55-180 - Disposition thereof, if not so committed. - Virginia Statutes

§ 55-180. Disposition thereof, if not so committed.

If the escheator leases property remaining in his hands, he shall notify andtransmit a copy of such lease, if in written form, to the State Treasurerwithin thirty days and remit the rent proceeds to the State Treasurer as theyare received. In either case the escheator shall be answerable, as the rightmay be determined, to the claimant or to the Commonwealth for the rents andprofits thereof and that the same shall be kept free from waste anddestruction. Where the escheator deems that reasonable business practicewould require that insurance be obtained on such income-producing property,he shall obtain insurance coverage on the escheated property after havingfirst obtained the approval of the State Treasurer therefor.

(Code 1919, § 501; 1977, c. 583; 1982, c. 486; 1984, c. 315.)