A sale agreement for the purchase of escheated property shall include a statement of the purchaser’s right to claim a refund pursuant to § 55.1-2438 upon submission to the State Treasurer within 120 days of the sale of satisfactory evidence that the escheated property does not exist or was improperly escheated. The following form may […]
A. When the escheator sells for cash, he shall certify the purchase and the price to the State Treasurer, who, after determining that such price, deducting the expenses, has been paid into the state treasury and that the expenses of the inquest and sale have been paid to the escheator, shall have a grant issued […]
A grant of escheated property shall be without warranty and to the following effect: “In consideration of the sum of $____ paid by ________, the Purchaser, into the treasury of the Commonwealth, etc., there is granted without warranty by the Commonwealth to ________, the Purchaser, a certain tract or parcel of land, containing ____ acres, […]
The State Treasurer shall deliver such grant of escheated property to the Governor, by whom it shall be signed and caused to be affixed with the lesser seal of the Commonwealth. The grant shall then be delivered by the Governor to the Librarian of Virginia, who shall record it, and the plat and certificate of […]
The clerk shall accept for recordation a copy of the grant of escheated property from the Commonwealth that is certified as a true copy by the Librarian of Virginia under § 55.1-2423. 2005, c. 540, § 55-186.3; 2019, c. 712.
If the purchaser does not pay the purchase money into the state treasury within a reasonable time, any deposit is forfeited, and the State Treasurer may rescind the contract and order a new sale. Code 1919, § 508; Code 1950, § 55-187; 1990, c. 938; 2019, c. 712.
The escheator shall file reports with the State Treasurer as required by the State Treasurer by agency directive. Code 1919, § 510; Code 1950, § 55-189; 1977, c. 583; 1981, c. 514; 1990, c. 938; 2019, c. 712.
The State Treasurer shall, every May 1, file a report with the Governor containing the name of any escheator who fails to perform any duty required of him by this chapter. If any escheator fails to report to and account with the State Treasurer, or fails to pay into the state treasury the proceeds of […]
The State Treasurer may at reasonable times and upon reasonable notice examine the records of any escheator, commissioner of the revenue, treasurer, or other person charged with his duties. 1982, c. 486, § 55-190.1; 1990, c. 938; 2019, c. 712.
The State Treasurer shall not request that the Governor issue a grant for the lands sold to the purchaser, or his heirs or assigns, until the purchase money has been fully paid. Code 1919, § 512; Code 1950, § 55-191; 1982, c. 486; 2019, c. 712.
Except as otherwise provided in this section, the escheator shall be entitled to a commission of 10 percent on all proceeds of sales made by him of escheated lands that are paid to him or into the state treasury. Where an escheator is replaced by the appointment and qualification of a successor and where such […]
An estate vested in a person solely by mortgage or deed of trust shall not escheat or be forfeited to the Commonwealth by reason of the mortgagee or trustee dying without heirs, but any equitable title to lands shall escheat or be forfeited, as the case may be, if the person having the equitable title […]
If any person holds any escheated land under a lease or has right to any rent or other profit out of such land, he shall hold and enjoy his lease, rent, or other profit, whether such lease or right to rent or other profit is found in the inquest or not. Code 1919, § 515; […]
If any debt of a person who died in possession of such lands that escheated to the Commonwealth, remains unpaid after all the personal estate of such person has been applied to the payment of his debts, the creditor may file his complaint, accompanied with an affidavit that the debt is bona fide due, to […]
The escheator shall answer and defend on the part of the Commonwealth any action against him or any petition filed under § 55.1-2409 and shall be allowed the costs incurred by him in such defense. Code 1919, § 517; Code 1950, § 55-196; 2019, c. 712.
The residue of a decedent’s estate consisting of real property belonging to the Commonwealth, or subject to escheat to the Commonwealth, and any such property abandoned or derelict, or having no rightful owner, may be recovered from any person in possession thereof by an escheator by a complaint in the name of the Commonwealth. For […]
When any action is instituted pursuant to § 55.1-2435, the court shall cause a publication to be made once each week for four consecutive weeks in a newspaper of general circulation in the county or city in which the proceedings are held, setting forth the nature of the claim, the name and place of birth, […]
If no person appears and shows that he has title to the property, the court shall order that the residue or other property belongs to the Commonwealth and enforce the collection thereof or of the proceeds of the sale of such property, provided, however, that if the residue or other property was given, bequeathed, or […]
A. If within 120 days from the date of sale, a purchaser submits evidence satisfactory to the State Treasurer that the property described in the grant does not exist or was improperly escheated, the State Treasurer may refund the purchase price, less the expenses of sale and the escheator’s fee. Before any such refund is […]
The State Treasurer shall adopt any necessary regulations in accordance with the Administrative Process Act (§ 2.2-4000 et seq.) to carry out the provisions of this chapter. 1984, c. 315, § 55-200.1; 2019, c. 712.
