55-210.2:1 - Property presumed abandoned; general rule - Virginia Statutes

§ 55-210.2:1. Property presumed abandoned; general rule.

All tangible and intangible property, including any income or incrementthereon, less any lawful charges, that is held, issued or owing in theordinary course of the holder's business and has remained unclaimed by theowner for more than five years after it became payable is presumed abandoned,except as otherwise provided by this chapter. Property is payable for thepurpose of this chapter notwithstanding the owner's failure to make demand orto present any instrument or document required to receive payment.

(1984, c. 121; 1985, c. 294; 2000, cc. 733, 745.)