Code of Virginia

Code of Virginia
Title 55. Property and Conveyances [Repealed Effective October 1, 2019]
11/20/2019

Article 4. Procedural and Administrative Matters.

§ 55-210.12. (Repealed effective October 1, 2019) Report and remittance to be made by holder of funds or property presumed abandoned; holder to exercise due diligence to locate owner.

A. Every person holding funds or other property, tangible or intangible, presumed abandoned under this chapter shall report and remit to the administrator with respect to the property as hereinafter provided. Reports containing 25 or more items shall be remitted in an electronic format as prescribed by the administrator. The administrator may waive this requirement when he determines, in his discretion, that it creates an undue hardship.

B. The report shall be verified and shall include:

1. The name and social security or federal identification number, if known, and last known address, including ZIP code, if any, of each person appearing from the records of the holder to be the owner of any property of the value of $100 or more presumed abandoned under this chapter;

2. In case of unclaimed funds of insurance corporations, the full name of the insured or annuitant and any beneficiary, if known, and the last known address according to the insurance corporation's records;

3. In the case of the contents of a safe deposit box or other safekeeping repository or in the case of other tangible property, a description of the property and the place where it is held and may be inspected by the administrator, and any amounts owing to the holder;

4. The nature and identifying number, if any, or description of the property and the amount appearing from the records to be due, except that items of value under $100 each may be reported in aggregate;

5. The date when the property became payable, demandable, or returnable, and the date of the last transaction with the owner with respect to the property; and

6. Other information which the administrator prescribes by rule as reasonably necessary for the administration of this chapter.

C. If the person holding property presumed abandoned is a successor to other persons who previously held the property for the owner, or if the holder has changed his name while holding the property, he shall file with his report all prior known names and addresses of each holder of the property.

D. The report and remittance, including the remittance of unclaimed demutualization proceeds made pursuant to § 55-210.4:2, shall be filed before November 1 of each year as of June 30 next preceding, but the report and remittance of insurance corporations shall be filed before May 1 of each year as of December 31 next preceding. When property is evidenced by certificate of ownership as set forth in § 55-210.6:1, the holder shall deliver to the State Treasurer a duplicate of any such certificate registered in the name "Treasurer of Virginia" or the Treasurer's designated nominee at the time of report and remittance. The administrator may postpone the reporting and remittance date upon written request by any person required to file a report.

E. If the holder of property presumed abandoned under this chapter knows the whereabouts of the owner, the holder shall, before filing the annual report, communicate with the owner and take necessary steps to prevent abandonment from being presumed. All holders shall exercise due diligence, as defined in § 55-210.2, at least 60 days prior to the submission of the report to ascertain the whereabouts of the owner if (i) the holder has in its records an address for the apparent owner which the holder's records do not disclose to be inaccurate and (ii) the property has a value of $100 or more.

F. Verification, if made by a partnership, shall be executed by a partner; if made by an unincorporated association or private corporation, by an officer; and if made by a public corporation, by its chief fiscal officer.

1960, c. 330; 1981, c. 47; 1982, c. 331; 1983, c. 190; 1984, c. 121; 1985, c. 294; 1987, c. 236; 1988, c. 378; 1992, c. 583; 2000, cc. 733, 745; 2003, cc. 750, 765; 2004, c. 524.

§ 55-210.12:1. Repealed.

Repealed by Acts 1983, c. 190.

§ 55-210.13. (Repealed effective October 1, 2019) Notices to be published by State Treasurer.

A. The State Treasurer shall cause to be published notice of the report filed under subsection D of § 55-210.12 once each year in an English language newspaper of general circulation in the area in which is located the last known address of any person to be named in the notice. If no address is listed or if the address is outside of the Commonwealth, the notice shall be published in the area in which the holder of the abandoned property has his principal place of business.

B. The published notice shall be entitled "Commonwealth of Virginia Unclaimed Property List" and shall contain:

1. The names in alphabetical order and account numbers of persons listed in the report and entitled to notice within the area as hereinbefore specified.

2. A statement that information concerning the amount or description of the property and the name and address of the holder may be obtained by any persons possessing an interest in the property by addressing an inquiry to the State Treasurer.

C. The administrator is not required to publish in such notice any item of less than $100 unless he deems such publication to be in the public interest.

1960, c. 330; 1981, c. 47; 1983, c. 190; 1987, c. 236; 1988, c. 378; 1990, c. 460; 2000, cc. 733, 745.

§ 55-210.14. Repealed.

Repealed by Acts 1988, c. 378.

§ 55-210.15. (Repealed effective October 1, 2019) Holder relieved of liability for property paid or delivered to administrator; payment to owner by holder; proceedings against prior holder; notice to administrator and Attorney General; reimbursement of holder.

(a) Upon the payment or delivery of abandoned property to the administrator, the Commonwealth shall assume custody and shall be responsible for the safekeeping thereof. Any person who pays or delivers abandoned property to the administrator under this chapter is relieved of all liability to the extent of the value of the property so paid or delivered for any claim which then exists or which thereafter may arise or be made in respect to the property. Any holder who has paid moneys to the administrator pursuant to this chapter may make payment to any person appearing to such holder to be entitled thereto, and upon proof of such payment and proof that the payee was entitled thereto, the administrator shall forthwith reimburse the holder for the payment.

(b) In the event legal proceedings are instituted against a prior holder in a court of this Commonwealth, or in any other state or federal court, by any other state claiming to be entitled to unclaimed funds or abandoned property previously paid or delivered to the administrator, such holder shall give written notice to the administrator and the Attorney General of this Commonwealth of such proceedings within ten days after service of process, or in the alternative at least ten days before the return date on which an answer or similar pleading is required to be filed. The Attorney General may intervene or take such other action as he deems appropriate or necessary to protect the interests of this Commonwealth.

(c) If the notice provided in paragraph (b) is given by the holder and thereafter a judgment is entered against the holder for any amount paid to the administrator pursuant to the terms of this chapter, the administrator shall, upon being furnished with proof thereof, return to the holder the amount of such judgment, not to exceed, however, the amount of the abandoned property paid to the administrator.

(d) Property removed from a safe deposit box or other safekeeping repository that is received by the administrator shall be subject to the holder's right under this paragraph to be reimbursed for the actual cost of the opening and to any valid lien or contract providing for the holder to be reimbursed for unpaid rent or storage charges. The administrator shall make the reimbursement to the holder out of the proceeds remaining after the deduction of the administrator's selling cost.

1960, c. 330; 1964, c. 466; 1984, c. 121.

§ 55-210.16. Repealed.

Repealed by Acts 1981, c. 47.

§ 55-210.16:1. (Repealed effective October 1, 2019) Crediting of dividends, interest, or increments to owner's account.

Whenever property other than money is paid or delivered to the administrator under this chapter, the owner is entitled to receive from the administrator any dividends, interest, or other increments realized or accruing on the property at or before liquidation or conversion thereof into money.

1984, c. 121.

§ 55-210.17. (Repealed effective October 1, 2019) Periods of limitation.

A. The expiration of any period of time specified by statute or court order, during which an action or proceeding may be commenced or enforced to obtain payment of a claim for money or recovery of property, shall not prevent the money or property from being presumed abandoned property, nor affect any duty to file a report required by this chapter or to pay or deliver abandoned property to the State Treasurer.

B. Except as provided in subsection C of this section, an action or proceeding shall not be maintained by the administrator to enforce this chapter more than five years after the earlier of (i) the date on which the holder identified the property on a report filed with the administrator, (ii) the date on which the holder first filed a report with the administrator wherein the holder should have but failed to report the property, or (iii) the date on which the holder filed a report with the administrator giving reasonable notice to the administrator of a dispute regarding the property.

C. An action or proceeding shall not be maintained by the administrator to enforce this chapter with respect to any property more than ten years following the date on which such property first became reportable if the holder (i) filed a materially false or fraudulent report with the intent to evade delivery of property otherwise subject to this chapter or (ii) failed to file a report with the administrator.

1960, c. 330; 2000, cc. 733, 745.

§ 55-210.18. (Repealed effective October 1, 2019) Sale of abandoned property by administrator.

Except as provided in subsection (d) of this section:

(a) All abandoned property other than money or other certificate of ownership delivered to the administrator under this chapter shall be sold by him to the highest bidder at public sale (i) in such city or cities, within or outside the Commonwealth, as affords in his judgment the most favorable market for the property involved or (ii) through the use of electronic media in a format approved by the administrator. The administrator may decline the highest bid and reoffer the property for sale if he considers the price bid insufficient. He need not offer any property for sale if, in his opinion, the probable cost of sale exceeds the value of the property.

(b) Any sale held under this section within the Commonwealth shall be preceded by a single publication of notice thereof at least three weeks in advance of sale. Such notice shall be published in an English language newspaper of general circulation in the county or city where the property is to be sold. If any sale is to occur outside the Commonwealth, then the administrator may use such forms of notice or advertising as he deems necessary to constitute reasonable notice, including post, print, visual, telecommunications, electronic media or any combination thereof. For the purposes of this section, any sale through the use of electronic media, including the Internet, shall be deemed to be a sale outside of the Commonwealth.

(c) The purchaser at any sale conducted by the administrator pursuant to this chapter shall receive title to the property purchased, free from all claims of the owner or prior holder thereof and of all persons claiming through or under them. The administrator shall execute all documents necessary to complete the transfer of title.

(d) Securities listed on an established stock exchange shall be sold at prices prevailing at the time of sale on the exchange. Other securities may be sold over the counter at prices prevailing at the time of sale or by any other method the administrator deems advisable.

(d1) Unless the administrator deems it to be in the best interest of the Commonwealth to do otherwise, all securities delivered to the administrator shall be held for at least one year before the securities may be sold. If the administrator sells any securities before the expiration of the one-year period, any person making a claim pursuant to this chapter before the end of the one-year period is entitled to either the proceeds of the sale of the securities or the market value of the securities at the time the claim is made, whichever amount is greater. Any person making a claim pursuant to this chapter after the expiration of the one-year period is entitled to receive either the securities delivered to the administrator by the holder, if they still remain in the hands of the administrator, or the proceeds received from sale, but no person has any claim under this chapter against the Commonwealth, the holder, any transfer agent, registrar, or other person acting for or on behalf of a holder for any appreciation in the value of the property occurring after delivery by the holder to the Commonwealth.

(d2) The purchaser of property at any sale conducted by the administrator pursuant to this chapter is entitled to ownership of the property purchased free from all claims of the owner or previous holder thereof and of all persons claiming through or under them. The administrator shall execute all documents necessary to complete the transfer of ownership.

(e) If the administrator determines after investigation that any property delivered to him pursuant to this chapter has insubstantial commercial value, he may destroy or otherwise dispose of the property at any time. No action or proceeding may be maintained against the Commonwealth or any officer or against the holder for or on account of any action taken by the administrator with respect to the property pursuant to this paragraph.

1960, c. 330; 1981, c. 47; 1982, c. 331; 1984, c. 121; 1985, c. 294; 1994, c. 83; 2004, c. 535.

§ 55-210.18:1. (Repealed effective October 1, 2019) When securities received in name of owner.

Whenever the State Treasurer shall receive securities under this chapter in the name of the owner, he shall forthwith take appropriate action to transfer the record of ownership of said securities into the title of the State Treasurer of the Commonwealth of Virginia.

1981, c. 47.

§ 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.

§ 55-210.20. (Repealed effective October 1, 2019) Filing claim to property or proceeds of sale thereof.

A. Any person claiming an interest in any property delivered to the Commonwealth under this chapter may file a claim thereto or to the proceeds from the sale thereof on a form prescribed by the State Treasurer.

B. Notwithstanding any other provision of law, any person claiming an interest in any property delivered to the Commonwealth under this chapter for a reported owner who is deceased shall submit evidence of the claimant's entitlement to payment together with a form prescribed by the State Treasurer. In order of preference, such evidence may include (i) a certificate of qualification as the executor or an order of appointment as the administrator or personal representative of the decedent's estate under the laws of the state of the decedent's domicile; (ii) if applicable, an affidavit authorizing the claimant to be the designated successor under the Virginia Small Estate Act (§ 64.2-600 et seq.), or its equivalent under the laws of the state of the decedent's domicile that names the claimant as the designated successor; or (iii) the order of distribution or the final accounting for a closed estate that reflects payment due in whole or in part to the claimant. When, in the absence of any such evidence, (a) the death of the reported owner occurred at least one year prior to filing the claim and (b) the amount claimed is $15,000 or less, exclusive of any interest owed pursuant to subsection C of § 55-210.21, the administrator may allow the claimant to submit an affidavit stating the claimant's entitlement to payment in the absence of sufficient documentation, and the administrator may approve the claim in his discretion, returning or paying all or the appropriate share of the deceased owner's property to the claimant. The administrator may pay or deliver all of the deceased owner's property to a claimant who submits the prescribed affidavit evidencing his agreement to receive and distribute the property to the other rightful heirs or beneficiaries and acknowledging his assumption of liability to those beneficiaries or heirs for failure to do so.

C. Notwithstanding any other provision of law, when paying or delivering unclaimed property under subsection B to a claimant who is not authorized to represent the decedent's estate as the personal representative or the designated successor or the equivalent, the administrator is discharged and released to the same extent as if the administrator dealt with the authorized representative or designated successor for the decedent's estate. The administrator shall deny any subsequent claim to the same property. Any person subsequently claiming an equal or superior right to the deceased owner's property whose claim is denied by the administrator for this reason may seek redress from the claimant to whom payment was made.

D. The State Treasurer shall develop and make available a plain English explanation of a person's right to make a claim, in accordance with the provisions of this section, for property delivered to the Commonwealth in cases where the reported owner of the property is deceased. The State Treasurer shall also post such document on its website.

1960, c. 330; 2016, cc. 350, 529.

§ 55-210.21. (Repealed effective October 1, 2019) Consideration of and hearing on claim by State Treasurer; payment; interest.

A. The State Treasurer shall consider any claim for property held by the State Treasurer pursuant to the provisions of this chapter that is filed under this chapter and may hold a hearing and receive evidence concerning such claim. If a hearing is held, he shall prepare a finding and a decision in writing on each claim filed, stating the substance of any evidence heard by him and the reasons for his decision. The decision shall be a public record.

B. If the claim is allowed, the State Treasurer shall make payment forthwith. The State Treasurer is authorized to deduct from the claim the costs for notices, sales, and other related incurred expenses.

C. The State Treasurer shall add interest at the rate of five percent or such lesser rate as the property earned while in the possession of the holder, compounded annually, to the amount of any claim paid to the owner, if the property claimed was interest-bearing to the owner while in the possession of the holder. If holder fails to report an applicable rate of interest, the interest rate will be set at five percent or such lesser rate as determined by the one-year Treasury Constant Maturity Rate as published by the Board of Governors of the Federal Reserve System as of November 1 of the report year. Such interest shall begin to accumulate on the date the property is delivered to the State Treasurer and shall cease on the date on which payment is made to the owner. No interest shall be payable for any period prior to July 1, 1981.

1960, c. 330; 1981, c. 47; 2000, cc. 733, 745; 2004, c. 523; 2005, c. 118.

§ 55-210.22. (Repealed effective October 1, 2019) Judicial review of decision of State Treasurer.

Any person aggrieved by an act or decision of the State Treasurer with respect to a claim for property held by the State Treasurer pursuant to the provisions of this chapter may commence an action in the circuit or corporation court of the county or city wherein the property claimed is situated to establish his claim. The proceeding shall be brought within three years after the decision of the State Treasurer, or within three years from the filing of the claim if the State Treasurer fails to act.

1960, c. 330; 2000, cc. 733, 745.

§ 55-210.23. (Repealed effective October 1, 2019) Election of State Treasurer not to receive property or to postpone taking possession of funds.

The State Treasurer, after receiving reports of property deemed abandoned pursuant to this chapter, may decline to receive any property reported which 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 § 55-210.12, the State Treasurer shall be deemed to have elected to receive the custody of the property.

1960, c. 330.

§ 55-210.24. (Repealed effective October 1, 2019) Requests for verified reports and examinations of records.

A. Except as otherwise provided in this chapter, the administrator may require any person who has not filed a report to file a verified report stating whether or not the person is holding any unclaimed property reportable or deliverable under this chapter.

B. Except as otherwise provided in this chapter, the administrator may at reasonable times and upon reasonable notice examine the records of any person to determine whether the person has complied with the provisions of this chapter. The administrator may conduct the examination even if the person believes it is not in possession of any property reportable or deliverable under this chapter. The administrator may examine all necessary records to determine the amount, if any, of property that would have been reportable or deliverable under this chapter for the ten years prior to the fiscal year end preceding the opening of the examination; provided, however, for any holder that has not previously filed any report under this chapter, the administrator may examine property presumed abandoned for report year 1985 and subsequent years.

C. If a holder fails to maintain the records required by § 55-210.24:1 and the records of the holder available for the periods subject to this chapter are insufficient to permit the preparation of a report, the holder shall be required to report and pay such amounts as may reasonably be estimated from any available records.

D. The State Treasurer may contract with a person who is not an employee of the Commonwealth to perform an audit or examination under this article; provided, however, with respect to any holder that is domiciled in the Commonwealth or that maintains its principal place of business in the Commonwealth, no such contract shall (i) be on a contingency fee basis or (ii) permit statistical estimation without the consent of the holder.

1960, c. 330; 1983, c. 190; 1985, c. 294; 1991, c. 357; 2000, cc. 733, 745.

§ 55-210.24:1. (Repealed effective October 1, 2019) Retention of records.

A. Every holder required to file a report under § 55-210.12, shall retain all books, records and documents necessary to establish the accuracy and compliance of such report for five years after the report is filed pursuant to subsection B of § 55-210.12. If no report is filed, the holder shall retain such books, records and documents for ten years after the property becomes reportable, except to the extent that shorter time is provided in accordance with the Virginia Public Records Act (§ 42.1-76 et seq.), or in subsection B of this section or by rule of the administrator. As to any property for which it has obtained the last known address of the owner, the holder shall maintain a record of the name and last known address of the owner for the same retention period.

B. Any business association that sells in this Commonwealth its travelers checks, money orders, or other similar written instruments, other than third-party bank checks on which the business association is directly liable, or that provides such instruments to others for sale in this Commonwealth, shall maintain a record of those instruments while they remain outstanding, indicating the state and date of issue for three years after the date the property is reportable.

1983, c. 190; 1985, c. 294; 1988, c. 378; 2000, cc. 733, 745.

§ 55-210.24:2. (Repealed effective October 1, 2019) Confidentiality of information and records.

Any information or records required to be furnished to the Division of Unclaimed Property shall be confidential except as is otherwise necessary in the proper administration of this chapter.

1988, c. 378.

§ 55-210.25. (Repealed effective October 1, 2019) Enforcement of chapter.

The administrator may bring an action in a court of competent jurisdiction to enforce this chapter. The administrator shall commence enforcement for compliance with the provisions of this chapter within the period specified in § 55-210.17. The holder may waive in writing the protection of this section.

1960, c. 330; 1983, c. 190; 1988, c. 643; 1991, c. 357; 2000, cc. 733, 745.

§ 55-210.26. Repealed.

Repealed by Acts 1984, c. 121.

§ 55-210.26:1. (Repealed effective October 1, 2019) Interest and penalties.

A. Any person who fails to pay or deliver property within the time prescribed by this chapter shall be required to pay to the administrator interest at the same annual rate as is applicable to delinquent taxes under § 58.1-1812 on the property or value thereof from the date the property should have been paid or delivered. Such interest rate shall vary with the rate specified in § 58.1-1812.

B. Any person who does not exercise due diligence as defined in § 55-210.2 shall pay a civil penalty not to exceed fifty dollars for each account upon which due diligence was not performed.

C. Except as otherwise provided in subsection D, a holder who (i) fails to report, pay or deliver property within the time prescribed by this chapter, (ii) files a false report, or (iii) fails to perform other duties imposed by this chapter without good cause, shall pay to the administrator, in addition to interest as provided in subsection A, a civil penalty of $100 for each day the report, payment or delivery is withheld or the duty is not performed, up to a maximum of the lesser of $10,000 or twenty-five percent of the value of the property that should have been but was not reported.

D. A holder who (i) willfully fails to report, pay or deliver property within the time prescribed by this chapter, (ii) willfully fails to perform other duties imposed by this chapter without good cause, or (iii) makes a fraudulent report to the administrator shall pay to the administrator, in addition to interest as provided in subsection A, a civil penalty of $1,000 for each day the report, payment or delivery is withheld or the duty is not performed, up to a maximum of the lesser of $50,000 or 100 percent of the value of the property that should have been but was not reported.

E. The administrator for good cause may waive, in whole or in part, interest under subsection A and penalties under subsections B, C, and D. All civil penalties shall be payable to the State Treasurer.

1984, c. 121; 1988, c. 378; 1992, c. 583; 2000, cc. 733, 745.

§ 55-210.27. (Repealed effective October 1, 2019) Determinations; appeal procedures; rules and regulations of State Treasurer.

A. The State Treasurer may make necessary rules and regulations to carry out the provisions of this chapter.

B. If the State Treasurer ascertains that any person has failed to pay or deliver abandoned property in accordance with the provisions of this chapter, he shall issue a written notice to such person demanding remittance of the property and payment of any penalties and interest prescribed by law. Every such notice shall be accompanied by a detailed explanation of the holder's right to secure an administrative or judicial review. The abandoned property, together with penalties and interest, if any, shall be remitted to the State Treasurer within ninety days from the date notice is received by the holder unless the holder requests (i) an administrative review in accordance with regulations promulgated pursuant to subsection C or (ii) a judicial review in accordance with § 55-210.22.

C. The State Treasurer shall promulgate regulations pursuant to which any person (i) asserting ownership of property remitted to the Commonwealth under this chapter, (ii) required to pay or deliver abandoned property pursuant to this chapter, or (iii) otherwise aggrieved by a decision of the administrator, may file an application for administrative appeal and correction of the administrator's determination.

D. On receipt of the application as provided in regulations promulgated pursuant to subsection C, or if regulations promulgated thereunder are not in effect, on receipt of an application requesting an administrative review by the State Treasurer, the administrator shall suspend collection activity until a final determination is issued by the State Treasurer, unless the administrator determines that collection would be jeopardized by delay. Interest shall continue to accrue in accordance with the provisions of § 55-210.26:1, but no further penalty shall be imposed while collection activity is suspended. The term "jeopardized by delay" means a finding that the applicant intends to undertake a wrongful act with the intent to prejudice, or to render ineffectual, future proceedings to enforce this chapter.

E. If the State Treasurer is satisfied, by evidence submitted or otherwise, that there has been an erroneous or improper demand for the remittance of property, the State Treasurer shall order that the applicant be exonerated from the remittance of so much as is erroneously or improperly demanded, if not already collected, and, if collected, that it be returned or refunded to the applicant. The State Treasurer shall refrain from collecting a contested charge until he has made a final determination under this section unless he determines that collection may be jeopardized by delay. The term "jeopardized by delay" shall have the meaning set forth in subsection D.

F. Except as otherwise provided in regulations promulgated pursuant to subsection C, the State Treasurer shall issue a written determination to the applicant within ninety days of receipt of an application for correction, unless the applicant and the administrator are notified that a longer period will be required. All determinations of the State Treasurer shall include a written finding of fact and supporting law, and all such determinations shall be publicly reported.

G. Following a determination by the State Treasurer, either the applicant or the administrator may apply (i) in the case of a claim for property by a purported owner, to the appropriate circuit court pursuant to § 55-210.22 and (ii) in the case of a dispute between a holder and the State Treasurer, to the Circuit Court for the City of Richmond, within the time period established in § 55-210.22.

1960, c. 330; 2000, cc. 733, 745.

§ 55-210.27:1. (Repealed effective October 1, 2019) Agreements to locate reported property; penalty.

A. It is unlawful for any person to seek or receive from another person or contract with another person for a fee or compensation for locating property which he knows has been reported or paid or delivered to the State Treasurer pursuant to this chapter prior to thirty-six months after the date of delivery of the property by the holder to the State Treasurer as required by this chapter.

B. No agreement entered into after thirty-six months from the required date of delivery of the property by the holder to the State Treasurer is valid if a person thereby undertakes to locate property included in a report for a fee or other compensation exceeding ten percent of the value of the recoverable property. Nothing in this section shall be construed to prevent an owner from asserting at any time that an agreement to locate property is based upon an excessive or unjust consideration.

C. State warrants that may be issued in payment and redemption of previously abandoned property or the liquidation proceeds of previously abandoned property may be issued in the discretion of the State Treasurer directly to the person or persons entitled to the money as the owner, heir, legatee, or as fiduciary of the estate of the deceased owner, heir or legatee, and not to a named attorney-in-fact, agent, assignee, or any other person regardless of a written instruction to the contrary. The State Treasurer need not recognize nor is the State Treasurer bound by any terms of a purported power of attorney or assignment that may be presented as having been executed by a person as the purported owner, heir, legatee or fiduciary of the estate of a deceased owner of such abandoned property.

D. A person who violates subsection A or B of this section shall be guilty of a misdemeanor, punishable by a fine not to exceed $1,000.

1981, c. 47; 1988, c. 378.

§ 55-210.28. (Repealed effective October 1, 2019) Property presumed abandoned or escheated under laws of another state.

This chapter shall not apply to any property that has been presumed abandoned or escheated under the laws of another state prior to January 1, 1961.

1960, c. 330.

§ 55-210.28:1. (Repealed effective October 1, 2019) Property held or payable pursuant to Title 51.1.

This chapter shall not apply to any funds or other property, tangible or intangible, held or payable pursuant to Title 51.1 of this Code.

1983, c. 308.

§ 55-210.29. (Repealed effective October 1, 2019) Construction of chapter.

This chapter shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact it.

1960, c. 330.

§ 55-210.30. Repealed.

Repealed by Acts 2015, c. 709, cl. 2.

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