Virginia Administrative Code
Title 1 - ADMINISTRATION
Agency 75 - DEPARTMENT OF THE TREASURY
Chapter 40 - DEFINITIONS
Section 1VAC75-40-10 - Definitions

Universal Citation: 1 VA Admin Code 75-40-10
Current through Register Vol. 41, No. 3, September 23, 2024

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 Virginia Disposition of Unclaimed Property Act, Chapter 25 (§ 55.1-2500 et seq.) of Title 55.1 of the Code of Virginia.

"Administrator" means the State Treasurer or the State Treasurer's designee.

"Applicant" means any person (i) asserting ownership of property remitted to the Commonwealth under the Virginia Disposition of Unclaimed Property Act, (ii) required to pay or deliver abandoned property pursuant to the Virginia 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 responsible for administration of the Virginia 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.

Statutory Authority: § 55.1-2541 of the Code of Virginia.

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