Administrative Code

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Virginia Administrative Code
Title 1. Administration
Agency 75. Department of The Treasury
Chapter 30. Regulations Governing Escheats

1VAC75-30-90. Required written disclosures to be made by the escheator at the escheat auction.

The escheator shall provide written information to any and all individuals who register as a bidder for an escheat sale that the grant for the escheated property will be issued in accordance with § 55.1-2422 of the Code of Virginia and that this statutory form of grant contains no warranty of title. In addition, the written information shall instruct any and all bidders seeking a recovery of proceeds from a sale of escheated property that the recovery of proceeds of each sale from the Commonwealth, less the expenses of sale and the escheator's fee, may be obtained if the buyer, pursuant to § 55.1-2438 of the Code of Virginia, submits satisfactory evidence to the State Treasurer within 120 days of the sale that the escheated property does not exist or was improperly escheated.

Statutory Authority

§ 55.1-2439 of the Code of Virginia.

Historical Notes

Derived from VR640-04-1 § 9, eff. July 1, 1992; amended, Virginia Register Volume 38, Issue 11, eff. March 3, 3022.

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