Source: https://law.lis.virginia.gov/vacode/title45.1/chapter14.7:2/section45.1-161.311:6/
Timestamp: 2019-12-11 19:44:21
Document Index: 231125809

Matched Legal Cases: ['§ 45', '§ 45', '§ 45', '§ 55', '§ 45', '§ 55']

§ 45.1-161.311:6. (Effective October 1, 2019) Duty of trustee; sale of lease; distribution of funds
Table of Contents » Title 45.1. Mines and Mining » Chapter 14.7:2. Trust for Coal Interests » Article 1. Unknown Coal Owners » § 45.1-161.311:6. (Effective October 1, 2019) Duty of trustee; sale of lease; distribution of funds
§ 45.1-161.311:6. (Effective until October 1, 2019) Duty of trustee; sale of lease; distribution of funds.
A. The trustee shall collect the proceeds from the sale of the lease and hold and invest such proceeds for the use and benefit of the unknown or missing owners. The court may authorize the trustee to expend an amount not to exceed 10 percent of the funds collected by the trustee for the purpose of searching for the unknown or missing owners.
B. Five years after the date of first commercial production of the coal interests the proceeds in the trust shall be disposed of pursuant to the Uniform Disposition of Unclaimed Property Act (§ 55-210.1 et seq.).
§ 45.1-161.311:6. (Effective October 1, 2019) Duty of trustee; sale of lease; distribution of funds.
B. Five years after the date of first commercial production of the coal interests the proceeds in the trust shall be disposed of pursuant to the Virginia Disposition of Unclaimed Property Act (§ 55.1-2500 et seq.).