.9:2; 2000, cc. 733, 745; 2019, c. 712.

Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2520. Employee benefit trust distribution.
A. All employee benefit trust distributions and any income or other increment thereon are abandoned to the Commonwealth under the provisions of this chapter if the owner has not, within 10 years after it became payable, accepted such distribution, corresponded in writing concerning such distribution, or otherwise indicated an interest as evidenced by a memorandum or other record on file with the fiduciary of the trust or custodial fund or administrator of the plan under which such trust or fund is established.

B. An employee benefit trust distribution and any income or other increment thereon shall not be presumed abandoned to the Commonwealth under the provisions of this chapter if, at the time such distribution becomes payable to a participant in an employee benefit plan, (i) such plan contains a provision for forfeiture or expressly authorizes the trustee to declare a forfeiture of a distribution to a beneficiary thereof who cannot be found after a period of time specified in such plan and (ii) the trust or fund established under the plan has not terminated prior to the date on which such distribution would become forfeitable in accordance with such provision.

1981, c. 47, § 55-210.10:1; 2000, cc. 733, 745; 2019, c. 712.

Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2521. Holder of tangible or intangible personal property may voluntarily report such property.
Any holder of tangible or intangible personal property the owner of which is unlocatable may voluntarily report the property to the administrator, prior to the statutory due dates, whereupon the property shall be presumed abandoned under this chapter.

1981, c. 47, § 55-210.10:2; 1983, c. 190; 2019, c. 712.
Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2522. Certain property not presumed abandoned in the Commonwealth.
If specific property that is subject to the provisions of §§ 55.1-2501, 55.1-2503, 55.1-2507, 55.1-2511, 55.1-2513, 55.1-2514, 55.1-2520, and 55.1-2521 is payable to an owner whose last known address is in another state by a holder that is subject to the jurisdiction of that state, the specific property is not presumed abandoned in the Commonwealth and subject to this chapter if:

1. It may be claimed as abandoned or escheated under the laws of such other state; and

2. The laws of such other state make reciprocal provision that similar specific property is not presumed abandoned or escheatable by such other state when payable to an owner whose last known address is within the Commonwealth by a holder that is subject to the jurisdiction of the Commonwealth.

1960, c. 330, § 55-210.11; 1981, c. 47; 2000, cc. 733, 745; 2019, c. 712.
Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2523. Interstate agreements and cooperation.
A. The administrator may enter into agreements with other states to exchange information needed to enable the Commonwealth or another state to audit or otherwise determine unclaimed property to which the Commonwealth or another state may be entitled subject to a claim of custody. The administrator may by rule require the reporting of information needed to enable compliance with agreements made pursuant to this section and prescribe the form.

B. To avoid conflicts between the administrator's procedures and the procedures of administrators in other jurisdictions that enact the Uniform Unclaimed Property Act, the administrator shall, so far as is consistent with the purposes, policies, and provisions of this chapter, before adopting, amending, or repealing rules, advise and consult with administrators in other jurisdictions that enact substantially the Act and take into consideration the rules of administrators in other jurisdictions that enact the Act.

C. The administrator may join with other states to seek enforcement of the Act against any person who is or may be holding property reportable under the Act. At the request of another state, the Attorney General of the Commonwealth may bring an action in the name of the administrator of the other state in any court of competent jurisdiction to enforce the unclaimed property laws of the other state against a holder in the Commonwealth of property subject to escheat or a claim of abandonment by the other state, if the other state has agreed to pay expenses incurred by the Attorney General in bringing the action.

Similarly, the administrator may request that the Attorney General of another state, or any other person, bring an action in the other state in the name of the administrator. The Commonwealth shall pay all expenses, including attorney fees, in any such action, and such expenses shall not be deducted from the amount that is subject to the claim by the owner under this chapter.

1984, c. 121, § 55-210.11:01; 2019, c. 712.
Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2525. Notices to be published by administrator.
A. The administrator shall cause to be published notice of the report filed under subsection D of § 55.1-2524 once each year in a newspaper of general circulation in the area in which the last known address of any person to be named in the notice is located. If no address is listed or if the address is outside of the Commonwealth, the notice shall be published in the area in which the holder of the abandoned property has his principal place of business.

B. The published notice shall be entitled "Commonwealth of Virginia Unclaimed Property List" and shall contain:

1. The names in alphabetical order and account numbers of persons listed in the report and entitled to notice within the area as specified in subsection A; and

2. A statement that information concerning the amount or description of the property and the name and address of the holder may be obtained by any persons possessing an interest in the property by addressing an inquiry to the administrator.

C. The administrator is not required to publish in such notice any item of less than $100 unless he deems such publication to be in the public interest.

1960, c. 330, § 55-210.13; 1981, c. 47; 1983, c. 190; 1987, c. 236; 1988, c. 378; 1990, c. 460; 2000, cc. 733, 745; 2019, c. 712.
Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2526. Holder relieved of liability for property paid or delivered to administrator; payment to owner by holder; proceedings against prior holder; notice to administrator and Attorney General; reimbursement of holder.
A. Upon the payment or delivery of abandoned property to the administrator, the Commonwealth shall assume custody and shall be responsible for the safekeeping of such property. Any person who pays or delivers abandoned property to the administrator under this chapter is relieved of all liability to the extent of the value of the property so paid or delivered for any claim that then exists or that thereafter may arise or be made in respect to the property. Any holder that has paid moneys to the administrator pursuant to this chapter may make payment to any person appearing to such holder to be entitled thereto, and upon proof of such payment and proof that the payee was entitled thereto, the administrator shall forthwith reimburse the holder for the payment.

B. In the event that legal proceedings are instituted against a prior holder in a court of the Commonwealth, or in any other state or federal court, by any other state claiming to be entitled to unclaimed funds or abandoned property previously paid or delivered to the administrator, such holder shall give written notice to the administrator and the Attorney General of the Commonwealth of such proceedings (i) within 10 days after service of process or (ii) at least 10 days before the return date on which an answer or similar pleading is required to be filed. The Attorney General may intervene or take such other action as he deems appropriate or necessary to protect the interests of the Commonwealth.

C. If the notice provided in subsection B is given by the holder and thereafter a judgment is entered against the holder for any amount paid to the administrator pursuant to the terms of this chapter, the administrator shall, upon being furnished with proof thereof, return to the holder the amount of such judgment, not to exceed, however, the amount of the abandoned property paid to the administrator.

D. Property removed from a safe deposit box or other safekeeping repository that is received by the administrator shall be subject to the holder's right under this subsection to be reimbursed for the actual cost of the opening and to any valid lien or contract providing for the holder to be reimbursed for unpaid rent or storage charges. The administrator shall make the reimbursement to the holder out of the proceeds remaining after the deduction of the administrator's selling cost.

1960, c. 330, § 55-210.15; 1964, c. 466; 1984, c. 121; 2019, c. 712.
Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2527. 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 dividends, interest, or other increments realized or accruing on the property at or before liquidation or conversion of such property into money.

1984, c. 121, § 55-210.16:1; 2019, c. 712.

Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2528. 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 to obtain payment of a claim for money or recovery of property shall not prevent the money or property from being presumed abandoned property or affect any duty to file a report required by this chapter or to pay or deliver abandoned property to the administrator.

B. Except as provided in subsection C, an action or proceeding shall not be maintained by the administrator to enforce this chapter more than five years after the earlier of (i) the date on which the holder identified the property on a report filed with the administrator, (ii) the date on which the holder first filed a report with the administrator wherein the holder should have but failed to report the property, or (iii) the date on which the holder filed a report with the administrator giving reasonable notice to the administrator of a dispute regarding the property.

C. An action or proceeding shall not be maintained by the administrator to enforce this chapter with respect to any property more than 10 years following the date on which such property first became reportable if the holder (i) filed a materially false or fraudulent report with the intent to evade delivery of property otherwise subject to this chapter or (ii) failed to file a report with the administrator.

1960, c. 330, § 55-210.17; 2000, cc. 733, 745; 2019, c. 712.
Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2530. Securities received in name of owner.
Whenever the administrator receives securities under this chapter in the name of the owner, he shall take appropriate action to transfer the record of ownership of such securities into the title of the State Treasurer of the Commonwealth of Virginia as soon as practical.

1981, c. 47, § 55-210.18:1; 2019, c. 712.

Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2531. 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 § 55.1-2529, shall be deposited by the administrator in the Literary Fund of the Commonwealth as soon as practical, except that the administrator shall retain in a separate trust fund a sum sufficient from which he shall make prompt payment of claims duly allowed by him as provided by subsection B. Before making the deposit, he shall record the name and last known address of each person appearing from the holders' reports to be entitled to the abandoned property, the name and last known address of each insured person or annuitant, and, with respect to each policy or contract listed in the report of an insurance corporation, its number, the name of the corporation, and the amount due.

B. Before making any deposit to the credit of the Literary Fund, the administrator may deduct (i) any costs in connection with the sale of abandoned property, (ii) any costs of mailing and publication in connection with any abandoned property, (iii) operating expenses, and (iv) amounts required to make payments to other states, during the next fiscal year, through reciprocity agreements.

1960, c. 330, § 55-210.19; 1981, c. 47; 1984, c. 121; 1985, c. 294; 2019, c. 712.
Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2533. Consideration of and hearing on claim by administrator; payment; interest.
A. The administrator shall consider any claim for property held by the administrator pursuant to the provisions of this chapter that is filed under this chapter and may hold a hearing and receive evidence concerning such claim. If a hearing is held, he shall prepare a finding and a decision in writing on each claim filed, stating the substance of any evidence heard by him and the reasons for his decision. The decision shall be a public record.

B. If the claim is allowed, the administrator shall make payment as soon as practical. The administrator is authorized to deduct from the claim the costs for notices, sales, and other related incurred expenses.

C. The administrator shall add interest at the rate of five percent or such lesser rate as the property earned while in the possession of the holder, compounded annually, to the amount of any claim paid to the owner, if the property claimed was interest-bearing to the owner while in the possession of the holder. If the holder fails to report an applicable rate of interest, the interest rate will be set at five percent or such lesser rate as determined by the one-year Treasury Constant Maturity Rate as published by the Board of Governors of the Federal Reserve System as of November 1 of the report year. Such interest shall begin to accumulate on the date the property is delivered to the administrator and shall cease on the date on which payment is made to the owner. No interest shall be payable for any period prior to July 1, 1981.

1960, c. 330, § 55-210.21; 1981, c. 47; 2000, cc. 733, 745; 2004, c. 523; 2005, c. 118; 2019, c. 712.

Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2534. Judicial review of decision of administrator.
Any person aggrieved by an act or decision of the administrator with respect to a claim for property held by the administrator pursuant to the provisions of this chapter may commence an action in the circuit court of the county or city in which the property claimed is situated to establish his claim. The proceeding shall be brought within three years after the decision of the administrator or, if the administrator fails to act, within three years from the filing of the claim.

1960, c. 330, § 55-210.22; 2000, cc. 733, 745; 2019, c. 712.
Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2535. Election of administrator not to receive property or to postpone taking possession of funds.
The administrator, after receiving reports of property deemed abandoned pursuant to this chapter, may decline to receive any property reported that he deems to have a value less than the cost of giving notice and holding sale, or he may, if he deems it desirable because of the small sum involved, postpone taking possession until a sufficient sum accumulates. Unless the holder of the property is notified to the contrary within 120 days after filing the report required under § 55.1-2524, the administrator shall be deemed to have elected to receive the custody of the property.

1960, c. 330, § 55-210.23; 2019, c. 712.

Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2536. Requests for verified reports and examinations of records.
A. Except as otherwise provided in this chapter, the administrator may require any person that has not filed a report to file a verified report stating whether or not the person is holding any unclaimed property reportable or deliverable under this chapter.

B. Except as otherwise provided in this chapter, the administrator may at reasonable times and upon reasonable notice examine the records of any person to determine whether the person has complied with the provisions of this chapter. The administrator may conduct the examination even if the person believes it is not in possession of any property reportable or deliverable under this chapter. The administrator may examine all necessary records to determine the amount, if any, of property that would have been reportable or deliverable under this chapter for the 10 years prior to the fiscal year end preceding the opening of the examination; however, for any holder that has not previously filed any report under this chapter, the administrator may examine property presumed abandoned for report year 1985 and subsequent years.

C. If a holder fails to maintain the records required by § 55.1-2537 and the records of the holder available for the periods subject to this chapter are insufficient to permit the preparation of a report, the holder shall be required to report and pay such amounts as may reasonably be estimated from any available records.

D. The administrator may contract with a person who is not an employee of the Commonwealth to perform an audit or examination under this article; however, with respect to any holder that is domiciled in the Commonwealth or that maintains its principal place of business in the Commonwealth, no such contract shall (i) be on a contingency fee basis or (ii) permit statistical estimation without the consent of the holder.

1960, c. 330, § 55-210.24; 1983, c. 190; 1985, c. 294; 1991, c. 357; 2000, cc. 733, 745; 2019, c. 712.
Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2537. Retention of records.
A. Every holder required to file a report under § 55.1-2524, shall retain all books, records, and documents necessary to establish the accuracy and compliance of such report for five years after the report is filed pursuant to subsection B of § 55.1-2524. If no report is filed, the holder shall retain such books, records, and documents for 10 years after the property becomes reportable, except to the extent that shorter time is provided in accordance with the Virginia Public Records Act (§ 42.1-76 et seq.), in accordance with subsection B, or by rule of the administrator. As to any property for which it has obtained the last known address of the owner, the holder shall maintain a record of the name and last known address of the owner for the same retention period.

B. Any business association that sells in the Commonwealth its traveler's checks, money orders, or other similar written instruments, other than third-party bank checks on which the business association is directly liable, or that provides such instruments to others for sale in the Commonwealth, shall maintain a record of those instruments while they remain outstanding, indicating the state and date of issue for three years after the date the property is reportable.

1983, c. 190, § 55-210.24:1; 1985, c. 294; 1988, c. 378; 2000, cc. 733, 745; 2019, c. 712.

Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2538. 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 administration of this chapter.

1988, c. 378, § 55-210.24:2; 2019, c. 712.

Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2539. 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 provisions of this chapter within the period specified in § 55.1-2528. The holder may waive in writing the protection of this section.

1960, c. 330, § 55-210.25; 1983, c. 190; 1988, c. 643; 1991, c. 357; 2000, cc. 733, 745; 2019, c. 712.
Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2540. 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 interest at the same annual rate as is applicable to delinquent taxes under § 58.1-1812 on the property or value thereof from the date the property should have been paid or delivered. Such interest rate shall vary with the rate specified in § 58.1-1812.

B. Any person who does not exercise due diligence as defined in § 55.1-2500 shall pay a civil penalty not to exceed $50 for each account upon which due diligence was not performed.

C. Except as otherwise provided in subsection D, a holder that (i) fails to report, pay, or deliver property within the time prescribed by this chapter; (ii) files a false report; or (iii) fails to perform other duties imposed by this chapter without good cause shall pay to the administrator, in addition to interest as provided in subsection A, a civil penalty of $100 for each day the report, payment, or delivery is withheld or the duty is not performed, up to a maximum of the lesser of $10,000 or 25 percent of the value of the property that should have been but was not reported.

D. A holder that (i) willfully fails to report, pay, or deliver property within the time prescribed by this chapter; (ii) willfully fails to perform other duties imposed by this chapter without good cause; or (iii) makes a fraudulent report to the administrator shall pay to the administrator, in addition to interest as provided in subsection A, a civil penalty of $1,000 for each day the report, payment, or delivery is withheld or the duty is not performed, up to a maximum of the lesser of $50,000 or 100 percent of the value of the property that should have been but was not reported.

E. The administrator for good cause may waive, in whole or in part, interest under subsection A and penalties under subsections B, C, and D. All civil penalties shall be payable to the State Treasurer and credited to the Literary Fund.

1984, c. 121, § 55-210.26:1; 1988, c. 378; 1992, c. 583; 2000, cc. 733, 745; 2019, c. 712.
Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2542. 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 locating property that he knows has been reported or paid or delivered to the administrator pursuant to this chapter prior to 36 months after the date of delivery of the property by the holder to the administrator as required by this chapter.

B. No agreement entered into after 36 months from the required date of delivery of the property by the holder to the administrator is valid if a person thereby undertakes to locate property included in a report for a fee or other compensation exceeding 10 percent of the value of the recoverable property. Nothing in this section shall be construed to prevent an owner from asserting at any time that an agreement to locate property is based upon an excessive or unjust consideration.

C. State warrants that may be issued in payment and redemption of previously abandoned property or the liquidation proceeds of previously abandoned property may be issued in the discretion of the administrator directly to the person entitled to the money as the owner, heir, or legatee, or as fiduciary of the estate of the deceased owner, heir, or legatee, and not to a named attorney-in-fact, agent, or assignee or any other person regardless of a written instruction to the contrary. The administrator need not recognize nor is the administrator bound by any terms of a purported power of attorney or assignment that may be presented as having been executed by a person as the purported owner, heir, legatee, or fiduciary of the estate of a deceased owner of such abandoned property.

D. A person who violates subsection A or B is guilty of a misdemeanor, punishable by a fine not to exceed $1,000.

1981, c. 47, § 55-210.27:1; 1988, c. 378; 2019, c. 712.

Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2543. 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, 1961.

1960, c. 330, § 55-210.28; 2019, c. 712.
Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2544. Property held or payable pursuant to Title 51.1.
This chapter shall not apply to any defined benefit plan funds or other property, tangible or intangible, held or payable pursuant to Title 51.1. Any funds or other property, tangible or intangible, held or payable in a defined contribution plan, deferred compensation plan, or cash match plan pursuant to Title 51.1 that have remained unclaimed for more than five years after such funds or other property became payable shall be presumed abandoned. Additionally, any funds or other property, tangible or intangible, held or payable to a member of the Volunteer Firefighters' and Rescue Squad Workers' Service Award Fund pursuant to Chapter 12 (§ 51.1-1200 et seq.) of Title 51.1 that have remained unclaimed for more than five years after the forfeiture of such member's membership in the Volunteer Firefighters' and Rescue Squad Workers' Service Award Fund in accordance with § 51.1-1209 or the dissolution of a volunteer emergency medical services agency or volunteer fire department shall be presumed abandoned.

1983, c. 308, § 55-210.28:1; 2019, c. 712; 2024, cc. 267, 353; 2025, c. 440.

Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 25 (Virginia Disposition Of Unclaimed Property Act)
§ 55.1-2545. Construction of chapter.
This chapter shall be construed so as to effectuate its general purpose to make uniform the law of those states that enact it.

1960, c. 330, § 55-210.29; 2019, c. 712.
Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 26 (Property Loaned to Museums)
§ 55.1-2600. Definitions.
As used in this chapter, unless the context requires a different meaning:

"Loaned property" means all museum property deposited on or after July 1, 2002, with a museum not accompanied by a transfer of title to the property.

"Museum" means an institution located in the Commonwealth and operated by a nonprofit corporation or public agency whose primary purpose is educational, scientific, or aesthetic and that owns, borrows, or cares for and studies, archives, or exhibits museum property.

"Museum property" means all tangible objects, animate and inanimate, under a museum's care that have intrinsic value to science, history, art, or culture, except for botanical or zoological specimens loaned to a museum for scientific research.

2002, c. 883, § 55-210.31; 2019, c. 712.

Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 26 (Property Loaned to Museums)
§ 55.1-2601. Status of loaned property; statute of limitations on recovery.
A. Except as may be otherwise provided in a written agreement between a lender and a museum, no action shall be brought against a museum to recover loaned property when more than five years have passed from (i) the receipt by the museum of written communication concerning the loaned property or (ii) any display of interest in the property by the lender as evidenced by a memorandum or other record on file prepared by an employee of the museum.

B. Loaned property shall be deemed to have been donated to the museum if no action to recover the property is initiated within one year after the museum gives notice of termination of the loan as provided in §§ 55.1-2604 and 55.1-2605.

C. Loaned property shall not be delivered to the Commonwealth, and shall be exempt from the provisions of Chapter 25 (§ 55.1-2500 et seq.), but shall pass to the museum if no person takes action under Chapter 2 (§ 64.2-200 et seq.) of Title 64.2.

2002, c. 883, § 55-210.32; 2019, c. 712.

Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 26 (Property Loaned to Museums)
§ 55.1-2602. Notice to lenders of the provisions of this chapter.
When a museum accepts a loan of property, the museum shall inform the lender in writing of the provisions of this chapter.

2002, c. 883, § 55-210.33; 2019, c. 712.

Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 26 (Property Loaned to Museums)
§ 55.1-2603. Status of title to property acquired from museum.
Any person who purchases property from a museum acquires good title to the property if the museum represents that it has acquired title to the property pursuant to § 55.1-2601.

2002, c. 883, § 55-210.34; 2019, c. 712.
Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 26 (Property Loaned to Museums)
§ 55.1-2604. Notice of termination of loan; content of notice.
A. If the property was loaned to the museum for an indefinite time, the museum may provide notice of termination of a loan of property at any time on the museum's website or by providing written notice of such termination to the lender, if known. If the property was loaned to the museum for a specified term, the museum may provide notice of termination of the loan in the same manner at any time after the expiration of the specified term.

B. Notices given under this section shall contain:

1. The name and address, if known, of the lender;

2. The date of the loan;

3. The name, address, and telephone number of the appropriate office or official to be contacted at the museum for information regarding the loan; and

4. Any other information deemed necessary by the museum.

2002, c. 883, § 55-210.35; 2019, c. 712.

Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 26 (Property Loaned to Museums)
§ 55.1-2605. Procedure for giving notice of termination of a loan of property; responsibility of owner of loaned property.
A. To give notice of termination of a loan of property, the museum shall mail a notice to the lender at the most recent address of the lender as shown on the museum's records pertaining to the loaned property. If the museum has no address in its records, or the museum does not receive written proof of receipt of the mailed notice within 30 days of the date the notice was mailed, the museum shall cause to be published notice at least once a week for three consecutive weeks in a newspaper of general circulation in the county or city in which the museum is located and in a newspaper of general circulation in the county or city of the lender's last known address if different from the county or city in which the museum is located.

B. For purposes of this section, if the loan of property was made to a branch of the museum, the museum shall be deemed to be located in the county or city where the branch is located. In all other cases, the museum shall be deemed to be located in the county or city in which its principal place of business is located.

C. The owner of property loaned to a museum shall notify the museum promptly in writing of any change of address or change in ownership of the property.

2002, c. 883, § 55-210.36; 2019, c. 712.
Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 26 (Property Loaned to Museums)
§ 55.1-2606. Acquiring title to undocumented property.
A. A museum shall have the authority to acquire legal title to undocumented property if the museum can verify through written records that it has held such property for five years or longer, during which period no valid claim to the property has been asserted and no person has contacted the museum regarding the property, by complying with the following procedure:

1. The museum shall cause to be published a notice once a week for two consecutive weeks in a newspaper of general circulation in the county or city in which the museum is located and in a newspaper of general circulation in the county or city of the lender's last known address if different from the county or city in which the museum is located. The notice shall include:

a. A brief and general description of the undocumented property;

b. The date or approximate date of the loan or acquisition of the property by the museum, if known;

c. Notice of the museum's intent to claim title to the property if no valid claims are made within 65 days following the date of the first publication of the notice under this subdivision 1;

d. The name, address, and telephone number of the representative of the museum to contact for more information or to make a claim; and

e. If known, the name and last known address of the lender.

2. If no valid claims have been made by the end of the 65-day period following the date of the first publication of the notice under subdivision 1 c, the museum shall cause to be published a second notice once a week for two consecutive weeks in a newspaper of general circulation in the county or city in which the museum is located and in a newspaper of general circulation in the county or city of the lender's last known address if different from the county or city in which the museum is located. The second notice shall include:

a. A brief and general description of the undocumented property;

b. The date or approximate date of the loan or acquisition of the property by the museum, if known;

c. Notice that the museum claims title to the property as of the date of the end of the 65-day period following the date of the first publication of the notice under subdivision 1; and

d. If known, the name and last known address of the lender.

B. Upon compliance with the requirements set forth in subsection A, clear and unrestricted title is transferred, as of the date specified in subdivision A 1 c, to the museum and not to the Commonwealth.

2002, c. 883, § 55-210.37; 2019, c. 712.
Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 26 (Property Loaned to Museums)
§ 55.1-2607. Status of property loaned to or deposited with museum prior to July 1, 2002.
Except as otherwise provided in a written agreement between a lender and a museum, property loaned to or deposited with a museum prior to July 1, 2002, may be discarded or transferred to another museum located in Virginia, provided that (i) the notice provisions of §§ 55.1-2604 and 55.1-2605 have been complied with and (ii) such property is held by the museum receiving the transfer for at least three years before it sells or disposes of such property.

2005, c. 480, § 55-210.38; 2019, c. 712.
Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 27 (Drift Property)
§ 55.1-2700. Who is entitled to drift property.
When any property other than abandoned watercraft has drifted on any of the waters of the Commonwealth and is deposited and left on the lands of any person other than the owner of such property, and there is no indicia of ownership, the owner of such land shall, as against all persons other than the owner of such property, be deemed and treated, and have the same rights and remedies relating thereto, as such owner of such property.

Code 1919, § 3569; Code 1950, § 55-207; 2019, c. 712.

Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 27 (Drift Property)
§ 55.1-2701. Conditions on which owner may remove drift property.
The owner of property described in § 55.1-2700, after he has paid to the owner of the land a just compensation for any proper care, labor, or expense bestowed, done, or incurred by him for such property, may enter upon the land and, doing as little injury as possible, remove the property, but shall pay the owner of the land for any damage caused to him by such entry and removal.

Code 1919, § 3570; Code 1950, § 55-208; 2019, c. 712.

Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 27 (Drift Property)
§ 55.1-2702. When owner of land may sell drift property; owner of property entitled to proceeds after payment of expenses, etc.
If the owner of drift property described in § 55.1-2700 does not, within three months from the time the property was so deposited, remove or demand the property from the owner of the land, the owner of the land may sell the property or otherwise convert it to his own use, provided that the owner of the land, after deducting a just compensation for any proper care, labor, or expense bestowed, done, or incurred by him for the property from the amount received by him as the price thereof, or the actual value thereof at the time of such sale or other conversion, shall pay to the owner of the property, if he elects to receive it, the residue of the price or of the actual value, as the case may be. The owner of the property, after he has demanded such residue and proved by the affidavit of some other person, or by a competent witness, his right thereto, or offered to prove such right, and if the owner of the land has refused or declined to inspect or hear the evidence thereof, (i) may recover such residue, when the property has been sold, as money received for his use; (ii) may recover such residue, when the property has not been sold, as the price of goods sold by the owner of the property to the owner of the land; or (iii) may have his action of trover to the extent of such residue.

Code 1919, § 3571; Code 1950, § 55-209; 2019, c. 712.

Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 27 (Drift Property)
§ 55.1-2703. Right of property to be proved.
In any action relating to the ownership of any property described in § 55.1-2700, the person, other than the owner of such land, claiming to be the owner of the property must prove his ownership in order to sustain his claim.

Code 1919, § 3572; Code 1950, § 55-210; 2019, c. 712.
Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 28 (Trespasses; Fences)
§ 55.1-2800. Definition.
As used in this article, "electric fence" means a fence designed to conduct electric current along one or more wires of such fence so that a person or animal touching any such wire or wires will receive an electric shock.

1982, c. 280, § 55-298.4; 2019, c. 712.

Code of Virginia — Title 55.1 (Property and Conveyances), Chapter 28 (Trespasses; Fences)
§ 55.1-2801. Unlawful to sell, distribute, construct, install, maintain, or use certain electric fences upon agricultural land.
A. It is unlawful for any person to sell, distribute, construct, install, maintain, or use upon any land used for agricultural purposes or, for any person exercising supervision or control over any such land, to permit any other person to construct, install, maintain, or use any electric fence energized with an electric charge unless the charge is regulated by a controlling device. Except as otherwise provided in this article, such controlling device shall display the approved label of and shall conform to the safety standards promulgated by the Underwriters Laboratories, Inc., in its publication number UL69, dated June 30, 2009, and entitled "Standard for Safety for Electric-Fence Controllers," as the same may from time to time be supplemented, or shall display the approved label of and meet the safety standards promulgated by the International Electrotechnical Commission in its publication IEC 60335-2-76, second edition (BS EN 69335-2-76), as the same may from time to time be supplemented.

B. No metallically continuous fence or set of electrically connected fences shall be supplied by more than one controlling device.

C. Any controlling device shall be suitably grounded when placed in service.

1982, c. 280, § 55-298.1; 2019, c. 712.