Code of Virginia
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.

Structure Code of Virginia

Code of Virginia

Title 55.1 - Property and Conveyances

Chapter 25 - Virginia Disposition of Unclaimed Property Act

§ 55.1-2500. Definitions

§ 55.1-2501. Property presumed abandoned; general rule

§ 55.1-2502. Taking custody of intangible unclaimed property; general rules

§ 55.1-2503. Bank deposits and funds in financial organizations

§ 55.1-2504. Traveler's checks and money orders

§ 55.1-2505. Checks, drafts, and similar instruments issued or certified by banking and financial organizations

§ 55.1-2506. Contents of safe deposit box or other safekeeping repository

§ 55.1-2507. Funds owing under life insurance policies

§ 55.1-2508. Intangible personal property held by insurance corporation subject to § 55.1-2501

§ 55.1-2509. Unclaimed demutualization proceeds

§ 55.1-2510. Deposits held by utilities

§ 55.1-2511. Intangible interest in business association

§ 55.1-2512. Refunds held by business associations

§ 55.1-2513. Property of business associations held in course of dissolution

§ 55.1-2514. Intangible personal property held in fiduciary capacity

§ 55.1-2515. Gift certificates and credit balances

§ 55.1-2516. Wages

§ 55.1-2517. Intangible property held for owner by public agency

§ 55.1-2518. Property held by courts

§ 55.1-2519. Responsibilities of general receiver and clerk

§ 55.1-2520. Employee benefit trust distribution

§ 55.1-2521. Holder of tangible or intangible personal property may voluntarily report such property

§ 55.1-2522. Certain property not presumed abandoned in the Commonwealth

§ 55.1-2523. Interstate agreements and cooperation

§ 55.1-2524. Report and remittance to be made by holder of funds or property presumed abandoned; holder to exercise due diligence to locate owner

§ 55.1-2525. Notices to be published by administrator

§ 55.1-2526. 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

§ 55.1-2527. Crediting of dividends, interest, or increments to owner's account

§ 55.1-2528. Periods of limitation

§ 55.1-2529. Sale of abandoned property by administrator

§ 55.1-2530. Securities received in name of owner

§ 55.1-2531. Disposition of funds received under chapter; records to be kept by administrator

§ 55.1-2532. Filing claim to property or proceeds of sale of such property

§ 55.1-2533. Consideration of and hearing on claim by administrator; payment; interest

§ 55.1-2534. Judicial review of decision of administrator

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

§ 55.1-2536. Requests for verified reports and examinations of records

§ 55.1-2537. Retention of records

§ 55.1-2538. Confidentiality of information and records

§ 55.1-2539. Enforcement of chapter

§ 55.1-2540. Interest and penalties

§ 55.1-2541. Determinations; appeal procedures; regulations of administrator

§ 55.1-2542. Agreements to locate reported property; penalty

§ 55.1-2543. Property presumed abandoned or escheated under laws of another state

§ 55.1-2544. Property held or payable pursuant to Title 51.1

§ 55.1-2545. Construction of chapter