Code of Virginia

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Code of Virginia
Title 55. Property and Conveyances [Repealed Effective October 1, 2019]
Chapter 11.1. Disposition of Unclaimed Property
11/13/2019

§ 55-210.19. (Repealed effective October 1, 2019) Disposition of funds received under chapter; records to be kept by administrator.

(a) All funds received under this chapter, including the proceeds from the sale of abandoned property under § 55-210.18, shall forthwith be deposited by the administrator in the Literary Fund of the Commonwealth, except that the administrator shall retain in a separate trust fund a sum sufficient from which he shall make prompt payment of claims duly allowed by him as hereinafter provided. Before making the deposit he shall record the name and last known address of each person appearing from the holders' reports to be entitled to the abandoned property and of the name and last known address of each insured person or annuitant, and with respect to each policy or contract listed in the report of an insurance corporation, its number, the name of the corporation, and the amount due.

(b) Before making any deposit to the credit of the Literary Fund the administrator may deduct: (1) any costs in connection with sale of abandoned property, (2) any costs of mailing and publication in connection with any abandoned property, (3) operating expenses, and (4) amounts required to make payments to other states, during the next fiscal year, through reciprocity agreements.

1960, c. 330; 1981, c. 47; 1984, c. 121; 1985, c. 294.

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.