55-210.6:1 - When intangible interest in business association presumed abandoned - Virginia Statutes

§ 55-210.6:1. When intangible interest in business association presumedabandoned.

A. Any intangible interest in a business association, as evidenced by thestock records or membership records of the association, is presumed abandonedfive years after the date of the most recent dividend or other distributionunclaimed by the apparent owner with respect to the stock or other interest,or, if a dividend or other distribution has not been paid on the stock orother interest, or the stock or other interest is held pursuant to a planthat provides for the automatic reinvestment of dividends or otherdistributions, five years after the date of the second mailing of a statementof account or other notification or communication that was returned asundeliverable, or after the date the holder discontinued the mailings to theapparent owner, whichever is earlier. With respect to such interest, thebusiness association shall be deemed the holder.

B. Any dividend or other distribution held for or owing to a person at thetime the stock or other security to which such dividend or other distributionattaches, is considered abandoned at the same time.

(1970, c. 158; 1980, c. 293; 1981, c. 47; 1991, c. 357; 1995, c. 624.)