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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>68365</law_id><section_number>45.2-605</section_number><catch_line> Duty of trustee; sale of lease; distribution of funds</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="45.2">Mines, Minerals, and Energy</unit><unit label="subtitle" level="2" order_by="1" identifier="II">Coal Mining</unit><unit label="part" level="3" order_by="1" identifier="A">Coal Mines Generally</unit><unit label="chapter" level="4" order_by="1" identifier="6">Coal Mining Property, Interests, Adjacent Owners, and Dams</unit><unit label="article" level="5" order_by="1" identifier="2">Trusts for Coal Interests</unit></structure><text>
						<section id="A"><p><span class="prefix-number">A.</span> The trustee shall collect the proceeds from the sale of the lease and hold and invest such proceeds for the use and benefit of the unknown or missing owners. The <span class="dictionary">court</span> may authorize the trustee to expend an amount not to exceed 10 percent of the funds collected by the trustee for the purpose of searching for the unknown or missing owners. <a id="paragraph-247592" class="section-permalink" href="https://vacode.org/45.2-605/#A"><i class="fa fa-link"/></a></p></section>
						<section id="B"><p><span class="prefix-number">B.</span> Five years after the date of first commercial production of the coal interests, the proceeds in the trust shall be disposed of pursuant to the Virginia <span class="dictionary">Disposition</span> of Unclaimed Property Act (&#xA7; <a class="law" title="Definitions" href="/55.1-2500/">55.1-2500</a> et seq.). <a id="paragraph-247593" class="section-permalink" href="https://vacode.org/45.2-605/#B"><i class="fa fa-link"/></a></p></section></text><history>2003, c. 775, &#xA7; 45.1-161.311:6; 2021, Sp. Sess. I, c. 387.</history><metadata></metadata></law>
