Virginia Code 55.1-2437: Order of the court
If no person appears and shows that he has title to the property, the court shall order that the residue or other property belongs to the Commonwealth and enforce the collection thereof or of the proceeds of the sale of such property, provided, however, that if the residue or other property was given, bequeathed, or devised by will to a charitable institution in the Commonwealth and such gift, bequest, or devise failed by reason of insufficient witnessing of such will and would otherwise escheat to the Commonwealth, and the court finds that it is in the public interest, the court may order such residue or other property, or so much thereof as was subject to such gift, bequest, or devise, to be paid to such charitable institution.
Terms Used In Virginia Code 55.1-2437
- Bequest: Property gifted by will.
- Devise: To gift property by will.
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
Code 1919, § 520; Code 1950, § 55-199; 1977, c. 488; 2019, c. 712.