Virginia § 45.2-605 Duty of trustee; sale of lease; distribution of funds

Virginia Statutes

§ 45.2-605 — Duty of trustee; sale of lease; distribution of funds

Virginia § 45.2-605

JurisdictionVirginia

Title 45.2Mines, Minerals, and Energy

Subtitle IICoal Mining

Ch. 6Coal Mining Property, Interests, Adjacent Owners, and Dams

Art. 2Trusts for Coal Interests

Part ACoal Mines Generally

This text of Virginia § 45.2-605 (Duty of trustee; sale of lease; distribution of funds) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 45.2-605 (2026).

Text

A.The trustee shall collect the proceeds from the sale of the lease and hold and invest such proceeds for the use and benefit of the unknown or missing owners. The court may authorize the trustee to expend an amount not to exceed 10 percent of the funds collected by the trustee for the purpose of searching for the unknown or missing owners.

B.Five years after the date of first commercial production of the coal interests, the proceeds in the trust shall be disposed of pursuant to the Virginia Disposition of Unclaimed Property Act (§ 55.1-2500 et seq.).

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A. The trustee shall collect the proceeds from the sale of the lease and hold and invest such proceeds for the use and benefit of the unknown or missing owners. The court may authorize the trustee to expend an amount not to exceed 10 percent of the funds collected by the trustee for the purpose of searching for the unknown or missing owners.

B. Five years after the date of first commercial production of the coal interests, the proceeds in the trust shall be disposed of pursuant to the Virginia Disposition of Unclaimed Property Act (§ 55.1-2500 et seq.).