§ 55.1-2511 Intangible interest in business association
A. Any intangible interest in a business association, as evidenced by the stock records or membership records of the association, is presumed abandoned five years after the date of the most recent dividend or other distribution unclaimed by the apparent owner with respect to the stock or other interest or, if a dividend or other distribution has not been paid on the stock or other interest, or the stock or other interest is held pursuant to a plan that provides for the automatic reinvestment of dividends or other distributions, five years after the date of the second mailing of a statement of account or other notification or communication that was returned as undeliverable or five years after the date the holder discontinued the mailings to the apparent owner, whichever occurs earlier. With respect to such interest, the business association shall be deemed the holder.
B. Any dividend or other distribution held for or owing to a person at the time the stock or other security to which such dividend or other distribution attaches is considered abandoned at the same time.
History
This law was first created in 1970. The record of its establishment is cataloged in chapter 158 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 1970 “Acts” aren’t available online. It has been modified 5 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 1980, chapter 293; in 1981, chapter 47; in 1991, chapter 357; in 1995, chapter 624; in 2019, chapter 712.
1970, c. 158, § 55-210.6:1; 1980, c. 293; 1981, c. 47; 1991, c. 357; 1995, c. 624; 2019, c. 712.