§ 55-210.12. Report and remittance to be made by holder of funds or propertypresumed abandoned; holder to exercise due diligence to locate owner.
A. Every person holding funds or other property, tangible or intangible,presumed abandoned under this chapter shall report and remit to theadministrator with respect to the property as hereinafter provided. Reportscontaining 25 or more items shall be remitted in an electronic format asprescribed by the administrator. The administrator may waive this requirementwhen he determines, in his discretion, that it creates an undue hardship.
B. The report shall be verified and shall include:
1. The name and social security or federal identification number, if known,and last known address, including ZIP code, if any, of each person appearingfrom the records of the holder to be the owner of any property of the valueof $100 or more presumed abandoned under this chapter;
2. In case of unclaimed funds of insurance corporations, the full name of theinsured or annuitant and any beneficiary, if known, and the last knownaddress according to the insurance corporation's records;
3. In the case of the contents of a safe deposit box or other safekeepingrepository or in the case of other tangible property, a description of theproperty and the place where it is held and may be inspected by theadministrator, and any amounts owing to the holder;
4. The nature and identifying number, if any, or description of the propertyand the amount appearing from the records to be due, except that items ofvalue under $100 each may be reported in aggregate;
5. The date when the property became payable, demandable, or returnable, andthe date of the last transaction with the owner with respect to the property;and
6. Other information which the administrator prescribes by rule as reasonablynecessary for the administration of this chapter.
C. If the person holding property presumed abandoned is a successor to otherpersons who previously held the property for the owner, or if the holder haschanged his name while holding the property, he shall file with his reportall prior known names and addresses of each holder of the property.
D. The report and remittance, including the remittance of unclaimeddemutualization proceeds made pursuant to § 55-210.4:2, shall be filed beforeNovember 1 of each year as of June 30 next preceding, but the report andremittance of insurance corporations shall be filed before May 1 of each yearas of December 31 next preceding. When property is evidenced by certificateof ownership as set forth in § 55-210.6:1, the holder shall deliver to theState Treasurer a duplicate of any such certificate registered in the name"Treasurer of Virginia" or the Treasurer's designated nominee at the timeof report and remittance. The administrator may postpone the reporting andremittance date upon written request by any person required to file a report.
E. If the holder of property presumed abandoned under this chapter knows thewhereabouts of the owner, the holder shall, before filing the annual report,communicate with the owner and take necessary steps to prevent abandonmentfrom being presumed. All holders shall exercise due diligence, as defined in§ 55-210.2, at least 60 days prior to the submission of the report toascertain the whereabouts of the owner if (i) the holder has in its recordsan address for the apparent owner which the holder's records do not discloseto be inaccurate and (ii) the property has a value of $100 or more.
F. Verification, if made by a partnership, shall be executed by a partner; ifmade by an unincorporated association or private corporation, by an officer;and if made by a public corporation, by its chief fiscal officer.
(1960, c. 330; 1981, c. 47; 1982, c. 331; 1983, c. 190; 1984, c. 121; 1985,c. 294; 1987, c. 236; 1988, c. 378; 1992, c. 583; 2000, cc. 733, 745; 2003,cc. 750, 765; 2004, c. 524.)
§ 55-210.12. Report and remittance to be made by holder of funds or propertypresumed abandoned; holder to exercise due diligence to locate owner.
A. Every person holding funds or other property, tangible or intangible,presumed abandoned under this chapter shall report and remit to theadministrator with respect to the property as hereinafter provided. Reportscontaining 25 or more items shall be remitted in an electronic format asprescribed by the administrator. The administrator may waive this requirementwhen he determines, in his discretion, that it creates an undue hardship.
B. The report shall be verified and shall include:
1. The name and social security or federal identification number, if known,and last known address, including ZIP code, if any, of each person appearingfrom the records of the holder to be the owner of any property of the valueof $100 or more presumed abandoned under this chapter;
2. In case of unclaimed funds of insurance corporations, the full name of theinsured or annuitant and any beneficiary, if known, and the last knownaddress according to the insurance corporation's records;
3. In the case of the contents of a safe deposit box or other safekeepingrepository or in the case of other tangible property, a description of theproperty and the place where it is held and may be inspected by theadministrator, and any amounts owing to the holder;
4. The nature and identifying number, if any, or description of the propertyand the amount appearing from the records to be due, except that items ofvalue under $100 each may be reported in aggregate;
5. The date when the property became payable, demandable, or returnable, andthe date of the last transaction with the owner with respect to the property;and
6. Other information which the administrator prescribes by rule as reasonablynecessary for the administration of this chapter.
C. If the person holding property presumed abandoned is a successor to otherpersons who previously held the property for the owner, or if the holder haschanged his name while holding the property, he shall file with his reportall prior known names and addresses of each holder of the property.
D. The report and remittance, including the remittance of unclaimeddemutualization proceeds made pursuant to § 55-210.4:2, shall be filed beforeNovember 1 of each year as of June 30 next preceding, but the report andremittance of insurance corporations shall be filed before May 1 of each yearas of December 31 next preceding. When property is evidenced by certificateof ownership as set forth in § 55-210.6:1, the holder shall deliver to theState Treasurer a duplicate of any such certificate registered in the name"Treasurer of Virginia" or the Treasurer's designated nominee at the timeof report and remittance. The administrator may postpone the reporting andremittance date upon written request by any person required to file a report.
E. If the holder of property presumed abandoned under this chapter knows thewhereabouts of the owner, the holder shall, before filing the annual report,communicate with the owner and take necessary steps to prevent abandonmentfrom being presumed. All holders shall exercise due diligence, as defined in§ 55-210.2, at least 60 days prior to the submission of the report toascertain the whereabouts of the owner if (i) the holder has in its recordsan address for the apparent owner which the holder's records do not discloseto be inaccurate and (ii) the property has a value of $100 or more.
F. Verification, if made by a partnership, shall be executed by a partner; ifmade by an unincorporated association or private corporation, by an officer;and if made by a public corporation, by its chief fiscal officer.
(1960, c. 330; 1981, c. 47; 1982, c. 331; 1983, c. 190; 1984, c. 121; 1985,c. 294; 1987, c. 236; 1988, c. 378; 1992, c. 583; 2000, cc. 733, 745; 2003,cc. 750, 765; 2004, c. 524.)
§ 55-210.12. Report and remittance to be made by holder of funds or propertypresumed abandoned; holder to exercise due diligence to locate owner.
A. Every person holding funds or other property, tangible or intangible,presumed abandoned under this chapter shall report and remit to theadministrator with respect to the property as hereinafter provided. Reportscontaining 25 or more items shall be remitted in an electronic format asprescribed by the administrator. The administrator may waive this requirementwhen he determines, in his discretion, that it creates an undue hardship.
B. The report shall be verified and shall include:
1. The name and social security or federal identification number, if known,and last known address, including ZIP code, if any, of each person appearingfrom the records of the holder to be the owner of any property of the valueof $100 or more presumed abandoned under this chapter;
2. In case of unclaimed funds of insurance corporations, the full name of theinsured or annuitant and any beneficiary, if known, and the last knownaddress according to the insurance corporation's records;
3. In the case of the contents of a safe deposit box or other safekeepingrepository or in the case of other tangible property, a description of theproperty and the place where it is held and may be inspected by theadministrator, and any amounts owing to the holder;
4. The nature and identifying number, if any, or description of the propertyand the amount appearing from the records to be due, except that items ofvalue under $100 each may be reported in aggregate;
5. The date when the property became payable, demandable, or returnable, andthe date of the last transaction with the owner with respect to the property;and
6. Other information which the administrator prescribes by rule as reasonablynecessary for the administration of this chapter.
C. If the person holding property presumed abandoned is a successor to otherpersons who previously held the property for the owner, or if the holder haschanged his name while holding the property, he shall file with his reportall prior known names and addresses of each holder of the property.
D. The report and remittance, including the remittance of unclaimeddemutualization proceeds made pursuant to § 55-210.4:2, shall be filed beforeNovember 1 of each year as of June 30 next preceding, but the report andremittance of insurance corporations shall be filed before May 1 of each yearas of December 31 next preceding. When property is evidenced by certificateof ownership as set forth in § 55-210.6:1, the holder shall deliver to theState Treasurer a duplicate of any such certificate registered in the name"Treasurer of Virginia" or the Treasurer's designated nominee at the timeof report and remittance. The administrator may postpone the reporting andremittance date upon written request by any person required to file a report.
E. If the holder of property presumed abandoned under this chapter knows thewhereabouts of the owner, the holder shall, before filing the annual report,communicate with the owner and take necessary steps to prevent abandonmentfrom being presumed. All holders shall exercise due diligence, as defined in§ 55-210.2, at least 60 days prior to the submission of the report toascertain the whereabouts of the owner if (i) the holder has in its recordsan address for the apparent owner which the holder's records do not discloseto be inaccurate and (ii) the property has a value of $100 or more.
F. Verification, if made by a partnership, shall be executed by a partner; ifmade by an unincorporated association or private corporation, by an officer;and if made by a public corporation, by its chief fiscal officer.
(1960, c. 330; 1981, c. 47; 1982, c. 331; 1983, c. 190; 1984, c. 121; 1985,c. 294; 1987, c. 236; 1988, c. 378; 1992, c. 583; 2000, cc. 733, 745; 2003,cc. 750, 765; 2004, c. 524.)
