Code of Virginia § 55.1-2535. Election of administrator not to receive property or to postpone taking possession of funds.
106 words·~1 min read·
/va/title-55-1/chapter-25/55-1-2535·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The administrator, after receiving reports of property deemed abandoned pursuant to this chapter, may decline to receive any property reported that he deems to have a value less than the cost of giving notice and holding sale, or he may, if he deems it desirable because of the small sum involved, postpone taking possession until a sufficient sum accumulates. Unless the holder of the property is notified to the contrary within 120 days after filing the report required under § 55.1-2524 , the administrator shall be deemed to have elected to receive the custody of the property.
1960, c. 330, § 55-210.23; 2019, c. 712 .