Virginia Law

Code of Virginia

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Code of Virginia
Title 55.1. Property and Conveyances
Chapter 24. Escheats
5/28/2023

§ 55.1-2413. Disposition of lands while claim is pending, if not committed to claimant.

If the escheator leases property remaining in his hands, he shall notify and transmit a copy of such lease, if in written form, to the State Treasurer within 30 days and remit the rent proceeds to the State Treasurer as they are received. The escheator shall be answerable to the claimant or to the Commonwealth, as determined by the court, for the rents and profits of such land and the escheator shall ensure that such land be kept free from waste and destruction. Where the escheator deems that reasonable business practice would require that insurance be obtained on such income-producing property, he shall obtain insurance coverage on the escheated property after having first obtained the approval of the State Treasurer.

Code 1919, § 501; Code 1950, § 55-180; 1977, c. 583; 1982, c. 486; 1984, c. 315; 2019, c. 712.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.