Code of Virginia

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Code of Virginia
Title 55.1. Property and Conveyances
Chapter 25. Virginia Disposition of Unclaimed Property Act
4/22/2024

§ 55.1-2523. Interstate agreements and cooperation.

A. The administrator may enter into agreements with other states to exchange information needed to enable the Commonwealth or another state to audit or otherwise determine unclaimed property to which the Commonwealth or another state may be entitled subject to a claim of custody. The administrator may by rule require the reporting of information needed to enable compliance with agreements made pursuant to this section and prescribe the form.

B. 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 Act and take into consideration the rules of administrators in other jurisdictions that enact the Act.

C. The administrator may join with other states to seek enforcement of the Act against any person who is or may be holding property reportable under the Act. At the request of another state, the Attorney General of the Commonwealth may bring an action in the name of the administrator of the other state in any court of competent jurisdiction to enforce the unclaimed property laws of the other state against a holder in the Commonwealth of property subject to escheat or a claim of abandonment by the other state, if the other state has agreed to pay expenses incurred by the Attorney General in bringing the action.

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. The Commonwealth shall pay all expenses, including attorney 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.

1984, c. 121, § 55-210.11:01; 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.