As used in this article: “Administrator” means the State Treasurer. “Apparent owner” means a person whose name appears on the records of a holder as the person entitled to property held, issued, or owing by the holder. “Business association” means a corporation, joint stock company, investment company, partnership, unincorporated association, joint venture, limited liability company, […]
(a) In this section, payment or delivery is made in “good faith” if: (1) Payment or delivery was made in a reasonable attempt to comply with this article;
(a) If property other than money is delivered to the administrator under this article, the owner is entitled to receive from the administrator any income or gain realized or accruing on the property at or before liquidation or conversion of the property into money only as provided in this subsection: (1) If the property was […]
(a) Except as otherwise provided in this section, the administrator, within three years after the receipt of abandoned property, shall sell it to the highest bidder at public sale at a location in the state which in the judgment of the administrator affords the most favorable market for the property. The administrator may decline the […]
(a) The administrator shall record the name and last known address of each person appearing from the holders reports to be entitled to the property and the name and last known address of each insured person or annuitant and beneficiary and with respect to each policy or annuity listed in the report of an insurance […]
(a) After property has been paid or delivered to the administrator under this article, another state may recover the property if: (1) The property was paid or delivered to the custody of this state because the records of the holder did not reflect a last known location of the apparent owner within the borders of […]
(a) A person, excluding another state, claiming property paid or delivered to the administrator may file a claim on a form prescribed by the administrator and verified by the claimant. (b) Within 90 days after a claim is filed, the administrator shall allow or deny the claim and give written notice of the decision to […]
A person aggrieved by a decision of the administrator or whose claim has not been acted upon within ninety days after its filing may maintain an original action to establish the claim in the circuit court of Kanawha County, naming the administrator as a defendant. If the aggrieved person establishes the claim in an action […]
(a) The administrator may decline to receive property reported under this article which the administrator considers to have a value less than the expenses of notice and sale. (b) A holder, with the written consent of the administrator and upon conditions and terms prescribed by the administrator, may report and deliver property before the property […]
substantial commercial value; immunity from liability. If the administrator determines after investigation that property delivered under this article has no substantial commercial value, the administrator may destroy or otherwise dispose of the property at any time. An action or proceeding may not be maintained against the state or any officer or against the holder for […]
(a) The expiration, before or after the effective date of this article, of a period of limitation on the owner's right to receive or recover property, whether specified by contract, statute or court order, does not preclude the property from being presumed abandoned or affect a duty to file a report or to pay or […]
(a) Property is presumed abandoned if it is unclaimed by the apparent owner during the time set forth below for the particular property: (1) Travelers check, 15 years after issuance;
(a) The administrator, or the administrator's designated agent, may require a person who has not filed a report, or a person who the administrator believes has filed an inaccurate, incomplete or false report, to file a verified report in a form specified by the administrator. The report must state whether the person is holding property […]
(a) Except as otherwise provided in subsection (b) of this section, a holder required to file a report under section seven of this article shall maintain the records containing the information required to be included in the report for ten years after the holder files the report, unless a shorter period is provided by rule […]
The administrator may maintain an action in this or another state to enforce this article. The court may award reasonable attorney's fees to the prevailing party.
(a) The administrator may enter into an agreement with another state to exchange information relating to abandoned property or its possible existence. The agreement may permit the other state, or another person acting on behalf of a state, to examine records as authorized in section twenty of this article. The administrator by rule may require […]
(a) A holder who fails to report, pay or deliver property within the time prescribed by this article shall pay to the administrator interest at the annual rate of twelve percent on the property or value thereof from the date the property should have been reported, paid or delivered. (b) Except as otherwise provided in […]
Records of abandoned property kept by the administrator are available for inspection and copying only by an owner of such property as to the particular property he or she owns, or by his or her personal representative, next of kin, attorney at law, or such person entitled to inherit from the owner conducting a legal […]
This article does not apply to property held, due and owing in a foreign country and arising out of a foreign transaction.
(a) An initial report filed under this article for property that was not required to be reported before the effective date of this article but which is subject to this article must include all items of property that would have been presumed abandoned during the ten-year period next preceding the effective date of this article […]
