Arizona § 44-305 Dormancy charge

Arizona Statutes

§ 44-305 — Dormancy charge

Arizona·Title 44 Arizona Revised Statutes·Ch. 3 REVISED ARIZONA UNCLAIMED PROPERTY ACT·Art. 1 General Provisions

A holder, except an agency of this state, may deduct from property presumed abandoned a charge imposed by reason of the owner's failure to claim the property within a specified time if there is a valid and enforceable written contract between the holder and the owner under which the holder may impose the charge and the holder regularly imposes the charge and the charge is not regularly reversed or otherwise canceled.  The amount of the deduction is limited to an amount that is not unconscionable.

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A holder, except an agency of this state, may deduct from property presumed abandoned a charge imposed by reason of the owner's failure to claim the property within a specified time if there is a valid and enforceable written contract between the holder and the owner under which the holder may impose the charge and the holder regularly imposes the charge and the charge is not regularly reversed or otherwise canceled. The amount of the deduction is limited to an amount that is not unconscionable.

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