Election of administrator not to receive property or to postpone taking possession of funds

Va. Code Ann. § 55.1-2535
in effect
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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. 1960, c. 330, § 55-210.23; 2019, c. 712 .
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://law.lis.virginia.gov/vacode/55.1-2535/Fetched: 10/16/2026