West Virginia Code 36-8-4 – Rules for taking custody
Except as otherwise provided in this article or by other statute of this state, property that is presumed abandoned, whether located in this or another state, is subject to the custody of this state if:
Terms Used In West Virginia Code 36-8-4
- Apparent owner: means a person whose name appears on the records of a holder as the person entitled to property held, issued, or owing by the holder. See West Virginia Code 36-8-1
- 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
- Holder: means a person obligated to hold for the account of, or deliver or pay to, the owner property that is subject to this article. See West Virginia Code 36-8-1
- Money order: includes an express money order and a personal money order, on which the remitter is the purchaser. See West Virginia Code 36-8-1
- Owner: means a person who has a legal or equitable interest in property subject to this article or the person's legal representative. See West Virginia Code 36-8-1
- Person: means an individual, business association, financial organization, estate, trust, government, governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See West Virginia Code 36-8-1
- Property: means tangible personal property described in section three of this article or a fixed and certain interest in intangible personal property that is held, issued, or owed in the course of a holder's business, or by a government, governmental subdivision, agency or instrumentality, and all income or increments therefrom. See West Virginia Code 36-8-1
- State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico or any territory or insular possession subject to the jurisdiction of the United States. See West Virginia Code 36-8-1
- Statute: A law passed by a legislature.
(1) The last known address of the apparent owner, as shown on the records of the holder, is in this state;
(2) The records of the holder do not reflect the identity of the person entitled to the property and it is established that the last known address of the person entitled to the property is in this state;
(3) The records of the holder do not reflect the last known address of the apparent owner and it is established that:
(i) The last known address of the person entitled to the property is in this state; or
(ii) The holder is domiciled in this state or is a government or governmental subdivision, agency or instrumentality of this state and has not previously paid or delivered the property to the state of the last known address of the apparent owner or other person entitled to the property;
(4) The last known address of the apparent owner, as shown on the records of the holder, is in a state that does not provide for the escheat or custodial taking of the property and the holder is domiciled in this state or is a government or governmental subdivision, agency or instrumentality of this state;
(5) The last known address of the apparent owner, as shown on the records of the holder, is in a foreign country and the holder is domiciled in this state or is a government or governmental subdivision, agency or instrumentality of this state;
(6) The transaction out of which the property arose occurred in this state, the holder is domiciled in a state that does not provide for the escheat or custodial taking of the property, and the last known address of the apparent owner or other person entitled to the property is unknown or is in a state that does not provide for the escheat or custodial taking of the property; or
(7) The property is a traveler's check or money order purchased in this state, or the issuer of the traveler's check or money order has its principal place of business in this state and the issuer's records show that the instrument was purchased in a state that does not provide for the escheat or custodial taking of the property, or do not show the state in which the instrument was purchased.