Sections
Article 1 Citation of Chapter and Definitions 55-210.1 – 55-210.2
Article 2 Property Abandoned or Assumed Abandoned 55-210.2:1 – 55-210.10:2
Article 3 Reciprocity for Property Presumed Abandoned or Escheated under Laws of Another State 55-210.11 – 55-210.11:1
Article 4 Procedural and Administrative Matters 55-210.12 – 55-210.30

Terms Used In Virginia Code > Title 55 > Chapter 11.1

  • Administrator: means the State Treasurer or his designee. See Virginia Code 55-210.2
  • Apparent owner: means the person whose name appears on the records of the holder as the person entitled to property held, issued, or owing by the holder. See Virginia Code 55-210.2
  • Business association: means any corporation, joint-stock company, investment company, business trust, partnership, limited liability company, cooperative, or association for business purposes of two or more individuals whether or not for profit, including a banking organization, financial organization, insurance company, or utility. See Virginia Code 55-210.2
  • City: means an independent incorporated community which became a city as provided by law before noon on July 1, 1971, or which has within defined boundaries a population of 5,000 or more and which has become a city as provided by law. See Virginia Code 1-208
  • Credit balance: means an item of intangible property resulting from or attributable to the sale of goods or services, which includes, by way of illustration, an overpayment, credit memo, refund, discount, rebate, unidentified remittance, or deposit. See Virginia Code 55-210.2
  • Domicile: means (i) the state of incorporation, in the case of a corporation incorporated under the laws of a state, (ii) the state of organization, in the case of an unincorporated business association formed under the laws of a state, (iii) the state of the principal place of business, in the case of a nonnatural person not incorporated or formed under the laws of a state, and (iv) the state of principal residency, in the case of a natural person. See Virginia Code 55-210.2
  • Due diligence: shall include , but not be limited to, the mailing of a letter by first-class mail to the last known address of the owner as indicated on the records of the holder. See Virginia Code 55-210.2
  • Financial organization: means any savings and loan association (cooperative bank), building and loan association, or credit union. See Virginia Code 55-210.2
  • Gift certificate: means a certificate, electronic card or other medium that evidences the giving of consideration in exchange for the right to redeem the certificate, electronic card or other medium for goods, food, services, credit or money of an equal value. See Virginia Code 55-210.2
  • Holder: means a person, wherever organized or domiciled, who is (i) in possession of property belonging to another, (ii) a trustee in case of a trust, or (iii) indebted to another on an obligation. See Virginia Code 55-210.2
  • in writing: include any representation of words, letters, symbols, numbers, or figures, whether (i) printed or inscribed on a tangible medium or (ii) stored in an electronic or other medium and retrievable in a perceivable form and whether an electronic signature authorized by Chapter 42. See Virginia Code 1-257
  • Includes: means includes, but not limited to. See Virginia Code 1-218
  • Insurance company: means an association, corporation, fraternal or mutual benefit organization, whether or not for profit, which is engaged in providing insurance coverage, including, by way of illustration, accident, burial, casualty, credit life, contract performance, dental, fidelity, fire, health, hospitalization, illness, life (including endowments and annuities), malpractice, marine, mortgage, surety, and wage protection insurance. See Virginia Code 55-210.2
  • Intangible property: includes , by way of illustration, (i) moneys, checks, drafts, deposits, interest, dividend income; (ii) credits, customer overpayments, gift certificates, security deposits, refunds, unpaid wages, and unidentified remittances; (iii) stocks and other intangible ownership interests in business associations; (iv) moneys deposited to redeem stocks, bonds, coupons, and other securities, or to make distributions; (v) amounts due and payable under the terms of insurance policies; and (vi) amounts distributable from a trust or custodial fund established under a plan to provide any health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit sharing, employee savings, supplemental unemployment insurance or similar benefit. See Virginia Code 55-210.2
  • Last known address: means a description of the location of the apparent owner sufficient to identify the state of residence of the apparent owner for the purpose of the delivery of mail. See Virginia Code 55-210.2
  • Owner: means a depositor in the case of a deposit, a beneficiary in case of a trust, other than a deposit in trust, a creditor, claimant, or payee in the case of other intangible property, or a person having a legal or equitable interest in property subject to this chapter or his legal representative. See Virginia Code 55-210.2
  • Payable: means the earliest date upon which the owner of property could become entitled to the payments, possession, delivery, or distribution of such property from a holder. See Virginia Code 55-210.2
  • Person: means an individual, business association, government or governmental subdivision or agency, public corporation, public authority, estate, trust, two or more persons having a joint or common interest, or any other legal or commercial entity. See Virginia Code 55-210.2
  • Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
  • Personal representative: includes the executor of a will or the assets of the estate, pay debts, and distribute residue to those entitled to it. See Virginia Code 1-234
  • Process: includes subpoenas, the summons and complaint in a civil action, and process in statutory actions. See Virginia Code 1-237
  • Public corporation: means the Commonwealth of Virginia or any political subdivision thereof or any incorporated municipality therein or any public agency of the Commonwealth or of any political subdivision thereof or of any municipality therein. See Virginia Code 1-219.1
  • State: when applied to a part of the United States, includes any state, district, commonwealth, territory, insular possession, and any other area subject to the legislative authority of the United States. See Virginia Code 55-210.2
  • State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
  • Unclaimed property: means property for which the owner, as shown by the records of the holder of his property, has ceased, failed or neglected, within the times provided in this chapter, to make presentment and demand for payment and satisfaction or to do any other act in relation to or concerning such property. See Virginia Code 55-210.2
  • United States: includes the 50 states, the District of Columbia the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands and the United States Virgin Islands. See Virginia Code 1-255
  • Utility: means a person who owns or operates, for public use, any plant, equipment, property, franchise, or license for the transmission of communications or the production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas. See Virginia Code 55-210.2