FAQ — What happens after the 90-day waiting period for an unclaimed property claim under Virginia law?
Quick answer: After the mandatory 90-day waiting period, the Virginia Unclaimed Property Division continues its review. The claim will generally be approved and paid, returned for more documentation, denied, or delayed if another party asserts a competing claim. The state does not automatically transfer property to a claimant simply because the waiting period expired; the Division must confirm entitlement before paying out.
Detailed Answer
This answer assumes a claimant has filed a claim for property reported to or held by the Commonwealth of Virginia as unclaimed property. Virginia handles unclaimed property under the Virginia Uniform Disposition of Unclaimed Property Act (Code of Virginia §55.1‑2400 et seq.). For the statutory framework see: Code of Virginia, Title 55.1, Chapter 24.
Below is a plain-language outline of what typically happens after the 90‑day waiting period:
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Final review by the Unclaimed Property Division.
The Division will complete its review of the claim file. That review compares the documentation you provided against the records the state received from the holder (bank, business, etc.). The Division confirms identity, ownership, and whether the property was already paid by the holder or remains available for disbursement.
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One of four common outcomes:
- Claim approved and payment issued: If the Division concludes you are the rightful owner (or authorized claimant), it will authorize payment. Payment may be by check or electronic transfer depending on the program’s procedures and the documentation you provided.
- Request for additional documentation: If the Division needs more proof—proof of identity, proof of ownership, court documents for estate claims, or signature verification—they will notify you and pause final processing until you respond.
- Claim denied: If the Division finds insufficient evidence of your entitlement, or the property was previously paid to another person, the claim may be denied with an explanation and instructions for appeal or submission of additional evidence.
- Payment delayed because of competing claims or holder objections: If another party (including the original holder) asserts a superior right to the property, the Division may hold payment while it investigates or resolves competing claims. In some cases the holder who originally reported the property may produce evidence showing a different payee or reason the state should not disburse at this time.
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If the claim is approved — what to expect:
Once approved, the Division issues payment from the Unclaimed Property Fund. Expect instructions about how payment will be delivered and any tax reporting requirements. Keep copies of the disbursement paperwork for your records.
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If the claim is denied or disputed — next steps:
You will usually receive a written notice explaining the denial and the documentation missing or the reason for the denial. Virginia provides administrative processes for contesting decisions; the notice will explain how to request reconsideration or pursue an appeal. You may also be able to correspond with the Division to supply additional evidence or resolve a holder’s objection.
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Property remains in state custody until resolved.
Even after the 90‑day period, property remains held by the Commonwealth until entitlement is resolved. Unclaimed property is not expunged or distributed to claimants automatically simply because a time window ended — it requires an affirmative determination that a claimant has proved their right to the property.
Practical things to watch for after the waiting period
- Check your email and postal mail for requests from the Unclaimed Property Division asking for more documents.
- Keep originals or certified copies of identity and ownership documents (driver’s license, Social Security number where required, account records, purchase receipts, probate or letters testamentary for estate claims).
- Be prepared for additional verification if the reported holder contests your claim.
Where to find official information and how statutes apply
The statutory framework for unclaimed property in Virginia is contained in the Virginia Uniform Disposition of Unclaimed Property Act. See: Code of Virginia, Title 55.1, Chapter 24. For procedural details and FAQs about filing, documentation, and what to expect during claims processing, consult the Virginia Treasury’s Unclaimed Property pages (searchable on the Treasury website) or contact the Unclaimed Property Division directly for guidance on your file.
Common timelines and expectations
There is no single universal timetable after the 90‑day period; processing time depends on the complexity of the file. Simple, well-documented claims are often completed quickly once the waiting period ends. Complex or disputed claims can take weeks to months while the Division gathers records or resolves competing claims.
Disclaimer: This article is for general informational purposes only. It does not create an attorney‑client relationship and is not legal advice. For advice about your particular situation, consult an attorney or the Virginia Unclaimed Property Division.
Helpful Hints
- Gather proof before you file: photo ID, account records, statements, or probate documents greatly speed review.
- Respond promptly to Division requests—delays in providing documentation are a common cause of longer processing times.
- If your claim involves an estate or business, include formal legal documents (letters testamentary, articles of organization, corporate resolutions) to prove authority to claim.
- Keep copies of everything you submit and note dates you mailed or uploaded documents.
- If you receive a denial, ask for a written explanation and follow the administrative appeal or reconsideration instructions provided in the notice.
- Watch for scams: the state will not charge fees to search or submit a claim, and will not ask for payment to release property.
- Check the official Virginia Treasury Unclaimed Property website for claim status updates and contact information for case inquiries.