Administrative Code

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Virginia Administrative Code
Title 1. Administration
Agency 75. Department of the Treasury
Chapter 30. Regulations Governing Escheats
2/25/2020

1VAC75-30-70. Escheator's Responsibility for Collection of Sale Proceeds and Remittance to State Treasurer.

The escheator shall be responsible for the collection of all moneys during the escheat process. Any and all moneys collected during the escheat process shall be deposited into the bank account of the escheator no later than the next banking day following the collection date. A check for the full amount collected shall be drawn on this account and made payable to the Treasurer of Virginia no later than 10 banking days following the deposit date. The escheator shall submit the check and complete columns 5, 6, 7 and 8 of the Annual Escheat Report Form received from the local treasurer or submit other supporting documentation for funds collected other than sale proceeds.

The escheator shall be responsible for the collection of any checks relative to the escheat process returned by the bank to the escheator's bank account for insufficient funds or any other reason which makes a check uncollectible. The escheator shall institute procedures for collection of these moneys immediately upon notification from the bank that a check has been returned uncollected. The procedures shall include, but not be limited to, a written notice to the maker of the returned check advising the maker that payment, with certified funds or cash, be made within five business days of the correspondence date. In regard to a sale transaction, the notice shall state that failure to comply may result in (i) the forfeiture of any deposit and the resale of escheated property pursuant to § 55-187 of the Code of Virginia, (ii) a suit to enforce specific performance of the sale agreement, (iii) resale of the property and suit for any damages resulting from default by the purchaser, or (iv) any other remedy at law or in equity available to a seller against a defaulting purchaser of real estate.

Statutory Authority

§ 55-200.1 of the Code of Virginia.

Historical Notes

Derived from VR640-04-1 § 7, eff. July 1, 1992.

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