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Tennessee Code Title 66. Property § 66-29-151

Current as of January 02, 2024 | Updated by Findlaw Staff

(a) Property held by the treasurer under this part is subject to the right of another state to take custody of the property if:

(1) The property was paid or delivered to the treasurer because the records of the holder did not reflect a last known address of the apparent owner in another state, and:

(A) That state establishes that the last known address of the apparent owner or other person entitled to the property was in that state; or

(B) Under the law of that state, the property has become subject to a claim of abandonment by that state;

(2) The records of the holder did not accurately identify the apparent owner of the property, the last known address of the owner was in another state, and, under the law of that state, the property has become subject to a claim of abandonment in that state;

(3) The property was subject to the custody of the treasurer of this state under § 66-29-119 and, under the law of the state of domicile of the holder, the property has become subject to a claim of abandonment by the state of domicile of the holder; or

(4) The property:

(A) Is a sum payable on a traveler's check, money order, or similar instrument that was purchased in another state and delivered to the treasurer under § 66-29-120; and

(B) Under the law of that state, has become subject to a claim of abandonment in that state.

(b) A claim by another state to recover property under this section must be presented in a form prescribed by the treasurer unless the treasurer waives presentation of the form.

(c) The treasurer shall decide whether a claim under this section is valid not later than ninety (90) days after it is presented. If the treasurer determines that another state is entitled under subsection (a) to custody of the property, the treasurer shall approve the claim and pay or deliver the property to that state.

(d) The treasurer may require another state, before recovering property under this section, to agree to indemnify this state and its officers and employees against any liability on a claim to property.

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Cite this article: FindLaw.com - Tennessee Code Title 66. Property § 66-29-151 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-66-property/tn-code-sect-66-29-151/

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