§ 55.1-2501 Property presumed abandoned; general rule
All tangible and intangible property, including any income or increment thereon, less any lawful charges, that is held, issued, or owing in the ordinary course of the holder’s business and has remained unclaimed by the owner for more than five years after it became payable is presumed abandoned, except as otherwise provided by this chapter. Property is payable for the purpose of this chapter notwithstanding the owner’s failure to make demand or to present any instrument or document required to receive payment.
History
This law was first created in 1984. The record of its establishment is cataloged in chapter 121 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1984 “Acts” aren’t available online. It has been modified 3 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1985, chapter 294; in 2000, chapters 733 and 745; in 2019, chapter 712.
1984, c. 121, § 55-210.2:1; 1985, c. 294; 2000, cc. 733, 745; 2019, c. 712.