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Arkansas Code Title 18. Property § 18-28-215. Filing claim with administrator--Handling of claims by administrator

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) A person, excluding another state, claiming property paid or delivered to the administrator may file a claim on a form prescribed by the administrator and verified by the claimant.

(b) Within ninety (90) days after a claim is filed, the administrator shall allow or deny the claim and give written notice of the decision to the claimant. If the claim is denied, the administrator shall inform the claimant of the reasons for the denial and specify what additional evidence is required before the claim will be allowed. The claimant may then file a new claim with the administrator or maintain an action under § 18-28-216.

(c)(1) Except as provided in subdivision (c)(2) of this section, within thirty (30) days after a claim is allowed, the property or the net proceeds of a sale of the property must be delivered or paid by the administrator to the claimant, together with any dividend, interest, or other increment to which the claimant is entitled under §§ 18-28-211 and 18-28-212.

(2) If in order to transfer property to the claimant under this section, fees or costs are required to be paid prior to transfer, the administrator may sell all or a portion of the property and deduct the costs of transfer from the proceeds of the sale, and any proceeds remaining shall be paid to the claimant.

(d) A holder who pays the owner for property that has been delivered to the state and which, if claimed from the administrator by the owner would be subject to an increment under §§ 18-28-211 and 18-28-212, may recover from the administrator the amount of the increment.

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Cite this article: FindLaw.com - Arkansas Code Title 18. Property § 18-28-215. Filing claim with administrator--Handling of claims by administrator - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-18-property/ar-code-sect-18-28-215/

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