                                 CODE OF VIRGINIA

REPORT AND REMITTANCE TO BE MADE BY HOLDER OF FUNDS OR PROPERTY PRESUMED
ABANDONED; HOLDER TO EXERCISE DUE DILIGENCE TO LOCATE OWNER (§ 55.1-2524)

A. Every person holding funds or other property, tangible or intangible,
presumed abandoned under this chapter shall report and remit to the
administrator with respect to the property as provided in this article. Reports
containing 25 or more items shall be remitted in an electronic format as
prescribed by the administrator. The administrator may waive this requirement
when he determines that it creates an undue hardship.

B. The report shall be verified and shall include:

   1. The name and social security or federal identification number, if known,
   and last known address, including zip code, if any, of each person appearing
   from the records of the holder to be the owner of any property of the value of
   $100 or more presumed abandoned under this chapter;

   2. In the case of unclaimed funds of insurance corporations, the full name of
   the insured or annuitant and any beneficiary, if known, and the last known
   address according to the insurance corporation&#8217;s records;

   3. In the case of the contents of a safe deposit box or other safekeeping
   repository or in the case of other tangible property, a description of the
   property and the place where it is held and may be inspected by the
   administrator and any amounts owing to the holder;

   4. The nature and identifying number, if any, or description of the property
   and the amount appearing from the records to be due, except that items of
   value under $100 each may be reported in aggregate;

   5. The date when the property became payable, demandable, or returnable and
   the date of the last transaction with the owner with respect to the property;
   and

   6. Other information that the administrator prescribes by rule as reasonably
   necessary for the administration of this chapter.

C. If the person holding property presumed abandoned is a successor to other
persons who previously held the property for the owner, or if the holder has
changed his name while holding the property, he shall file with his report all
prior known names and addresses of each holder of the property.

D. The report and remittance, including the remittance of unclaimed
demutualization proceeds made pursuant to &#xA7; 55.1-2509, shall be filed
before November 1 of each year for the period ending June 30 of such year, but
the report and remittance of insurance corporations shall be filed before May 1
of each year for the period ending December 31 of the previous year. When
property is evidenced by certificate of ownership as set forth in &#xA7;
55.1-2511, the holder shall deliver to the administrator a duplicate of any such
certificate registered in the name &#8220;Treasurer of Virginia&#8221; or the
Treasurer&#8217;s designated nominee at the time of report and remittance. The
administrator may postpone the reporting and remittance date upon written
request by any person required to file a report.

E. If the holder of property presumed abandoned under this chapter knows the
whereabouts of the owner, the holder shall, before filing the annual report,
communicate with the owner and take necessary steps to prevent abandonment from
being presumed. All holders shall exercise due diligence, as defined in &#xA7;
55.1-2500, at least 60 days prior to the submission of the report to ascertain
the whereabouts of the owner if (i) the holder has in its records an address for
the apparent owner that the holder&#8217;s records do not disclose to be
inaccurate and (ii) the property has a value of $100 or more.

F. Verification shall be executed (i) if made by a partnership, by a partner;
(ii) if made by an unincorporated association or private corporation, by an
officer; and (iii) if made by a public corporation, by its chief fiscal officer.

HISTORY: 1960, c. 330, § 55-210.12; 1981, c. 47; 1982, c. 331; 1983, c. 190;
1984, c. 121; 1985, c. 294; 1987, c. 236; 1988, c. 378; 1992, c. 583; 2000, cc.
733, 745; 2003, cc. 750, 765; 2004, c. 524; 2019, c. 712.