HB366: Disposition of unclaimed property; intangible property held by locality.

HOUSE BILL NO. 366

Offered January 13, 2016
Prefiled January 5, 2016
A BILL to amend and reenact § 55-210.9 of the Code of Virginia, relating to the disposition of unclaimed property; intangible property held by locality.
Patrons-- Davis; Senator: Wagner
Committee Referral Pending

Be it enacted by the General Assembly of Virginia:

1. That § 55-210.9 of the Code of Virginia is amended and reenacted as follows:

§ 55-210.9. When intangible property held for owner by public agency presumed abandoned.

All intangible property that is held for the owner by any government or governmental subdivision or agency, public corporation, or public authority other than a locality, and intangible property with a value that exceeds $25 held that is held for the owner by a locality, and that has remained unclaimed by the owner for more than one year after it became payable, is presumed abandoned.