Deerhunter, if I'm reading VA law correctly, tangible property held in trust is considered abandoned after five years.
However, if you can send your friend a registered letter to his last known address, stating that you want him to get his property, and don't receive a reply within a year, you can send the VA Sec. for the Treasury a notice of the abandoned property.
Since you have incurred no debt by keeping this property, you cannot dispose of property (tangible or intangible) which is not yours.
However, you can claim the abandoned property, with that letter to the Sec.Treas. After proper notification from the Sec.Treas., you may then do what you want with it.
All this, assuming what I read was the correct interpretation. It may not be correct.