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

Virginia § 55.1-2531

• Jurisdiction: Virginia
• Title 55.1: Property and Conveyances
• Subtitle V: Miscellaneous
• Ch. 25: Virginia Disposition Of Unclaimed Property Act
• Art. 3: Procedural and Administrative Matters

Text

A. All funds received under this chapter, including the proceeds from the sale of abandoned property under § 55.1-2529, shall be deposited by the administrator in the Literary Fund of the Commonwealth as soon as practical, 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 provided by subsection B. 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, 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 (i) any costs in connection with the sale of abandoned property, (ii) any costs of mailing and publication in connection with any abandoned property, (iii) operating expenses, and (iv) amounts required to make payments to other states, during the next fiscal year, through reciprocity agreements.

Legislative History

1960, c. 330, § 55-210.19; 1981, c. 47; 1984, c. 121; 1985, c. 294; 2019, c. 712.