Virginia Surplus Funds Laws
How mortgage foreclosure surplus, tax sale surplus and unclaimed funds work in Virginia.
Mortgage foreclosure surplus
Va. Code § 55.1-324(A)(3) directly governs deed-of-trust sale proceeds: expenses, priority taxes, secured and inferior recorded liens, then residue to the grantor or assigns. Section 55.1-331 addresses a deceased grantor. Section 55.1-324 states no separate fixed initial grantor surplus-claim deadline. The trustee must account under § 64.2-1309 and distribute residue; request the accounting promptly. Any suit has its own limitations analysis.
Tax sale surplus
Va. Code § 58.1-3967 governs surplus after a judicial delinquent-tax sale; § 58.1-3975(K) governs excess after the separate limited nonjudicial tax-sale procedure. Judicial sale: claim within two years after sale confirmation (§ 58.1-3967). Limited nonjudicial sale: claim and arrange the circuit-court hearing within two years after sale (§ 58.1-3975(K)). A later locality payment may be discretionary under ordinance for judicial-sale funds.
Unclaimed funds
Virginia Disposition of Unclaimed Property Act, Va. Code tit. 55.1, ch. 25; § 55.1-2532 governs initial owner claims and § 55.1-2534 judicial review. No fixed general initial owner-claim deadline appears in § 55.1-2532. An action to review an adverse or unacted-on claim must begin within three years after the decision or filing, respectively (§ 55.1-2534).
Statute text
Links to the statutes referenced in our research. These may be third-party copies of older code editions, so check the current official code before relying on them.
