{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-2529.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-2529.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-2529.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-2529.html"}],"law_id":81656,"edition_id":1,"section_id":81656,"structure_id":12710,"section_number":"55.1-2529","catch_line":"Sale of abandoned property by administrator","history":"1960, c. 330, \u00a7 55-210.18; 1981, c. 47; 1982, c. 331; 1984, c. 121; 1985, c. 294; 1994, c. 83; 2004, c. 535; 2019, c. 712.","full_text":"A\n\nExcept as provided in subsection C, all abandoned property other than money or other certificate of ownership delivered to the administrator under this chapter shall be sold by him to the highest bidder at public sale (i) in such city, within or outside the Commonwealth, as affords in his judgment the most favorable market for the property involved or (ii) through the use of electronic media in a format approved by the administrator. The administrator may decline the highest bid and reoffer the property for sale if he considers the price bid insufficient. He need not offer any property for sale if, in his opinion, the probable cost of sale exceeds the value of the property.B\n\nAny sale held under this section within the Commonwealth shall be preceded by a single publication of notice of such sale at least three weeks in advance of the sale. Such notice shall be published in a newspaper of general circulation in the county or city where the property is to be sold. If any sale is to occur outside the Commonwealth, then the administrator may use such forms of notice or advertising as he deems necessary to constitute reasonable notice, including post, print, visual, telecommunications, electronic media, or any combination thereof. For the purposes of this section, any sale through the use of electronic media, including the Internet, shall be deemed to be a sale outside of the Commonwealth.C\n\nSecurities listed on an established stock exchange shall be sold at prices prevailing at the time of sale on the exchange. Other securities may be sold over the counter at prices prevailing at the time of sale or by any other method the administrator deems advisable.\n\t\t\tUnless the administrator deems it to be in the best interest of the Commonwealth to do otherwise, all securities delivered to the administrator shall be held for at least one year before the securities may be sold. If the administrator sells any securities before the expiration of the one-year period, any person making a claim pursuant to this chapter before the end of the one-year period is entitled to either the proceeds of the sale of the securities or the market value of the securities at the time the claim is made, whichever amount is greater. Any person making a claim pursuant to this chapter after the expiration of the one-year period is entitled to receive either the securities delivered to the administrator by the holder, if they still remain in the hands of the administrator, or the proceeds of the sale, but no person has any claim under this chapter against the Commonwealth, the holder, or any transfer agent, registrar, or other person acting for or on behalf of the holder for any appreciation in the value of the property occurring after delivery by the holder to the Commonwealth.D\n\nThe purchaser of property at any sale conducted by the administrator pursuant to this chapter shall receive title to property purchased pursuant to subsections A or B and is entitled to ownership of property purchased pursuant to subsection C, free from all claims of the owner or previous holder thereof and of all persons claiming through or under such owner or previous holder. The administrator shall execute all documents necessary to complete the transfer of ownership.E\n\nIf the administrator determines after investigation that any property delivered to him pursuant to this chapter has insubstantial commercial value, he may destroy or otherwise dispose of the property at any time. No action or proceeding may be maintained against the Commonwealth or any officer or against the holder for or on account of any action taken by the administrator with respect to the property pursuant to this subsection.","order_by":null,"text":{"0":{"id":292458,"text":"Except as provided in subsection C, all abandoned property other than money or other certificate of ownership delivered to the administrator under this chapter shall be sold by him to the highest bidder at public sale (i) in such city, within or outside the Commonwealth, as affords in his judgment the most favorable market for the property involved or (ii) through the use of electronic media in a format approved by the administrator. The administrator may decline the highest bid and reoffer the property for sale if he considers the price bid insufficient. He need not offer any property for sale if, in his opinion, the probable cost of sale exceeds the value of the property.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":292459,"text":"Any sale held under this section within the Commonwealth shall be preceded by a single publication of notice of such sale at least three weeks in advance of the sale. Such notice shall be published in a newspaper of general circulation in the county or city where the property is to be sold. If any sale is to occur outside the Commonwealth, then the administrator may use such forms of notice or advertising as he deems necessary to constitute reasonable notice, including post, print, visual, telecommunications, electronic media, or any combination thereof. For the purposes of this section, any sale through the use of electronic media, including the Internet, shall be deemed to be a sale outside of the Commonwealth.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":292460,"text":"Securities listed on an established stock exchange shall be sold at prices prevailing at the time of sale on the exchange. Other securities may be sold over the counter at prices prevailing at the time of sale or by any other method the administrator deems advisable.\n\t\t\tUnless the administrator deems it to be in the best interest of the Commonwealth to do otherwise, all securities delivered to the administrator shall be held for at least one year before the securities may be sold. If the administrator sells any securities before the expiration of the one-year period, any person making a claim pursuant to this chapter before the end of the one-year period is entitled to either the proceeds of the sale of the securities or the market value of the securities at the time the claim is made, whichever amount is greater. Any person making a claim pursuant to this chapter after the expiration of the one-year period is entitled to receive either the securities delivered to the administrator by the holder, if they still remain in the hands of the administrator, or the proceeds of the sale, but no person has any claim under this chapter against the Commonwealth, the holder, or any transfer agent, registrar, or other person acting for or on behalf of the holder for any appreciation in the value of the property occurring after delivery by the holder to the Commonwealth.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":292461,"text":"The purchaser of property at any sale conducted by the administrator pursuant to this chapter shall receive title to property purchased pursuant to subsections A or B and is entitled to ownership of property purchased pursuant to subsection C, free from all claims of the owner or previous holder thereof and of all persons claiming through or under such owner or previous holder. The administrator shall execute all documents necessary to complete the transfer of ownership.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":292462,"text":"If the administrator determines after investigation that any property delivered to him pursuant to this chapter has insubstantial commercial value, he may destroy or otherwise dispose of the property at any time. No action or proceeding may be maintained against the Commonwealth or any officer or against the holder for or on account of any action taken by the administrator with respect to the property pursuant to this subsection.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":12710,"edition_id":1,"name":"Procedural and Administrative Matters","identifier":"3","label":"article","depth":4,"order_by":1,"parent_id":12709,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":248045,"object_type":"structure","relational_id":12710,"identifier":"3","token":"55.1\/V\/25\/3","url":"\/55.1\/V\/25\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12709,"edition_id":1,"name":"Virginia Disposition Of Unclaimed Property Act","identifier":"25","label":"chapter","depth":3,"order_by":1,"parent_id":12708,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":247943,"object_type":"structure","relational_id":12709,"identifier":"25","token":"55.1\/V\/25","url":"\/55.1\/V\/25\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12708,"edition_id":1,"name":"Miscellaneous","identifier":"V","label":"subtitle","depth":2,"order_by":1,"parent_id":12707,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":247771,"object_type":"structure","relational_id":12708,"identifier":"V","token":"55.1\/V","url":"\/55.1\/V\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12707,"edition_id":1,"name":"Property and Conveyances","identifier":"55.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":244769,"object_type":"structure","relational_id":12707,"identifier":"55.1","token":"55.1","url":"\/55.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":53937,"structure_id":12710,"section_number":"55.1-2524","catch_line":"Report and remittance to be made by holder of funds or property presumed abandoned; holder to exercise due diligence to locate owner","url":"\/55.1-2524\/","token":"55.1\/V\/25\/3\/55.1-2524","metadata":false},{"id":73610,"structure_id":12710,"section_number":"55.1-2525","catch_line":"Notices to be published by administrator","url":"\/55.1-2525\/","token":"55.1\/V\/25\/3\/55.1-2525","metadata":false},{"id":66200,"structure_id":12710,"section_number":"55.1-2526","catch_line":"Holder relieved of liability for property paid or delivered to administrator; payment to owner by holder; proceedings against prior holder; notice to administrator and Attorney General; reimbursement of holder","url":"\/55.1-2526\/","token":"55.1\/V\/25\/3\/55.1-2526","metadata":false},{"id":63169,"structure_id":12710,"section_number":"55.1-2527","catch_line":"Crediting of dividends, interest, or increments to owner's account","url":"\/55.1-2527\/","token":"55.1\/V\/25\/3\/55.1-2527","metadata":false},{"id":66817,"structure_id":12710,"section_number":"55.1-2528","catch_line":"Periods of limitation","url":"\/55.1-2528\/","token":"55.1\/V\/25\/3\/55.1-2528","metadata":false},{"id":81656,"structure_id":12710,"section_number":"55.1-2529","catch_line":"Sale of abandoned property by administrator","url":"\/55.1-2529\/","token":"55.1\/V\/25\/3\/55.1-2529","metadata":false},{"id":71834,"structure_id":12710,"section_number":"55.1-2530","catch_line":"Securities received in name of owner","url":"\/55.1-2530\/","token":"55.1\/V\/25\/3\/55.1-2530","metadata":false},{"id":55939,"structure_id":12710,"section_number":"55.1-2531","catch_line":"Disposition of funds received under chapter; records to be kept by administrator","url":"\/55.1-2531\/","token":"55.1\/V\/25\/3\/55.1-2531","metadata":false},{"id":60102,"structure_id":12710,"section_number":"55.1-2532","catch_line":"Filing claim to property or proceeds of sale of such property","url":"\/55.1-2532\/","token":"55.1\/V\/25\/3\/55.1-2532","metadata":false},{"id":71685,"structure_id":12710,"section_number":"55.1-2533","catch_line":"Consideration of and hearing on claim by administrator; payment; interest","url":"\/55.1-2533\/","token":"55.1\/V\/25\/3\/55.1-2533","metadata":false},{"id":76385,"structure_id":12710,"section_number":"55.1-2534","catch_line":"Judicial review of decision of administrator","url":"\/55.1-2534\/","token":"55.1\/V\/25\/3\/55.1-2534","metadata":false},{"id":83185,"structure_id":12710,"section_number":"55.1-2535","catch_line":"Election of administrator not to receive property or to postpone taking possession of funds","url":"\/55.1-2535\/","token":"55.1\/V\/25\/3\/55.1-2535","metadata":false},{"id":72223,"structure_id":12710,"section_number":"55.1-2536","catch_line":"Requests for verified reports and examinations of records","url":"\/55.1-2536\/","token":"55.1\/V\/25\/3\/55.1-2536","metadata":false},{"id":65026,"structure_id":12710,"section_number":"55.1-2537","catch_line":"Retention of records","url":"\/55.1-2537\/","token":"55.1\/V\/25\/3\/55.1-2537","metadata":false},{"id":80599,"structure_id":12710,"section_number":"55.1-2538","catch_line":"Confidentiality of information and records","url":"\/55.1-2538\/","token":"55.1\/V\/25\/3\/55.1-2538","metadata":false},{"id":79673,"structure_id":12710,"section_number":"55.1-2539","catch_line":"Enforcement of chapter","url":"\/55.1-2539\/","token":"55.1\/V\/25\/3\/55.1-2539","metadata":false},{"id":55112,"structure_id":12710,"section_number":"55.1-2540","catch_line":"Interest and penalties","url":"\/55.1-2540\/","token":"55.1\/V\/25\/3\/55.1-2540","metadata":false},{"id":81697,"structure_id":12710,"section_number":"55.1-2541","catch_line":"Determinations; appeal procedures; regulations of administrator","url":"\/55.1-2541\/","token":"55.1\/V\/25\/3\/55.1-2541","metadata":false},{"id":62395,"structure_id":12710,"section_number":"55.1-2542","catch_line":"Agreements to locate reported property; penalty","url":"\/55.1-2542\/","token":"55.1\/V\/25\/3\/55.1-2542","metadata":false},{"id":64814,"structure_id":12710,"section_number":"55.1-2543","catch_line":"Property presumed abandoned or escheated under laws of another state","url":"\/55.1-2543\/","token":"55.1\/V\/25\/3\/55.1-2543","metadata":false},{"id":80911,"structure_id":12710,"section_number":"55.1-2544","catch_line":"Property held or payable pursuant to Title 51.1","url":"\/55.1-2544\/","token":"55.1\/V\/25\/3\/55.1-2544","metadata":false},{"id":68580,"structure_id":12710,"section_number":"55.1-2545","catch_line":"Construction of chapter","url":"\/55.1-2545\/","token":"55.1\/V\/25\/3\/55.1-2545","metadata":false}],"previous_section":{"id":66817,"structure_id":12710,"section_number":"55.1-2528","catch_line":"Periods of limitation","url":"\/55.1-2528\/","token":"55.1\/V\/25\/3\/55.1-2528","metadata":false},"next_section":{"id":71834,"structure_id":12710,"section_number":"55.1-2530","catch_line":"Securities received in name of owner","url":"\/55.1-2530\/","token":"55.1\/V\/25\/3\/55.1-2530","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-2529\/","history_text":"

This law was first created in 1960. The record of its establishment is cataloged in chapter 330 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 1960 \u201cActs\u201d aren\u2019t available online. It has been modified 7 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 1981, chapter 47; in 1982, chapter 331; in 1984, chapter 121; in 1985, chapter 294; in 1994, chapter 83<\/a>; in 2004, chapter 535<\/a>; in 2019, chapter 712<\/a>.<\/p>","references":[{"id":55939,"section_number":"55.1-2531","catch_line":"Disposition of funds received under chapter; records to be kept by administrator","order_by":null,"url":"\/55.1-2531\/"}],"refers_to":false,"permalink":{"id":248067,"object_type":"law","relational_id":81656,"identifier":"55.1-2529","token":"55.1\/V\/25\/3\/55.1-2529","url":"\/55.1-2529\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-2529\/","token":"55.1\/V\/25\/3\/55.1-2529","dublin_core":{"Title":"Sale of abandoned property by administrator","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-2529","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Except as provided in subsection C, all abandoned property other than money or other certificate of ownership delivered to the administrator<\/span> under this chapter shall be sold by him to the highest bidder at public sale (i) in such city, within or outside the Commonwealth, as affords in his judgment<\/span> the most favorable market for the property involved or (ii) through the use of electronic media in a format approved by the administrator<\/span>. The administrator<\/span> may decline the highest bid and reoffer the property for sale if he considers the price bid insufficient. He need not offer any property for sale if, in his opinion<\/span>, the probable cost of sale exceeds the value of the property. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Any sale held under this section within the Commonwealth shall be preceded by a single publication of notice of such sale at least three weeks in advance of the sale. Such notice shall be published in a newspaper of general circulation in the county or city where the property is to be sold. If any sale is to occur outside the Commonwealth, then the administrator<\/span> may use such forms of notice or advertising as he deems necessary to constitute reasonable notice, including post, print, visual, telecommunications, electronic media, or any combination thereof. For the purposes of this section, any sale through the use of electronic media, including the Internet, shall be deemed to be a sale outside of the Commonwealth. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Securities listed on an established stock exchange shall be sold at prices prevailing at the time of sale on the exchange. Other securities may be sold over the counter at prices prevailing at the time of sale or by any other method the administrator<\/span> deems advisable.\n\t\t\tUnless the administrator<\/span> deems it to be in the best interest of the Commonwealth to do otherwise, all securities delivered to the administrator<\/span> shall be held for at least one year before the securities may be sold. If the administrator<\/span> sells any securities before the expiration of the one-year period, any person<\/span> making a claim pursuant to this chapter before the end of the one-year period is entitled to either the proceeds of the sale of the securities or the market value of the securities at the time the claim is made, whichever amount is greater. Any person<\/span> making a claim pursuant to this chapter after the expiration of the one-year period is entitled to receive either the securities delivered to the administrator<\/span> by the holder<\/span>, if they still remain in the hands of the administrator<\/span>, or the proceeds of the sale, but no person<\/span> has any claim under this chapter against the Commonwealth, the holder<\/span>, or any transfer agent, registrar, or other person<\/span> acting for or on behalf of the holder<\/span> for any appreciation in the value of the property occurring after delivery by the holder<\/span> to the Commonwealth. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The purchaser of property at any sale conducted by the administrator<\/span> pursuant to this chapter shall receive title to property purchased pursuant to subsections A or B and is entitled to ownership of property purchased pursuant to subsection C, free from all claims of the owner<\/span> or previous holder<\/span> thereof and of all persons<\/span> claiming through or under such owner<\/span> or previous holder<\/span>. The administrator<\/span> shall execute all documents necessary to complete the transfer of ownership. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> If the administrator<\/span> determines after investigation that any property delivered to him pursuant to this chapter has insubstantial commercial value, he may destroy or otherwise dispose of the property at any time. No action or proceeding may be maintained against the Commonwealth or any officer or against the holder<\/span> for or on account of any action taken by the administrator<\/span> with respect to the property pursuant to this subsection. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSALE OF ABANDONED PROPERTY BY ADMINISTRATOR (\u00a7 55.1-2529)\n\nA. Except as provided in subsection C, all abandoned property other than money\nor other certificate of ownership delivered to the administrator under this\nchapter shall be sold by him to the highest bidder at public sale (i) in such\ncity, within or outside the Commonwealth, as affords in his judgment the most\nfavorable market for the property involved or (ii) through the use of electronic\nmedia in a format approved by the administrator. The administrator may decline\nthe highest bid and reoffer the property for sale if he considers the price bid\ninsufficient. He need not offer any property for sale if, in his opinion, the\nprobable cost of sale exceeds the value of the property.\n\nB. Any sale held under this section within the Commonwealth shall be preceded by\na single publication of notice of such sale at least three weeks in advance of\nthe sale. Such notice shall be published in a newspaper of general circulation\nin the county or city where the property is to be sold. If any sale is to occur\noutside the Commonwealth, then the administrator may use such forms of notice or\nadvertising as he deems necessary to constitute reasonable notice, including\npost, print, visual, telecommunications, electronic media, or any combination\nthereof. For the purposes of this section, any sale through the use of\nelectronic media, including the Internet, shall be deemed to be a sale outside\nof the Commonwealth.\n\nC. Securities listed on an established stock exchange shall be sold at prices\nprevailing at the time of sale on the exchange. Other securities may be sold\nover the counter at prices prevailing at the time of sale or by any other method\nthe administrator deems advisable.\n\t\t\tUnless the administrator deems it to be in the best interest of the\nCommonwealth to do otherwise, all securities delivered to the administrator\nshall be held for at least one year before the securities may be sold. If the\nadministrator sells any securities before the expiration of the one-year period,\nany person making a claim pursuant to this chapter before the end of the\none-year period is entitled to either the proceeds of the sale of the securities\nor the market value of the securities at the time the claim is made, whichever\namount is greater. Any person making a claim pursuant to this chapter after the\nexpiration of the one-year period is entitled to receive either the securities\ndelivered to the administrator by the holder, if they still remain in the hands\nof the administrator, or the proceeds of the sale, but no person has any claim\nunder this chapter against the Commonwealth, the holder, or any transfer agent,\nregistrar, or other person acting for or on behalf of the holder for any\nappreciation in the value of the property occurring after delivery by the holder\nto the Commonwealth.\n\nD. The purchaser of property at any sale conducted by the administrator pursuant\nto this chapter shall receive title to property purchased pursuant to\nsubsections A or B and is entitled to ownership of property purchased pursuant\nto subsection C, free from all claims of the owner or previous holder thereof\nand of all persons claiming through or under such owner or previous holder. The\nadministrator shall execute all documents necessary to complete the transfer of\nownership.\n\nE. If the administrator determines after investigation that any property\ndelivered to him pursuant to this chapter has insubstantial commercial value, he\nmay destroy or otherwise dispose of the property at any time. No action or\nproceeding may be maintained against the Commonwealth or any officer or against\nthe holder for or on account of any action taken by the administrator with\nrespect to the property pursuant to this subsection.\n\nHISTORY: 1960, c. 330, \u00a7 55-210.18; 1981, c. 47; 1982, c. 331; 1984, c. 121;\n1985, c. 294; 1994, c. 83; 2004, c. 535; 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}}