                                 CODE OF VIRGINIA

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 (§ 55.1-2526)

A. Upon the payment or delivery of abandoned property to the administrator, the
Commonwealth shall assume custody and shall be responsible for the safekeeping
of such property. Any person who pays or delivers abandoned property to the
administrator under this chapter is relieved of all liability to the extent of
the value of the property so paid or delivered for any claim that then exists or
that thereafter may arise or be made in respect to the property. Any holder that
has paid moneys to the administrator pursuant to this chapter may make payment
to any person appearing to such holder to be entitled thereto, and upon proof of
such payment and proof that the payee was entitled thereto, the administrator
shall forthwith reimburse the holder for the payment.

B. In the event that legal proceedings are instituted against a prior holder in
a court of the Commonwealth, or in any other state or federal court, by any
other state claiming to be entitled to unclaimed funds or abandoned property
previously paid or delivered to the administrator, such holder shall give
written notice to the administrator and the Attorney General of the Commonwealth
of such proceedings (i) within 10 days after service of process or (ii) at least
10 days before the return date on which an answer or similar pleading is
required to be filed. The Attorney General may intervene or take such other
action as he deems appropriate or necessary to protect the interests of the
Commonwealth.

C. If the notice provided in subsection B is given by the holder and thereafter
a judgment is entered against the holder for any amount paid to the
administrator pursuant to the terms of this chapter, the administrator shall,
upon being furnished with proof thereof, return to the holder the amount of such
judgment, not to exceed, however, the amount of the abandoned property paid to
the administrator.

D. Property removed from a safe deposit box or other safekeeping repository that
is received by the administrator shall be subject to the holder&#8217;s right
under this subsection to be reimbursed for the actual cost of the opening and to
any valid lien or contract providing for the holder to be reimbursed for unpaid
rent or storage charges. The administrator shall make the reimbursement to the
holder out of the proceeds remaining after the deduction of the
administrator&#8217;s selling cost.

HISTORY: 1960, c. 330, § 55-210.15; 1964, c. 466; 1984, c. 121; 2019, c. 712.