2006 Code of Virginia § 55-210.27:1 - Agreements to locate reported property; penalty

55-210.27:1. Agreements to locate reported property; penalty.

A. It is unlawful for any person to seek or receive from another person orcontract with another person for a fee or compensation for locating propertywhich he knows has been reported or paid or delivered to the State Treasurerpursuant to this chapter prior to thirty-six months after the date ofdelivery of the property by the holder to the State Treasurer as required bythis chapter.

B. No agreement entered into after thirty-six months from the required dateof delivery of the property by the holder to the State Treasurer is valid ifa person thereby undertakes to locate property included in a report for a feeor other compensation exceeding ten percent of the value of the recoverableproperty. Nothing in this section shall be construed to prevent an owner fromasserting at any time that an agreement to locate property is based upon anexcessive or unjust consideration.

C. State warrants that may be issued in payment and redemption of previouslyabandoned property or the liquidation proceeds of previously abandonedproperty may be issued in the discretion of the State Treasurer directly tothe person or persons entitled to the money as the owner, heir, legatee, oras fiduciary of the estate of the deceased owner, heir or legatee, and not toa named attorney-in-fact, agent, assignee, or any other person regardless ofa written instruction to the contrary. The State Treasurer need not recognizenor is the State Treasurer bound by any terms of a purported power ofattorney or assignment that may be presented as having been executed by aperson as the purported owner, heir, legatee or fiduciary of the estate of adeceased owner of such abandoned property.

D. A person who violates subsection A or B of this section shall be guilty ofa misdemeanor, punishable by a fine not to exceed $1,000.

(1981, c. 47; 1988, c. 378.)