55-210.19 - Disposition of funds received under chapter; records to be kept by administrator. - Virginia Statutes

§ 55-210.19. Disposition of funds received under chapter; records to be keptby administrator.

(a) All funds received under this chapter, including the proceeds from thesale of abandoned property under § 55-210.18, shall forthwith be deposited bythe administrator in the Literary Fund of the Commonwealth, except that theadministrator shall retain in a separate trust fund a sum sufficient fromwhich he shall make prompt payment of claims duly allowed by him ashereinafter provided. Before making the deposit he shall record the name andlast known address of each person appearing from the holders' reports to beentitled to the abandoned property and of the name and last known address ofeach insured person or annuitant, and with respect to each policy or contractlisted in the report of an insurance corporation, its number, the name of thecorporation, and the amount due.

(b) Before making any deposit to the credit of the Literary Fund theadministrator may deduct: (1) any costs in connection with sale of abandonedproperty, (2) any costs of mailing and publication in connection with anyabandoned property, (3) operating expenses, and (4) amounts required to makepayments to other states, during the next fiscal year, through reciprocityagreements.

(1960, c. 330; 1981, c. 47; 1984, c. 121; 1985, c. 294.)