CODE OF VIRGINIA

ELECTION OF STATE TREASURER NOT TO RECEIVE PROPERTY OR TO POSTPONE TAKING
POSSESSION OF FUNDS (§ 55-210.23)

The State Treasurer, after receiving reports of property deemed abandoned
pursuant to this chapter, may decline to receive any property reported which 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 § 55-210.12, the State Treasurer shall be deemed to have elected
to receive the custody of the property.

HISTORY: 1960, c. 330.