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

Virginia § 55.1-2535

• 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

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.

Legislative History

1960, c. 330, § 55-210.23; 2019, c. 712.