2006 Code of Virginia § 55-210.2:2 - General rules for taking custody of intangible unclaimed property

55-210.2:2. General rules for taking custody of intangible unclaimedproperty.

Unless otherwise provided in this chapter or by other law of thisCommonwealth, intangible property is subject to the custody of thisCommonwealth as unclaimed property if the conditions leading to a presumptionof abandonment as described in 55-210.2:1, 55-210.3:01 and 55-210.3:2through 55-210.10:2 are satisfied, and:

1. The last known address, as shown on the records of the holder, of theapparent owner is in this Commonwealth;

2. The records of the holder do not reflect the identity of the personentitled to the property and it is established that the last known address ofthe person entitled to the property is in this Commonwealth;

3. The records of the holder do not reflect the last known address of theapparent owner, and it is established that (i) the last known address of theperson entitled to the property is in this Commonwealth or (ii) the holder isa domiciliary or a government or governmental subdivision or agency of thisCommonwealth and has not previously paid the property to the state of thelast known address of the apparent owner or other person entitled to theproperty;

4. The last known address, as shown on the records of the holder, of theapparent owner or other person entitled to the property is in a state thatdoes not provide by law for the escheat or custodial taking of the propertyor its escheat or unclaimed property law is not applicable to the propertyand the holder is a domiciliary or a government or governmental subdivisionor agency of this Commonwealth;

5. The last known address, as shown on the records of the holder, of theapparent owner is in a foreign nation and the holder is a domiciliary or agovernment or governmental subdivision or agency of this Commonwealth; or

6. (i) The transaction out of which the property arose occurred in thisCommonwealth, and the last known address of the apparent owner or otherperson entitled to the property is unknown, or the last known address of theapparent owner or other person entitled to the property is in a state thatdoes not provide by law for the escheat or custodial taking of the propertyor its escheat or unclaimed property law is not applicable to the property,and (ii) the holder is a domiciliary of a state that does not provide by lawfor the escheat or custodial taking of the property or its escheat orunclaimed property law is not applicable to the property.

(1984, c. 121; 2000, cc. 733, 745.)