{"law_id":"774325","section_number":"55-210.8","catch_line":"When intangible personal property held in fiduciary capacity presumed abandoned","history":"1960, c. 330; 1981, c. 47; 1982, c. 331; 1984, c. 121; 2000, cc. 733, 745.","order_by":null,"metadata":false,"court_decisions":{},"official_url":"http:\/\/law.lis.virginia.gov\/vacode\/55-210.8\/","refers_to":false,"url":"\/55-210.8\/","token":"55\/11.1\/2\/55-210.8","structure":{"1":{"id":"582","name":"Property Abandoned Or Assumed Abandoned","identifier":"2","label":"article","url":"\/55\/11.1\/2\/"},"2":{"id":"581","name":"Disposition Of Unclaimed Property","identifier":"11.1","label":"chapter","url":"\/55\/11.1\/"},"3":{"id":"30","name":"Property And Conveyances","identifier":"55","label":"title","url":"\/55\/"}},"referred_to_by":[{"id":"792630","section_number":"13.1-750","catch_line":"Articles of termination of corporate existence","url":"\/13.1-750\/"},{"id":"794538","section_number":"13.1-912","catch_line":"Articles of termination of corporate existence","url":"\/13.1-912\/"},{"id":"790084","section_number":"55-210.11","catch_line":"When certain property not presumed abandoned in this Commonwealth","url":"\/55-210.11\/"}],"edition_id":"11","section_id":"774325","structure_id":"582","full_text":"All intangible personal property and any income or increment thereon, held in a fiduciary capacity for the benefit of another person is presumed abandoned unless the owner has, within five years after it becomes payable, increased or decreased the principal, accepted payment of principal or income, corresponded in writing concerning the property, or otherwise indicated an interest as evidenced by a memorandum or other record on file with and prepared by the fiduciary or an employee of the fiduciary.Funds in an individual retirement account, a retirement plan for self-employed individuals or a similar account or plan established pursuant to the Internal Revenue laws of the United States are not payable within the meaning of this section unless, under the terms of the account or plan, distribution of all or part of the funds would then be mandatory.For the purpose of this section, a person who holds property as an agent for a business association is deemed to hold the property in a fiduciary capacity for that business association alone, unless such person’s agreement with the business association provides otherwise. A person who is so deemed to hold property in a fiduciary capacity for a business association alone is the holder of the property only insofar as the interest of the business association in the property is concerned, and the business association is the holder of the property insofar as the interest of any other person in the property is concerned.","text":{"0":{"id":"2496769","text":"All intangible personal property and any income or increment thereon, held in a fiduciary capacity for the benefit of another person is presumed abandoned unless the owner has, within five years after it becomes payable, increased or decreased the principal, accepted payment of principal or income, corresponded in writing concerning the property, or otherwise indicated an interest as evidenced by a memorandum or other record on file with and prepared by the fiduciary or an employee of the fiduciary.Funds in an individual retirement account, a retirement plan for self-employed individuals or a similar account or plan established pursuant to the Internal Revenue laws of the United States are not payable within the meaning of this section unless, under the terms of the account or plan, distribution of all or part of the funds would then be mandatory.For the purpose of this section, a person who holds property as an agent for a business association is deemed to hold the property in a fiduciary capacity for that business association alone, unless such person’s agreement with the business association provides otherwise. A person who is so deemed to hold property in a fiduciary capacity for a business association alone is the holder of the property only insofar as the interest of the business association in the property is concerned, and the business association is the holder of the property insofar as the interest of any other person in the property is concerned.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":{"1":{"id":"582","name":"Property Abandoned Or Assumed Abandoned","identifier":"2","label":"article","url":"\/55\/11.1\/2\/"},"2":{"id":"581","name":"Disposition Of Unclaimed Property","identifier":"11.1","label":"chapter","url":"\/55\/11.1\/"},"3":{"id":"30","name":"Property And Conveyances","identifier":"55","label":"title","url":"\/55\/"}},"structure_contents":{"0":{"id":"792574","structure_id":"582","section_number":"55-210.10","catch_line":"Repealed","url":"\/55-210.10\/","token":"55\/11.1\/2\/55-210.10"},"1":{"id":"775607","structure_id":"582","section_number":"55-210.10:1","catch_line":"Employee benefit trust distribution","url":"\/55-210.10:1\/","token":"55\/11.1\/2\/55-210.10:1"},"2":{"id":"779160","structure_id":"582","section_number":"55-210.10:2","catch_line":"Holder of tangible or intangible personal property may voluntarily report same","url":"\/55-210.10:2\/","token":"55\/11.1\/2\/55-210.10:2"},"3":{"id":"796227","structure_id":"582","section_number":"55-210.2:1","catch_line":"Property presumed abandoned; general rule","url":"\/55-210.2:1\/","token":"55\/11.1\/2\/55-210.2:1"},"4":{"id":"793311","structure_id":"582","section_number":"55-210.2:2","catch_line":"General rules for taking custody of intangible unclaimed property","url":"\/55-210.2:2\/","token":"55\/11.1\/2\/55-210.2:2"},"5":{"id":"765379","structure_id":"582","section_number":"55-210.3","catch_line":"Repealed","url":"\/55-210.3\/","token":"55\/11.1\/2\/55-210.3"},"6":{"id":"771115","structure_id":"582","section_number":"55-210.3:01","catch_line":"Bank deposits and funds in financial organizations","url":"\/55-210.3:01\/","token":"55\/11.1\/2\/55-210.3:01"},"7":{"id":"794499","structure_id":"582","section_number":"55-210.3:02","catch_line":"Travelers' checks and money orders","url":"\/55-210.3:02\/","token":"55\/11.1\/2\/55-210.3:02"},"8":{"id":"767549","structure_id":"582","section_number":"55-210.3:1","catch_line":"Repealed","url":"\/55-210.3:1\/","token":"55\/11.1\/2\/55-210.3:1"},"9":{"id":"780760","structure_id":"582","section_number":"55-210.3:2","catch_line":"Checks, drafts and similar instruments issued or certified by banking and financial organizations","url":"\/55-210.3:2\/","token":"55\/11.1\/2\/55-210.3:2"},"10":{"id":"769637","structure_id":"582","section_number":"55-210.3:3","catch_line":"Contents of safe deposit box or other safekeeping repository","url":"\/55-210.3:3\/","token":"55\/11.1\/2\/55-210.3:3"},"11":{"id":"766031","structure_id":"582","section_number":"55-210.4","catch_line":"Repealed","url":"\/55-210.4\/","token":"55\/11.1\/2\/55-210.4"},"12":{"id":"765711","structure_id":"582","section_number":"55-210.4:01","catch_line":"Funds owing under life insurance policies","url":"\/55-210.4:01\/","token":"55\/11.1\/2\/55-210.4:01"},"13":{"id":"773364","structure_id":"582","section_number":"55-210.4:1","catch_line":"When intangible personal property held by insurance corporation subject to \u00a7 55-210.2:1","url":"\/55-210.4:1\/","token":"55\/11.1\/2\/55-210.4:1"},"14":{"id":"791547","structure_id":"582","section_number":"55-210.4:2","catch_line":"Unclaimed demutualization proceeds","url":"\/55-210.4:2\/","token":"55\/11.1\/2\/55-210.4:2"},"15":{"id":"770053","structure_id":"582","section_number":"55-210.5","catch_line":"Deposits held by utilities","url":"\/55-210.5\/","token":"55\/11.1\/2\/55-210.5"},"16":{"id":"794066","structure_id":"582","section_number":"55-210.6","catch_line":"Repealed","url":"\/55-210.6\/","token":"55\/11.1\/2\/55-210.6"},"17":{"id":"794628","structure_id":"582","section_number":"55-210.6:1","catch_line":"When intangible interest in business association presumed abandoned","url":"\/55-210.6:1\/","token":"55\/11.1\/2\/55-210.6:1"},"18":{"id":"774476","structure_id":"582","section_number":"55-210.6:2","catch_line":"Refunds held by business associations","url":"\/55-210.6:2\/","token":"55\/11.1\/2\/55-210.6:2"},"19":{"id":"772145","structure_id":"582","section_number":"55-210.7","catch_line":"Property of business associations held in course of dissolution","url":"\/55-210.7\/","token":"55\/11.1\/2\/55-210.7"},"20":{"id":"774325","structure_id":"582","section_number":"55-210.8","catch_line":"When intangible personal property held in fiduciary capacity presumed abandoned","url":"\/55-210.8\/","token":"55\/11.1\/2\/55-210.8"},"21":{"id":"793028","structure_id":"582","section_number":"55-210.8:1","catch_line":"Gift certificates and credit balances","url":"\/55-210.8:1\/","token":"55\/11.1\/2\/55-210.8:1"},"22":{"id":"785605","structure_id":"582","section_number":"55-210.8:2","catch_line":"Wages","url":"\/55-210.8:2\/","token":"55\/11.1\/2\/55-210.8:2"},"23":{"id":"775733","structure_id":"582","section_number":"55-210.9","catch_line":"When intangible property held for owner by public agency presumed abandoned","url":"\/55-210.9\/","token":"55\/11.1\/2\/55-210.9"},"24":{"id":"780050","structure_id":"582","section_number":"55-210.9:1","catch_line":"Property held by courts","url":"\/55-210.9:1\/","token":"55\/11.1\/2\/55-210.9:1"},"25":{"id":"783731","structure_id":"582","section_number":"55-210.9:2","catch_line":"Responsibilities of general receiver and clerk","url":"\/55-210.9:2\/","token":"55\/11.1\/2\/55-210.9:2"}},"previous_section":{"id":"772145","structure_id":"582","section_number":"55-210.7","catch_line":"Property of business associations held in course of dissolution","url":"\/55-210.7\/","token":"55\/11.1\/2\/55-210.7"},"next_section":{"id":"793028","structure_id":"582","section_number":"55-210.8:1","catch_line":"Gift certificates and credit balances","url":"\/55-210.8:1\/","token":"55\/11.1\/2\/55-210.8:1"},"references":[{"id":"790084","section_number":"55-210.11","catch_line":"When certain property not presumed abandoned in this Commonwealth","url":"\/55-210.11\/"}],"formats":{"txt":"\/55-210.8.txt","json":"\/55-210.8.json","xml":"\/55-210.8.xml"},"dublin_core":{"Title":"When intangible personal property held in fiduciary capacity presumed abandoned","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55-210.8","Relation":"Code of Virginia"},"plain_text":"                                 CODE OF VIRGINIA\n\nWHEN INTANGIBLE PERSONAL PROPERTY HELD IN FIDUCIARY CAPACITY PRESUMED ABANDONED\n(\u00a7 55-210.8)\n\nAll intangible personal property and any income or increment thereon, held in a\nfiduciary capacity for the benefit of another person is presumed abandoned\nunless the owner has, within five years after it becomes payable, increased or\ndecreased the principal, accepted payment of principal or income, corresponded\nin writing concerning the property, or otherwise indicated an interest as\nevidenced by a memorandum or other record on file with and prepared by the\nfiduciary or an employee of the fiduciary.Funds in an individual retirement\naccount, a retirement plan for self-employed individuals or a similar account or\nplan established pursuant to the Internal Revenue laws of the United States are\nnot payable within the meaning of this section unless, under the terms of the\naccount or plan, distribution of all or part of the funds would then be\nmandatory.For the purpose of this section, a person who holds property as an\nagent for a business association is deemed to hold the property in a fiduciary\ncapacity for that business association alone, unless such person’s\nagreement with the business association provides otherwise. A person who is so\ndeemed to hold property in a fiduciary capacity for a business association alone\nis the holder of the property only insofar as the interest of the business\nassociation in the property is concerned, and the business association is the\nholder of the property insofar as the interest of any other person in the\nproperty is concerned.\n\nHISTORY: 1960, c. 330; 1981, c. 47; 1982, c. 331; 1984, c. 121; 2000, cc. 733,\n745."}