§ 33-21.1-27 — § 33-21.1-27. Election to take payment or delivery.

Rhode Island § 33-21.1-27

• Jurisdiction: Rhode Island
• Title 33: Probate practice and procedure
• Ch. 33-21.1: Unclaimed Intangible and Tangible Property

Text

§ 33-21.1-27. Election to take payment or delivery.

(a) The administrator may decline to receive any property reported under this chapter which he or she considers to have a value less than the expense of giving notice and of sale. If the administrator elects not to receive custody of the property, the holder shall be notified within one hundred and twenty (120) days after filing the report required under § 33-21.1-17.

(b) A holder, with the written consent of the administrator and upon conditions and terms prescribed by him or her, may report and deliver property before the property is presumed abandoned. Property delivered under this subsection must be held by the administrator and is not presumed abandoned until such time as it otherwise would be presumed abandoned under this chapter.

Legislative History

P.L. 1986, ch. 500, § 3.