Section 10. Definitions

The following words and terms when used in this chapter shall have the following meanings unless the context clearly indicates otherwise.

"Abandoned property" means funds or other property, tangible or intangible, presumed abandoned under the act.

"Act" refers to the Uniform Disposition of Unclaimed Property Act, Chapter 11.1 (§ 55-210.1 et seq.) of Title 55 of the Code of Virginia.

"Administrator" means the Director of the Unclaimed Property Division at the Department of the Treasury or such other person as shall be designated by the State Treasurer.

"Applicant" means any person (i) asserting ownership of property remitted to the Commonwealth under the Uniform Disposition of Unclaimed Property Act, (ii) required to pay or deliver abandoned property pursuant to the Uniform Disposition of Unclaimed Property Act, or (iii) otherwise aggrieved by a decision of the administrator.

"Division of Unclaimed Property" means the Division in the Department of the Treasury of the Commonwealth of Virginia responsible for administration of the Uniform Disposition of Unclaimed Property Act.

"Holder" means a person, wherever organized or domiciled, who is (i) in possession of property belonging to another, (ii) a trustee in case of a trust, or (iii) indebted to another on an obligation.

Historical Notes

Derived from Volume 20, Issue 25, eff. September 22, 2004.

Statutory Authority

§ 55-210.27 of the Code of Virginia.