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.
Structure Code of Virginia
Title 55.1 - Property and Conveyances
§ 55.1-2401. Appointment of escheators
§ 55.1-2402. Bond of escheator
§ 55.1-2403. Increase or reduction of penalty of escheator's bond; effect
§ 55.1-2404. Annual report to escheator; lands not liable
§ 55.1-2405. Escheator to hold inquest; notice of inquest
§ 55.1-2406. Jury of inquest; presentation of evidence
§ 55.1-2407. Attendance of jurors; compensation
§ 55.1-2408. How verdict signed; where returned and recorded
§ 55.1-2409. Proceedings to claim land escheated
§ 55.1-2410. Trial by jury; judgment of court
§ 55.1-2411. Facts or evidence to be certified
§ 55.1-2412. Lands may be committed to claimant while claim pending
§ 55.1-2413. Disposition of lands while claim is pending, if not committed to claimant
§ 55.1-2414. Escheator to notify State Treasurer of claim and decision
§ 55.1-2415. Escheators to certify lands escheated
§ 55.1-2416. Removal of parcels from the certificate
§ 55.1-2417. Escheat of property with hazardous materials
§ 55.1-2418. Publication of escheator's certificate
§ 55.1-2419. Order of sale by Governor
§ 55.1-2420. Form of sale agreement; notice of right to refund
§ 55.1-2421. When grant to issue to purchaser; reimbursable expenses
§ 55.1-2422. Form of grant of escheated property
§ 55.1-2424. Recordation of certified copy of grant
§ 55.1-2425. Resale in case of default
§ 55.1-2426. Reports by escheators to State Treasurer
§ 55.1-2427. Reports by State Treasurer to the Governor; penalty on escheators for failure of duty
§ 55.1-2429. When State Treasurer to issue grant to purchaser
§ 55.1-2431. Escheat of estates in trust and equitable titles
§ 55.1-2432. Provision in favor of tenant of escheated land
§ 55.1-2433. In favor of creditor of decedent
§ 55.1-2434. Escheators to defend on behalf of Commonwealth
§ 55.1-2436. Publication of action; what to state and require
§ 55.1-2437. Order of the court
§ 55.1-2438. How money paid into state treasury from escheats may be recovered
§ 55.1-2439. Regulations of the State Treasurer
§ 55.1-2440. Continuation of certain statutes
§ 55.1-2441. Pendency of escheat proceedings no bar to condemnation proceedings