Abandoned Property Dormancy Periods in Virginia
Business Finance
| Property Type |
Presumed Abandoned After |
| Bank account |
five years |
| Checks or drafts |
five years |
| Demutualization proceeds |
five years |
| Gift certificates, gift cards, and credit memos |
Gift certificates and credit balances: five years.
However, the following are not considered to be unclaimed property:
- credit balances payable to a business association;
- outstanding checks from the sale of goods or services to a business association;
- promotional incentives; and
- credits, gift certificates, coupons, layaways, and similar items redeemable in merchandise, services, or through future purchases.
|
| Insurance policies |
Life or annuity policies: five years.
The presumed maturity of an insurance policy is two years.
|
| IRAs or retirement funds |
Employee benefit trust distributions: 10 years. |
| Money orders |
seven years |
| Other intangible personal property not otherwise specified |
five years |
| Proceeds from class action suits |
no specific provision |
| Property distributable by a business association in the course of dissolution |
one year
Includes refunds.
|
| Property held by courts or public agencies |
one year |
| Property held by fiduciaries |
five years |
| Safe deposit boxes |
five years |
| Shares in a financial institution |
five years |
| Stocks, dividends, and distributions |
five years |
| Traveler's checks |
15 years |
| Deposits and advances owed utility company customer |
one year |
| Wages or salaries |
one year |
Related Resources
Abandoned Property Dormancy Periods in Vermont
Abandoned Property Dormancy Periods in Utah
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