The Unclaimed Property Division is responsible for returning money, stocks, bonds, dividends, utility deposits, insurance proceeds and tangible property to the rightful owners.

The Unclaimed Property Division (UCP) is responsible for the administration of two major types of abandoned property programs: personal property and real property. The Unclaimed Property Act establishes the Commonwealth as custodian of certain personal properties (both intangible and tangible) until the owners can be located. The Escheats Generally Statute (Sections 55-168 through 55-200.1 of the Code of Virginia) benefits localities through the sale of abandoned real estate by placing the property back on the tax rolls and paying delinquent taxes from the sales proceeds. In each case, the recovered funds are deposited into the Literary Fund. Funds remitted pursuant to the UCP Act are held in perpetuity until the owner is identified. UCP is responsible for identifying abandoned personal property through audits and compliance reviews, administering the funds under the Commonwealth's control, and using its best efforts to return the property to its owner.

The Unclaimed Property Division promotes compliance with the Uniform Disposition of Unclaimed Property Act and Escheats Generally Statute, thereby enabling the return of unclaimed property to the rightful owners and the return of abandoned real property to an active tax status within the state. The Virginia Unclaimed Property Division does not charge any fees for unclaimed property searches performed by our staff. All unclaimed property accounts, claimed by the rightful owner, are paid in full in accordance with the Code of Virginia. The State Treasurer advises any potential owner of unclaimed property who is contacted by a person or corporation seeking to provide unclaimed property search services under contract for a set percentage fee or contingent fee to first contact the Unclaimed Property Division for a free search of our unclaimed property records or perform a preliminary search yourself on the national database.

What Is Unclaimed Property?
All tangible or intangible property that has remained unclaimed by its owner for an extended period of time. This includes but is not limited to savings and checking accounts, wages or commissions, underlying shares, dividends, customer deposits, credit balances, gift certificates, credit memos, refunds, etc.

How Does Property Become "Unclaimed"?
In accordance with the Uniform Disposition of Unclaimed Property Act, Title 55, Chapter 11.1 Sections 55-210.1 - 55-210.30 of the Code of Virginia, property becomes unclaimed when the holder has not had contact with the owner of the property for a specified period of time. After the passage of the dormancy period, if there has been no activity generated by the owner, the property is then considered abandoned.

Why Does Virginia Have Such A Law?
The purpose of Virginia's law is threefold . . .

1. To protect the property rights of the absentee owner and to reunite the owner with the property;
2. To provide the use of the funds to the Literary Fund for the benefit of all Virginia citizens rather than a chance possessor; and
3. To provide the holders relief from any liability.

Who Administers The Law?
The Virginia State Treasurer's Office, Division of Unclaimed Property.

The holder (except banks and financial institutions if they complied with Section 55-210.3:01) is required to exercise due diligence prior to the submission of the unclaimed property report. The holder is required to perform due diligence when the property has a value of $100 or more. This means that they must mail a first-class mailing to the owner's last known address informing them of the dormant status of the property (Section 55-210.12(e)). The division is required (Section 55-210.13) to publish the owner's names in the newspaper annually.

Additional efforts to locate the owner are made by the investigative section of the Unclaimed Property Division. The Commonwealth also maintains a website that allows visitors to perform their own search for property. Go to www.VaMoneySearch.org to look for property held by Virginia's Unclaimed Property Division.

Why Does The State Have To Get Involved?
Remitting the assets to the state means that the owner or his heirs have a single source to check for unclaimed property instead of trying to check with hundreds of banks, companies, etc.

What Does The State Do With This Money?
This money is held forever for claims by the owners or their heirs in the Literary Fund.

What Is The Literary Fund?
During 1810, the state Literary Fund was established constitutionally as a permanent and perpetual means for financing public school construction. Administered by the Department of Education, the Fund provides low interest rate loans to localities.

Does The State Simply Go In And Take The Money?
No, unclaimed property is remitted to the state only after two things have taken place:

1. no activity in the account for specified dormancy periods, and
2. the holder attempts to contact the owner and is unable to do so.

Once both of these criteria are met, the money is remitted to the state.

How Long Are The Dormancy Periods?
The legislature has, since 1981, reduced the holding periods for unclaimed property: from 17 to 5 years for banks and financial institutions, and 7 to 1 year(s) for courts, state and local government issue checks, etc. To see the dormancy periods required by the type of property involved, click here.

Why Do The Holding Periods Keep Decreasing?
People are becoming more and more transient in today's society; therefore, to increase our chances of reuniting the owner with the property, holding periods have been decreased.

Is Anything Involved Besides Money?
Yes. Contents of safe deposit boxes and other safe keeping repositories as well as intangible and tangible property not specifically mentioned in the Act (Section 55-210.2:1 - Omnibus).

If You Cannot Find The Owners, Does That Mean They Lose Their Money?
No, Virginia is a custodial state. That means owners can always claim their financial assets. There is no time limit on claiming your money from the state. In addition, Virginia is one of the states that now pays interest ". . . At the rate of five percent or such lesser rate as the property earned while in the possession of the holder. . ." (Section 55-210.21(c)).

What Institutions Are Governed By This Law?
Any business association in possession of property is subject to the Act. This includes but is not limited to banks, insurance companies, utilities, corporations, government agencies, nonprofit organizations. . .

How Often Are Businesses Required To Report Unclaimed Property?
As stated in Section 55-210.12, Item D. "The report and remittance shall be filed before November 1 of each year as of June 30 next preceding, but the report and remittance of insurance corporations shall be filed before May 1 of each year as of December 31 next preceding." Businesses uncertain as to whether or not the Act applies to them, should contact our office for assistance.

Virginia Department of the Treasury
Division of Unclaimed Property
P.O. Box 2478
Richmond, VA
23218-2478

Unclaimed Property can be reached by telephone at Toll Free: 1-800-468-1088