Arizona § 12-885 Seizure and sale of escheated property; disposal of proceeds; exception

Arizona Statutes

§ 12-885 — Seizure and sale of escheated property; disposal of proceeds; exception

Arizona·Title 12 Arizona Revised Statutes·Ch. 7 SPECIAL ACTIONS AND PROCEEDINGS IN WHICH THE STATE IS A PARTY·Art. 5 Escheat

A.A writ shall be issued to the sheriff or a constable of the county where the property is situated, commanding the sheriff or constable to seize the property vested in the state.

B.Except for personal property transferred to the Arizona state library, archives and public records under section 41-151.21, the officer shall dispose of the property at public auction in the manner provided by law for sale of property under execution. The proceeds of the sale shall be paid to the department of revenue and deposited, pursuant to sections 35-146 and 35-147, into a clearing account from which payment of claims for the proceeds may be made. The proceeds shall remain in the clearing account for twelve months and then shall be credited to the permanent state school fund.

C.The director of the

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A. A writ shall be issued to the sheriff or a constable of the county where the property is situated, commanding the sheriff or constable to seize the property vested in the state.

B. Except for personal property transferred to the Arizona state library, archives and public records under section 41-151.21, the officer shall dispose of the property at public auction in the manner provided by law for sale of property under execution. The proceeds of the sale shall be paid to the department of revenue and deposited, pursuant to sections 35-146 and 35-147, into a clearing account from which payment of claims for the proceeds may be made. The proceeds shall remain in the clearing account for twelve months and then shall be credited to the permanent state school fund.

C. The director of the department of revenue shall keep accounts and records of all such proceeds paid into the clearing account and of all such lands vested in the state.

Arizona § 12-885 (Seizure and sale of escheated property; disposal of proceeds; exception) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.