                                 CODE OF VIRGINIA

PERIODS OF LIMITATION (§ 55.1-2528)

A. The expiration of any period of time specified by statute or court order
during which an action or proceeding may be commenced or enforced to obtain
payment of a claim for money or recovery of property shall not prevent the money
or property from being presumed abandoned property or affect any duty to file a
report required by this chapter or to pay or deliver abandoned property to the
administrator.

B. Except as provided in subsection C, an action or proceeding shall not be
maintained by the administrator to enforce this chapter more than five years
after the earlier of (i) the date on which the holder identified the property on
a report filed with the administrator, (ii) the date on which the holder first
filed a report with the administrator wherein the holder should have but failed
to report the property, or (iii) the date on which the holder filed a report
with the administrator giving reasonable notice to the administrator of a
dispute regarding the property.

C. An action or proceeding shall not be maintained by the administrator to
enforce this chapter with respect to any property more than 10 years following
the date on which such property first became reportable if the holder (i) filed
a materially false or fraudulent report with the intent to evade delivery of
property otherwise subject to this chapter or (ii) failed to file a report with
the administrator.

HISTORY: 1960, c. 330, § 55-210.17; 2000, cc. 733, 745; 2019, c. 712.