{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-2505.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-2505.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-2505.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-2505.html"}],"law_id":72388,"edition_id":1,"section_id":72388,"structure_id":13771,"section_number":"55.1-2505","catch_line":"Checks, drafts, and similar instruments issued or certified by banking and financial organizations","history":"1984, c. 121, \u00a7 55-210.3:2; 1985, c. 294; 2019, c. 712.","full_text":"Any sum payable on a check, draft, or similar instrument, except money orders, traveler’s checks, and other similar instruments subject to \u00a7 55.1-2504, on which a banking or financial organization is directly liable, including cashier’s checks and certified checks, that has been outstanding for more than five years after it was payable, or after its issuance if payable on demand, is presumed abandoned unless the owner, within five years, has communicated in writing with the banking or financial organization concerning it or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the banking or financial organization.\n\t\tA holder may not deduct from the amount of any instrument subject to this section any charges imposed by reason of the failure to present the instrument for payment unless there is a valid and enforceable written contract between the holder and the owner of the instrument pursuant to which the holder may impose those charges and the holder regularly imposes those charges and does not regularly reverse or otherwise cancel those charges with respect to such instruments.","order_by":null,"text":{"0":{"id":260752,"text":"Any sum payable on a check, draft, or similar instrument, except money orders, traveler’s checks, and other similar instruments subject to \u00a7 55.1-2504, on which a banking or financial organization is directly liable, including cashier’s checks and certified checks, that has been outstanding for more than five years after it was payable, or after its issuance if payable on demand, is presumed abandoned unless the owner, within five years, has communicated in writing with the banking or financial organization concerning it or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the banking or financial organization.\n\t\tA holder may not deduct from the amount of any instrument subject to this section any charges imposed by reason of the failure to present the instrument for payment unless there is a valid and enforceable written contract between the holder and the owner of the instrument pursuant to which the holder may impose those charges and the holder regularly imposes those charges and does not regularly reverse or otherwise cancel those charges with respect to such instruments.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13771,"edition_id":1,"name":"Definitions; 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general rule","url":"\/55.1-2501\/","token":"55.1\/V\/25\/1\/55.1-2501","metadata":false},{"id":65666,"structure_id":13771,"section_number":"55.1-2502","catch_line":"Taking custody of intangible unclaimed property; general rules","url":"\/55.1-2502\/","token":"55.1\/V\/25\/1\/55.1-2502","metadata":false},{"id":77387,"structure_id":13771,"section_number":"55.1-2503","catch_line":"Bank deposits and funds in financial organizations","url":"\/55.1-2503\/","token":"55.1\/V\/25\/1\/55.1-2503","metadata":false},{"id":73776,"structure_id":13771,"section_number":"55.1-2504","catch_line":"Traveler's checks and money orders","url":"\/55.1-2504\/","token":"55.1\/V\/25\/1\/55.1-2504","metadata":false},{"id":72388,"structure_id":13771,"section_number":"55.1-2505","catch_line":"Checks, drafts, and similar instruments issued or certified by banking and financial organizations","url":"\/55.1-2505\/","token":"55.1\/V\/25\/1\/55.1-2505","metadata":false},{"id":64112,"structure_id":13771,"section_number":"55.1-2506","catch_line":"Contents of safe deposit box or other safekeeping repository","url":"\/55.1-2506\/","token":"55.1\/V\/25\/1\/55.1-2506","metadata":false},{"id":78230,"structure_id":13771,"section_number":"55.1-2507","catch_line":"Funds owing under life insurance policies","url":"\/55.1-2507\/","token":"55.1\/V\/25\/1\/55.1-2507","metadata":false},{"id":62766,"structure_id":13771,"section_number":"55.1-2508","catch_line":"Intangible personal property held by insurance corporation subject to \u00a7 55.1-2501","url":"\/55.1-2508\/","token":"55.1\/V\/25\/1\/55.1-2508","metadata":false},{"id":85940,"structure_id":13771,"section_number":"55.1-2509","catch_line":"Unclaimed demutualization proceeds","url":"\/55.1-2509\/","token":"55.1\/V\/25\/1\/55.1-2509","metadata":false},{"id":84156,"structure_id":13771,"section_number":"55.1-2510","catch_line":"Deposits held by utilities","url":"\/55.1-2510\/","token":"55.1\/V\/25\/1\/55.1-2510","metadata":false},{"id":65661,"structure_id":13771,"section_number":"55.1-2511","catch_line":"Intangible interest in business association","url":"\/55.1-2511\/","token":"55.1\/V\/25\/1\/55.1-2511","metadata":false},{"id":59201,"structure_id":13771,"section_number":"55.1-2512","catch_line":"Refunds held by business associations","url":"\/55.1-2512\/","token":"55.1\/V\/25\/1\/55.1-2512","metadata":false},{"id":56945,"structure_id":13771,"section_number":"55.1-2513","catch_line":"Property of business associations held in course of dissolution","url":"\/55.1-2513\/","token":"55.1\/V\/25\/1\/55.1-2513","metadata":false},{"id":83377,"structure_id":13771,"section_number":"55.1-2514","catch_line":"Intangible personal property held in fiduciary capacity","url":"\/55.1-2514\/","token":"55.1\/V\/25\/1\/55.1-2514","metadata":false},{"id":75833,"structure_id":13771,"section_number":"55.1-2515","catch_line":"Gift certificates and credit balances","url":"\/55.1-2515\/","token":"55.1\/V\/25\/1\/55.1-2515","metadata":false},{"id":71400,"structure_id":13771,"section_number":"55.1-2516","catch_line":"Wages","url":"\/55.1-2516\/","token":"55.1\/V\/25\/1\/55.1-2516","metadata":false},{"id":72310,"structure_id":13771,"section_number":"55.1-2517","catch_line":"Intangible property held for owner by public agency","url":"\/55.1-2517\/","token":"55.1\/V\/25\/1\/55.1-2517","metadata":false},{"id":54779,"structure_id":13771,"section_number":"55.1-2518","catch_line":"Property held by courts","url":"\/55.1-2518\/","token":"55.1\/V\/25\/1\/55.1-2518","metadata":false},{"id":68278,"structure_id":13771,"section_number":"55.1-2519","catch_line":"Responsibilities of general receiver and clerk","url":"\/55.1-2519\/","token":"55.1\/V\/25\/1\/55.1-2519","metadata":false},{"id":55072,"structure_id":13771,"section_number":"55.1-2520","catch_line":"Employee benefit trust distribution","url":"\/55.1-2520\/","token":"55.1\/V\/25\/1\/55.1-2520","metadata":false},{"id":75309,"structure_id":13771,"section_number":"55.1-2521","catch_line":"Holder of tangible or intangible personal property may voluntarily report such property","url":"\/55.1-2521\/","token":"55.1\/V\/25\/1\/55.1-2521","metadata":false}],"previous_section":{"id":73776,"structure_id":13771,"section_number":"55.1-2504","catch_line":"Traveler's checks and money orders","url":"\/55.1-2504\/","token":"55.1\/V\/25\/1\/55.1-2504","metadata":false},"next_section":{"id":64112,"structure_id":13771,"section_number":"55.1-2506","catch_line":"Contents of safe deposit box or other safekeeping repository","url":"\/55.1-2506\/","token":"55.1\/V\/25\/1\/55.1-2506","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-2505\/","history_text":"

This law was first created in 1984. The record of its establishment is cataloged in chapter 121 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1984 \u201cActs\u201d aren\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1985, chapter 294; in 2019, chapter 712<\/a>.<\/p>","references":[{"id":65666,"section_number":"55.1-2502","catch_line":"Taking custody of intangible unclaimed property; general rules","order_by":null,"url":"\/55.1-2502\/"}],"refers_to":[{"id":73776,"section_number":"55.1-2504","catch_line":"Traveler's checks and money orders","order_by":null,"url":"\/55.1-2504\/"}],"permalink":{"id":247967,"object_type":"law","relational_id":72388,"identifier":"55.1-2505","token":"55.1\/V\/25\/1\/55.1-2505","url":"\/55.1-2505\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-2505\/","token":"55.1\/V\/25\/1\/55.1-2505","dublin_core":{"Title":"Checks, drafts, and similar instruments issued or certified by banking and financial organizations","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-2505","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Any sum payable<\/span> on a check, draft, or similar instrument, except money orders<\/span>, traveler’s checks, and other similar instruments subject to \u00a7 55.1-2504<\/a>, on which a banking or financial organization<\/span> is directly liable, including cashier’s checks and certified checks, that has been outstanding for more than five years after it was payable<\/span>, or after its issuance if payable<\/span> on demand, is presumed abandoned unless the owner<\/span>, within five years, has communicated in writing with the banking or financial organization<\/span> concerning it or otherwise indicated an interest as evidenced by a memorandum<\/span> or other record on file prepared by an employee of the banking or financial organization<\/span>.\n\t\tA holder<\/span> may not deduct from the amount of any instrument subject to this section any charges imposed by reason of the failure to present the instrument for payment unless there is a valid and enforceable written contract<\/span> between the holder<\/span> and the owner<\/span> of the instrument pursuant to which the holder<\/span> may impose those charges and the holder<\/span> regularly imposes those charges and does not regularly reverse<\/span> or otherwise cancel those charges with respect to such instruments.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCHECKS, DRAFTS, AND SIMILAR INSTRUMENTS ISSUED OR CERTIFIED BY BANKING AND\nFINANCIAL ORGANIZATIONS (\u00a7 55.1-2505)\n\nAny sum payable on a check, draft, or similar instrument, except money orders,\ntraveler’s checks, and other similar instruments subject to \u00a7 55.1-2504,\non which a banking or financial organization is directly liable, including\ncashier’s checks and certified checks, that has been outstanding for more\nthan five years after it was payable, or after its issuance if payable on\ndemand, is presumed abandoned unless the owner, within five years, has\ncommunicated in writing with the banking or financial organization concerning it\nor otherwise indicated an interest as evidenced by a memorandum or other record\non file prepared by an employee of the banking or financial organization.\n\t\tA holder may not deduct from the amount of any instrument subject to this\nsection any charges imposed by reason of the failure to present the instrument\nfor payment unless there is a valid and enforceable written contract between the\nholder and the owner of the instrument pursuant to which the holder may impose\nthose charges and the holder regularly imposes those charges and does not\nregularly reverse or otherwise cancel those charges with respect to such\ninstruments.\n\nHISTORY: 1984, c. 121, \u00a7 55-210.3:2; 1985, c. 294; 2019, c. 712.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}