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Virginia Disposition of Unclaimed Property Law - Unclaimed Property Law - Abandoned Property
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Virginia Disposition of Unclaimed Property Law
Virginia Law Summary
Title 55 – Property and Conveyances
Chapter 11.1 – Disposition of Unclaimed Property
This chapter may be cited as “The Uniform Disposition of Unclaimed Property Act.”
Title 55, Chap. 11.1, §55-210.1.
“Business association” means any corporation joint-stock company, investment company, business trust, partnership, limited liability company, cooperative, or association for business purposes of two or more individuals whether or not for profit, including a banking organization, financial organization, insurance company, or utility.
Title 55, Chap. 11.1, §55-210.2.
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 of the holder’s business and has remained unclaimed by the owner for more than five years after it became payable is presumed abandoned, except as otherwise provided by this chapter. Property is payable for the purpose of this chapter notwithstanding the owner’s failure to make demand or to present any instrument or document required to receive payment.
Title 55, Chap. 11.1, §55-210.2:1.
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 property if the conditions leading to a presumption of abandonment as described in §§55-210.2:1, 55-210.3:01 and 55-210.3:2 through 55-210.10:2 are satisfied, and:
Title 55, Chap. 11.1, §55-210.2:2.
Title 55, Chap. 11.1, §55-210.3.
B. Notwithstanding any other provision of this section, share accounts of a member of a state or federally chartered credit union that is subject to or covered by life savings insurance provided by the credit union at no additional charge to the member shall be presumed abandoned five years after the date of the second mailing of a statement of account or other notification or communication that was returned as undeliverable, or after the date the credit union discontinued the mailings to the member, whichever is earlier. Funds held or owing under the life savings insurance policy are presumed abandoned pursuant to §55-210.4:01.
C. For purposes of this section, “property” includes any interest or dividends thereon. No banking or financial organization may deduct any service charge or cease to accrue interest on any account, from the date the account is declared dormant or inactive by such organization except in conformity with cessation of interest or service charges generally assessed upon active accounts. With respect to any property described in this section, a holder may not impose any charges due to dormancy or inactivity which differ from those imposed on active accounts or cease to pay interest unless:
3. When the holder imposes those charges or ceases payment of interest, it does not for any reason other than to correct a documented internal error reverse or cancel those charges or retroactively credit interest with respect to such property.
D. Any automatically renewable property to which this section applies is matured upon the expiration of its initial time period. However, in the case of any renewal to which the owner consents at or about the time of renewal by communicating in writing with the banking or financial organization or otherwise indicates consent as specified in subsection A of this section, the property is matured upon the expiration of the last time period for which consent was given. If, at the time provided for delivery in § 55-210.14, a penalty or forfeiture in the payment of interest would result from the delivery of the property, the time for delivery is extended until the time when no penalty or forfeiture would result.
Notwithstanding any other provision of this section to the contrary, any automatically renewable time deposit that has matured shall be presumed abandoned five years after the date of the second mailing of a statement of account or other notification or communication that was returned as undeliverable, or after the date the holder discontinued the mailings to the apparent owner, whichever is earlier. However, any automatically renewable time deposit for which no such statement or other notification or mailing is required to be sent by the banking or financial organization shall be presumed abandoned as otherwise provided in this section.
Title 55, Chap. 11.1, §55-210.3:01.
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 issuance is presumed abandoned unless the owner, within fifteen years, has communicated in writing with the issuer concerning it or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the issuer.
No holder may deduct from the amount of any traveler’s check or money order any charges imposed by reason of the failure to present those instruments for payment unless there is a valid and enforceable written contract between the issuer and the owner of the property pursuant to which the issuer may impose those charges and the issuer regularly imposes those charges and does not regularly reverse or otherwise cancel those charges with respect to such property.
Any sum payable on a traveler’s check, money order, or similar written instrument, other than a third-party bank check, described in this section may not be subjected to the custody of this Commonwealth as unclaimed property unless:
1. The records of the issuer show that the traveler’s check, money order, or similar written instrument was purchased in this Commonwealth;
2. The issuer has its principal place of business in this Commonwealth and the records of the issuer do not show the state in which the traveler’s check, money order, or similar written instrument was purchased; or
3. The issuer has its principal place of business in this Commonwealth, the records of the issuer show the state in which the traveler’s check, money order, or similar written instrument was purchased and the laws of the state of purchase do not provide for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property.
Notwithstanding any other provision of this chapter, the provisions of the preceding paragraph relating to the requirements for subjecting certain written instruments to the custody of the Commonwealth apply to sums payable on travelers’ checks, money orders, and similar written instruments presumed abandoned on or after February 1, 1965, except to the extent that those sums have been paid over to a state prior to January 1, 1974.
Title 55, Chap. 11.1, §55-210.3:02.
Title 55, Chap. 11.1, §55-210.3:1.
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 a banking or financial organization is directly liable, including but not limited to, cashier’s checks and certified checks, which has been outstanding for more than five years after it was payable or after its issuance if payable on demand, is presumed abandoned, unless the owner, within five years, has communicated in writing with the banking or financial organization concerning it or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the banking or financial organization.
Title 55, Chap. 11.1, §55-210.3:2.
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 holder’s business and all proceeds resulting from the lawful sale of this property shall be presumed abandoned if unclaimed by the owner for more than five years after the lease or rental period on the box or other repository has expired.
Title 55, Chap. 11.1, §55-210.3:3.
Title 55, Chap. 11.1, §55-210.4.
Title 55, Chap. 11.1, §55-210.4:01.
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 shall be otherwise subject to §55-210.2:1.
Title 55, Chap. 11.1, §55-210.4:1.
Title 55, Chap. 11.1, §55-210.5.
Title 55, Chap. 11.1, §55-210.6.
When intangible interest in business association presumed abandoned.
Title 55, Chap. 11.1, §55-210.6:1.
Title 55, Chap. 11.1, §55-210.6:2.
Title 55, Chap. 11.1, §55-210.7.
When intangible personal property held in fiduciary capacity presumed abandoned.
(a) through (d) [Repealed.]
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.
Title 55, Chap. 11.1, §55-210.8.
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 becoming payable is presumed abandoned.
Title 55, Chap. 11.1, §55-210.8:1.
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 becoming payable are presumed abandoned.
Title 55, Chap. 11.1, §55-210.8:2.
When intangible property held for owner by public agency presumed abandoned.
Title 55, Chap. 11.1, §55-210.9.
Property held by courts.
Title 55, Chap. 11.1, §55-210.9:1.
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 which 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 State Treasurer. There shall be no obligation to report or remit funds deposited as compensation and damages in condemnation proceedings pursuant to §25-46.24 prior to a final court order or pursuant to § 33.1-120.
Title 55, Chap. 11.1, §55-210.9:2.
Title 55, Chap. 11.1, §55-210.10.
Employee benefit trust distribution.
Title 55, Chap. 11.1, §55-210.10:1.
Holder of tangible or intangible personal property may voluntarily report same.
Title 55, Chap. 11.1, §55-210.10:2.
When certain property not presumed abandoned in this Commonwealth.
Title 55, Chap. 11.1, §55-210.11.
Interstate agreements and cooperation.
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 Uniform Unclaimed Property Act and take into consideration the rules of administrators in other jurisdictions that enact the Uniform Unclaimed Property Act.
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. This Commonwealth shall pay all expenses, including attorney’s 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.
Title 55, Chap. 11.1, §55-210.11:01.
Title 55, Chap. 11.1, §55-210.11:1.
Report and remittance to be made by holder of funds or property presumed abandoned; holder to exercise due diligence to locate owner.
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 to the property as hereinafter provided.
2. In case of unclaimed funds of insurance corporations, the full name of the insured or annuitant and any beneficiary, if known, and the last known address according to the insurance corporation’s records;
D. The report and remittance shall be filed before November 1 of each year as of June 30 next preceding, but the report and remittance of insurance corporations shall be filed before May 1 of each year as of December 31 next preceding. When property is evidenced by certificate of ownership as set forth in § 55-210.6:1, the holder shall deliver to the State Treasurer a duplicate of any such certificate registered in the name “Treasurer of Virginia” or the Treasurer’s designated nominee at the time of report and remittance. The administrator may postpone the reporting and remittance date upon written request by any person required to file a report.
E. If the holder of property presumed abandoned under this chapter knows the whereabouts of the owner, the holder shall, before filing the annual report, communicate with the owner and take necessary steps to prevent abandonment from being presumed. All holders shall exercise due diligence, as defined in § 55-210.2, at least sixty days prior to the submission of the report to ascertain the whereabouts of the owner if (i) the holder has in its records an address for the apparent owner which the holder’s records do not disclose to be inaccurate and (ii) the property has a value of $100 or more.
Title 55, Chap. 11.1, §55-210.12.
Title 55, Chap. 11.1, §55-210.12:1.
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 English language newspaper of general circulation in the area in which is located the last known address of any person to be named in the notice. 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:
Title 55, Chap. 11.1, §55-210.13.
Title 55, Chap. 11.1, §55-210.14.
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.
(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 paragraph 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.
Title 55, Chap. 11.1, §55-210.15.
Title 55, Chap. 11.1, §55-210.16.
Title 55, Chap. 11.1, §55-210.16:1.
Title 55, Chap. 11.1, §55-210.17.
Sale of abandoned property by administrator.
(a) All abandoned property other than money or other certificate of ownership delivered to the administrator under this chapter shall be sold by him to the highest bidder at public sale in whatever city affords in his judgment the most favorable market for the property involved. The administrator may decline the highest bid and reoffer the property for sale if he considers the price bid insufficient. He need not offer any property for sale if, in his opinion, the probable cost of sale exceeds the value of the property.
(b) Any sale held under this section shall be preceded by a single publication of notice thereof, at least three weeks in advance of sale in an English language newspaper of general circulation in the county or city where the property is to be sold, if such sale is to take place in a city or county within the Commonwealth. If such sale is to occur outside the Commonwealth then the administrator may use such alternative means of notice or advertising as he deems necessary to constitute reasonable notice.
Title 55, Chap. 11.1, §55-210.18.
When securities received in name of owner.
Title 55, Chap. 11.1, §55-210.18:1.
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 administrator in the Literary Fund of the Commonwealth, 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 hereinafter provided. 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 and of 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:
(1) any costs in connection with sale of abandoned property, (2) any costs of mailing and publication in connection with any abandoned property, (3) operating expenses, and (4) amounts required to make payments to other states, during the next fiscal year, through reciprocity agreements.
Title 55, Chap. 11.1, §55-210.19.
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 the sale thereof on the form prescribed by the State Treasurer.
Title 55, Chap. 11.1, §55-210.20.
Consideration of and hearing on claim by State Treasurer; payment; interest.
B. If the claim is allowed, the State Treasurer shall make payment forthwith. The claim shall be paid without deduction for costs of notices or sale or for service charges.
C. The State Treasurer 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. Such interest shall begin to accumulate on the date the property is delivered to the State Treasurer 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.
Title 55, Chap. 11.1, §55-210.21.
Judicial review of decision of State Treasurer.
Title 55, Chap. 11.1, §55-210.22.
Election of State Treasurer not to receive property or to postpone taking possession of funds.
Title 55, Chap. 11.1, §55-210.23.
Requests for verified reports and examinations of records.
C. If a holder fails to maintain the records required by §55-210.24:1 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.
Title 55, Chap. 11.1, §55-210.24.
Title 55, Chap. 11.1, §55-210.24:1.
Title 55, Chap. 11.1, §55-210.24:2.
Title 55, Chap. 11.1, §55-210.25.
Title 55, Chap. 11.1, §55-210.26.
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.
C. Except as otherwise provided in subsection D, a holder who (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 twenty-five 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.
Title 55, Chap. 11.1, §55-210.26:1.