                                 CODE OF VIRGINIA

INTANGIBLE PERSONAL PROPERTY HELD IN FIDUCIARY CAPACITY (§ 55.1-2514)

A. All intangible personal property, and any income or increment thereon, held
in a fiduciary capacity for the benefit of another person is presumed abandoned
unless the owner has, within five years after it became payable, increased or
decreased the principal, accepted payment of principal or income, corresponded
in writing concerning the property, or otherwise indicated an interest as
evidenced by a memorandum or other record on file with and prepared by the
fiduciary or an employee of the fiduciary.

B. Funds in an individual retirement account, a retirement plan for
self-employed individuals, or a similar account or plan established pursuant to
the Internal Revenue laws of the United States are not payable under this
section unless, under the terms of the account or plan, distribution of all or
part of the funds would then be mandatory.

C. For the purpose of this section, a person who holds property as an agent for
a business association is deemed to hold the property in a fiduciary capacity
for that business association alone, unless such person&#8217;s agreement with
the business association provides otherwise. A person who is so deemed to hold
property in a fiduciary capacity for a business association alone is the holder
of the property only insofar as the interest of the business association in the
property is concerned, and the business association is the holder of the
property insofar as the interest of any other person in the property is
concerned.

HISTORY: 1960, c. 330, § 55-210.8; 1981, c. 47; 1982, c. 331; 1984, c. 121;
2000, cc. 733, 745; 2019, c. 712.