Virginia Code 55.1-2522: Certain property not presumed abandoned in the Commonwealth.
If specific property that is subject to the provisions of §§ 55.1-2501, 55.1-2503, 55.1-2507, 55.1-2511, 55.1-2513, 55.1-2514, 55.1-2520, and 55.1-2521 is payable to an owner whose last known address is in another state by a holder that is subject to the jurisdiction of that state, the specific property is not presumed abandoned in the Commonwealth and subject to this chapter if:
Terms Used In Virginia Code 55.1-2522
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
1. It may be claimed as abandoned or escheated under the laws of such other state; and
2. The laws of such other state make reciprocal provision that similar specific property is not presumed abandoned or escheatable by such other state when payable to an owner whose last known address is within the Commonwealth by a holder that is subject to the jurisdiction of the Commonwealth.
1960, c. 330, § 55-210.11; 1981, c. 47; 2000, cc. 733, 745; 2019, c. 712.