2006 Code of Virginia § 55-210.15 - Holder relieved of liability for property paid or delivered to administrator; payment to owner by h...

55-210.15. Holder relieved of liability for property paid or delivered toadministrator; payment to owner by holder; proceedings against prior holder;notice to administrator and Attorney General; reimbursement of holder.

(a) Upon the payment or delivery of abandoned property to the administrator,the Commonwealth shall assume custody and shall be responsible for thesafekeeping thereof. Any person who pays or delivers abandoned property tothe administrator under this chapter is relieved of all liability to theextent of the value of the property so paid or delivered for any claim whichthen exists or which thereafter may arise or be made in respect to theproperty. Any holder who has paid moneys to the administrator pursuant tothis chapter may make payment to any person appearing to such holder to beentitled thereto, and upon proof of such payment and proof that the payee wasentitled thereto, the administrator shall forthwith reimburse the holder forthe payment.

(b) In the event legal proceedings are instituted against a prior holder in acourt of this Commonwealth, or in any other state or federal court, by anyother state claiming to be entitled to unclaimed funds or abandoned propertypreviously paid or delivered to the administrator, such holder shall givewritten notice to the administrator and the Attorney General of thisCommonwealth of such proceedings within ten days after service of process, orin the alternative at least ten days before the return date on which ananswer or similar pleading is required to be filed. The Attorney General mayintervene or take such other action as he deems appropriate or necessary toprotect the interests of this Commonwealth.

(c) If the notice provided in paragraph (b) is given by the holder andthereafter a judgment is entered against the holder for any amount paid tothe administrator pursuant to the terms of this chapter, the administratorshall, upon being furnished with proof thereof, return to the holder theamount of such judgment, not to exceed, however, the amount of the abandonedproperty paid to the administrator.

(d) Property removed from a safe deposit box or other safekeeping repositorythat is received by the administrator shall be subject to the holder's rightunder this paragraph to be reimbursed for the actual cost of the opening andto any valid lien or contract providing for the holder to be reimbursed forunpaid rent or storage charges. The administrator shall make thereimbursement to the holder out of the proceeds remaining after the deductionof the administrator's selling cost.

(1960, c. 330; 1964, c. 466; 1984, c. 121.)