Va. Code § 55.1-2535
Election of administrator not to receive property or to postpone taking possession of funds
Virginia · Code of Virginia Title 55.1 — Property and Conveyances · Status: effective
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- Citation
- Va. Code § 55.1-2535, Election of administrator not to receive property or to postpone taking possession of funds, Virginia, version 1 as recorded 2026-09-27, yourstate.us, https://yourstate.us/provision/1423934
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Full text
The administrator, after receiving reports of property deemed abandoned pursuant to this chapter, may decline to receive any property reported that he deems to have a value less than the cost of giving notice and holding sale, or he may, if he deems it desirable because of the small sum involved, postpone taking possession until a sufficient sum accumulates. Unless the holder of the property is notified to the contrary within 120 days after filing the report required under § 55.1-2524 , the administrator shall be deemed to have elected to receive the custody of the property.