2006 Code of Virginia § 55-200 - How money paid into state treasury from escheats may be recovered

55-200. How money paid into state treasury from escheats may be recovered.

A. If within 120 days from the date of sale, a purchaser submits evidencesatisfactory to the State Treasurer that the property described in the grantdoes not exist or was improperly escheated, the State Treasurer may refundthe purchase price, less the expenses of sale and the escheator's fee. Beforeany such refund is made, the purchaser must return the grant to the StateTreasurer, who shall inform the Librarian of Virginia of its return. Both ofthese officials shall note the grant's return in their records. When thepurchaser has recorded his grant from the Commonwealth, he shall record aquitclaim deed and send proof thereof to the State Treasurer prior to theissuance of any refund.

B. After any sale of escheated lands and upon certification verified by oathof the city, town or county treasurer or other officer charged with thecollection of local real estate taxes that the land so sold was, at the timeof escheat to the Commonwealth, subject to the lien of unpaid local realestate taxes or that the land so sold was, at any time prior to sale, subjectto other assessments, including liens for demolition, cutting or removingweeds or abating any nuisance on the escheated land, all of which assessmentswere validly assessed, levied, or imposed by the city, town or county on thelands within twenty years preceding the date of the escheat or inquest, theState Treasurer shall, upon receipt of the proceeds of sale, deduct theescheator's commission and costs of the inquest and sale. The State Treasurershall then pay to the city, town or county treasurer out of the net proceedsof such sale, if any, the amount of the local real estate taxes and/orassessments, including accrued penalties and interest, up to but notexceeding the amount of the funds remaining in the hands of the StateTreasurer from the proceeds of the sale. To the extent that local taxes andother appropriate local charges exceed the proceeds obtained for suchescheated land at the escheat sale, such local taxes and other charges areexonerated. Any other liens on property which is escheated and sold willshift to the proceeds of the sale and will no longer remain a lien on theproperty.

C. Any person who had not asserted a claim before the sale of escheatedproperty, being entitled to any property so escheated and sold, may recoverso much of the net proceeds as remain after deduction of the escheator'scommission, costs of the inquest and sale, and allowance of claims for unpaidreal estate taxes and assessments due on the land or from any creditors ofthe decedent. The same may be allowed by the State Treasurer or if a claim inany such case is rejected by him, a petition for recovery may be made in themanner provided in 8.01-192 for recovering claims against the Commonwealth,but subject to the limitation in 8.01-255.

(Code 1919, 521; 1968, c. 626; 1977, c. 583; 1979, c. 340; 1980, c. 213;1981, c. 514; 1983, c. 482; 1984, c. 315; 1988, c. 377; 1998, c. 427.)