                                 CODE OF VIRGINIA

SALE OF ABANDONED PROPERTY BY ADMINISTRATOR (§ 55.1-2529)

A. Except as provided in subsection C, all abandoned property other than money
or other certificate of ownership delivered to the administrator under this
chapter shall be sold by him to the highest bidder at public sale (i) in such
city, within or outside the Commonwealth, as affords in his judgment the most
favorable market for the property involved or (ii) through the use of electronic
media in a format approved by the administrator. The administrator may decline
the highest bid and reoffer the property for sale if he considers the price bid
insufficient. He need not offer any property for sale if, in his opinion, the
probable cost of sale exceeds the value of the property.

B. Any sale held under this section within the Commonwealth shall be preceded by
a single publication of notice of such sale at least three weeks in advance of
the sale. Such notice shall be published in a newspaper of general circulation
in the county or city where the property is to be sold. If any sale is to occur
outside the Commonwealth, then the administrator may use such forms of notice or
advertising as he deems necessary to constitute reasonable notice, including
post, print, visual, telecommunications, electronic media, or any combination
thereof. For the purposes of this section, any sale through the use of
electronic media, including the Internet, shall be deemed to be a sale outside
of the Commonwealth.

C. Securities listed on an established stock exchange shall be sold at prices
prevailing at the time of sale on the exchange. Other securities may be sold
over the counter at prices prevailing at the time of sale or by any other method
the administrator deems advisable.
			Unless the administrator deems it to be in the best interest of the
Commonwealth to do otherwise, all securities delivered to the administrator
shall be held for at least one year before the securities may be sold. If the
administrator sells any securities before the expiration of the one-year period,
any person making a claim pursuant to this chapter before the end of the
one-year period is entitled to either the proceeds of the sale of the securities
or the market value of the securities at the time the claim is made, whichever
amount is greater. Any person making a claim pursuant to this chapter after the
expiration of the one-year period is entitled to receive either the securities
delivered to the administrator by the holder, if they still remain in the hands
of the administrator, or the proceeds of the sale, but no person has any claim
under this chapter against the Commonwealth, the holder, or any transfer agent,
registrar, or other person acting for or on behalf of the holder for any
appreciation in the value of the property occurring after delivery by the holder
to the Commonwealth.

D. The purchaser of property at any sale conducted by the administrator pursuant
to this chapter shall receive title to property purchased pursuant to
subsections A or B and is entitled to ownership of property purchased pursuant
to subsection C, free from all claims of the owner or previous holder thereof
and of all persons claiming through or under such owner or previous holder. The
administrator shall execute all documents necessary to complete the transfer of
ownership.

E. If the administrator determines after investigation that any property
delivered to him pursuant to this chapter has insubstantial commercial value, he
may destroy or otherwise dispose of the property at any time. No action or
proceeding may be maintained against the Commonwealth or any officer or against
the holder for or on account of any action taken by the administrator with
respect to the property pursuant to this subsection.

HISTORY: 1960, c. 330, § 55-210.18; 1981, c. 47; 1982, c. 331; 1984, c. 121;
1985, c. 294; 1994, c. 83; 2004, c. 535; 2019, c. 712.