Alabama § 35-12-75 Dormancy Charges

Alabama Statutes

§ 35-12-75 — Dormancy Charges

Alabama·Title 35 Property·Ch. 12 Lost or Unclaimed Property·Art. 2A Uniform Disposition of Unclaimed Property Act of 2004

(a)Any person engaged primarily in the business of selling tangible personal property at retail, by contract with the customer may, charge, and deduct from the property otherwise subject to this article, a reasonable administrative and restocking fee of not more than twenty-five dollars ($25) with respect to items purchased under a layaway or similar agreement the terms of which are not fulfilled by the customer and the items are returned to inventory.

(b)A holder may deduct from property presumed abandoned a charge imposed by reason of the apparent owner’s failure to claim the property within a specified time only if there is a valid and enforceable written contract between the holder and the apparent owner under which the holder may impose the charge and the holder regularly imposes th

Free access — add to your briefcase to read the full text and ask questions with AI

(a) Any person engaged primarily in the business of selling tangible personal property at retail, by contract with the customer may, charge, and deduct from the property otherwise subject to this article, a reasonable administrative and restocking fee of not more than twenty-five dollars ($25) with respect to items purchased under a layaway or similar agreement the terms of which are not fulfilled by the customer and the items are returned to inventory.
(b) A holder may deduct from property presumed abandoned a charge imposed by reason of the apparent owner’s failure to claim the property within a specified time only if there is a valid and enforceable written contract between the holder and the apparent owner under which the holder may impose the charge and the holder regularly imposes the charge. The amount of the deduction is limited to an amount that is not unconscionable.

Alabama § 35-12-75 (Dormancy Charges) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.