55-210.23 - Election of State Treasurer not to receive property or to postpone taking possession of funds. - Virginia Statutes

§ 55-210.23. Election of State Treasurer not to receive property or topostpone taking possession of funds.

The State Treasurer, after receiving reports of property deemed abandonedpursuant to this chapter, may decline to receive any property reported whichhe deems to have a value less than the cost of giving notice and holdingsale, or he may, if he deems it desirable because of the small sum involved,postpone taking possession until a sufficient sum accumulates. Unless theholder of the property is notified to the contrary within 120 days afterfiling the report required under § 55-210.12, the State Treasurer shall bedeemed to have elected to receive the custody of the property.

(1960, c. 330.)