                                 CODE OF VIRGINIA

ELECTION OF ADMINISTRATOR NOT TO RECEIVE PROPERTY OR TO POSTPONE TAKING
POSSESSION OF FUNDS (§ 55.1-2535)

The administrator, after receiving reports of property deemed abandoned pursuant
to this chapter, may decline to receive any property reported that he deems to
have a value less than the cost of giving notice and holding sale, or he may, if
he deems it desirable because of the small sum involved, postpone taking
possession until a sufficient sum accumulates. Unless the holder of the property
is notified to the contrary within 120 days after filing the report required
under § 55.1-2524, the administrator shall be deemed to have elected to receive
the custody of the property.

HISTORY: 1960, c. 330, § 55-210.23; 2019, c. 712.