Virginia Code 55.1-2501: Property presumed abandoned; general rule.
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All tangible and intangible property, including any income or increment thereon, less any lawful charges, that is held, issued, or owing in the ordinary course of the holder’s business and has remained unclaimed by the owner for more than five years after it became payable is presumed abandoned, except as otherwise provided by this chapter. Property is payable for the purpose of this chapter notwithstanding the owner’s failure to make demand or to present any instrument or document required to receive payment.
Terms Used In Virginia Code 55.1-2501
- Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
1984, c. 121, § 55-210.2:1; 1985, c. 294; 2000, cc. 733, 745; 2019, c. 712.