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Division reports escrow funds become unclaimed property after five years; staff to track transfers
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 unclaimed‑property program. The board was told the five‑year retention is firm and cannot be accelerated in most cases.
A division representative said escrow holders report transfers on their annual reports and that the division verifies transfers through the required spreadsheet submitted with those reports. Board members asked about tracking and compliance; the division said the annual reporting process is the vehicle for tracking transfers to the Department of Treasury’s unclaimed property unit.
The board also reviewed and approved the February minutes by voice vote, concluding the March meeting.
