Code of Virginia

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Code of Virginia
Title 55.1. Property and Conveyances
Chapter 25. Virginia Disposition of Unclaimed Property Act

§ 55.1-2535. Election of administrator not to receive property or to postpone taking possession of funds.

The administrator, after receiving reports of property deemed abandoned pursuant to this chapter, may decline to receive any property reported that he deems to have a value less than the cost of giving notice and holding sale, or he may, if he deems it desirable because of the small sum involved, postpone taking possession until a sufficient sum accumulates. Unless the holder of the property is notified to the contrary within 120 days after filing the report required under § 55.1-2524, the administrator shall be deemed to have elected to receive the custody of the property.

1960, c. 330, § 55-210.23; 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.