                                 CODE OF VIRGINIA

DISPOSITION OF FUNDS RECEIVED UNDER CHAPTER; RECORDS TO BE KEPT BY ADMINISTRATOR
(§ 55.1-2531)

A. All funds received under this chapter, including the proceeds from the sale
of abandoned property under &#xA7; 55.1-2529, shall be deposited by the
administrator in the Literary Fund of the Commonwealth as soon as practical,
except that the administrator shall retain in a separate trust fund a sum
sufficient from which he shall make prompt payment of claims duly allowed by him
as provided by subsection B. Before making the deposit, he shall record the name
and last known address of each person appearing from the holders&#8217; reports
to be entitled to the abandoned property, the name and last known address of
each insured person or annuitant, and, with respect to each policy or contract
listed in the report of an insurance corporation, its number, the name of the
corporation, and the amount due.

B. Before making any deposit to the credit of the Literary Fund, the
administrator may deduct (i) any costs in connection with the sale of abandoned
property, (ii) any costs of mailing and publication in connection with any
abandoned property, (iii) operating expenses, and (iv) amounts required to make
payments to other states, during the next fiscal year, through reciprocity
agreements.

HISTORY: 1960, c. 330, § 55-210.19; 1981, c. 47; 1984, c. 121; 1985, c. 294;
2019, c. 712.