Virginia Code 55.1-2517: Intangible property held for owner by public agency.
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All intangible property held for the owner by any government or governmental subdivision or agency, public corporation, or public authority that has remained unclaimed by the owner for more than one year after it became payable is presumed abandoned.
Terms Used In Virginia Code 55.1-2517
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
1960, c. 330, § 55-210.9; 1980, c. 293; 1982, c. 331; 1983, c. 190; 2000, cc. 733, 745; 2019, c. 712.