§ 27-18-240 — Deposit into General Fund of funds received by administrator; deductions before deposit of funds.

(A) Except as otherwise provided by this section, the administrator shall promptly deposit in the general fund of this State all funds received under this chapter, including the proceeds from the sale of abandoned property under Section 27-18-230. The administrator shall retain in a separate trust fund an amount not less than one hundred thousand dollars from which prompt payment of claims duly allowed must be made by him. Before making the deposit, the administrator shall record the name and last known address of each person appearing from the holders' reports to be entitled to the property and the name and last known address of each insured person or annuitant and beneficiary and with respect to each policy or contract listed in the report of an insurance company its number, the name of the company, and the amount due. The record must be available for public inspection at all reasonable business hours. (B) Before making any deposit to the credit of the general fund, the administrator may deduct: (1) any costs in connection with the sale of abandoned property; (2) costs of mailing and publication in connection with any abandoned property; (3) reasonable service charges; and (4) costs incurred in examining records of holders of property and in collecting the property from those holders.

Legislative History

HISTORY: 1988 Act No. 658, Part II, SECTION 34A.