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Division reports escrow funds become unclaimed property after five years; staff to track transfers
5324577 · March 19, 2025
AI-Generated Content: All content on this page was generated by AI to highlight key points from the meeting. For complete details and context, we recommend watching the full video. so we can fix them.
Summary
Division staff told the board private escrow holders must retain funds five years before transferring them to state unclaimed property; the division tracks transfers via annual reports submitted with a spreadsheet.
Division staff updated the Virginia Gas and Oil Board that private escrow agents holding unclaimed royalty funds generally must retain those funds for five years and then transfer them to the state’s…
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