(a) Property is presumed abandoned if it is unclaimed by the apparent owner during the time set forth below for the particular property: (1) traveler’s check, 15 years after issuance; (2) money order, seven years after issuance; (3) stock or other equity interest in a business association or financial organization, including a security entitlement under […]
Tangible property held in a safe deposit box or other safekeeping depository in the Virgin Islands in the ordinary course of the holder’s business and proceeds resulting from the sale of the property permitted by other law, are presumed abandoned if the property remains unclaimed by the owner for more than five years after expiration […]
Except as otherwise provided in this chapter or by other statute of the Virgin Islands, property that is presumed abandoned, whether located in the Virgin Islands or another State, is subject to the custody of the Virgin Islands if: (1) the last known address of the apparent owner, as shown on the records of the […]
A holder may deduct from property presumed abandoned a charge imposed by reason of the owner’s failure to claim the property within a specified time only if there is a valid and enforceable written contract between the holder and the owner under which the holder may impose the charge and the holder regularly imposes the […]
A record of the issuance of a check, draft, or similar instrument is prima facie evidence of an obligation. In claiming property from a holder who is also the issuer, the administrator’s burden of proof as to the existence and amount of the property and its abandonment is satisfied by showing issuance of the instrument […]
(a) A holder of property presumed abandoned shall make a report to the administrator concerning the property. (b) The report must be verified and must contain: (1) a description of the property; (2) except with respect to a traveler’s check or money order, the name, if known, and last known address, if any, and the […]
(a) Except for property held in a safe deposit box or other safekeeping depository, upon filing the report required by section 658, the holder of property presumed abandoned shall pay, deliver, or cause to be paid or delivered to the administrator the property described in the report as unclaimed, but if the property is an […]
(a) The administrator shall publish a notice not later than November 30 of the year next following the year in which abandoned property has been paid or delivered to the administrator. The notice must be published in a newspaper of general circulation in the Virgin Islands. If a holder does not report an address for […]
(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 chapter; (2) the holder was not then in breach of a fiduciary obligation with respect to the property and had a reasonable basis for believing, based on the […]
If property other than money is delivered to the administrator under this chapter, 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. If the property was an interest bearing demand, savings, or time deposit, […]
(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 Virgin Islands which in the judgment of the administrator affords the most favorable market for the property. The administrator may decline […]
(a) Except as otherwise provided by this section, the administrator shall promptly deposit in the General Fund of the Treasury of the Virgin Islands of the [sic] all funds received under this chapter, including the proceeds from the sale of abandoned property under section 663. The administrator shall retain in a separate trust fund at […]
(a) After property has been paid or delivered to the administrator under this chapter, another State may recover the property if: (1) the property was paid or delivered to the custody of the Virgin Islands because the records of the holder did not reflect a last known location of the apparent owner within the borders […]
(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 90 days after its filing may maintain an original action to establish the claim in the Superior Court of the Virgin Islands, naming the administrator as a defendant. If the aggrieved person establishes the claim in an […]
(a) The administrator may decline to receive property reported under this chapter 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 […]
If the administrator determines after investigation that property delivered under this chapter 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 Virgin Islands or any officer or against the holder for or on account of an […]
(a) The expiration, before or after the effective date of this chapter, 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) The administrator 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 reportable under this chapter, describe […]
(a) Except as otherwise provided in subsection (b), a holder required to file a report under section 658 shall maintain the records containing the information required to be included in the report for 10 years after the holder files the report, unless a shorter period is provided by rule of the administrator. (b) A business […]
