Tennessee § 66-29-109 Presumption of abandonment of contents of safe deposit boxes

Tennessee Statutes

§ 66-29-109 — Presumption of abandonment of contents of safe deposit boxes

Tennessee § 66-29-109

Title66

This text of Tennessee § 66-29-109 (Presumption of abandonment of contents of safe deposit boxes) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 66-29-109 (2026).

Text

(a)The following property related to safe deposit boxes is presumed abandoned:

(1)Any surplus amount resulting from the sale or disposal of safe deposit contents by banking institutions under § 45-2-907 , if the proceeds cannot be credited to an existing customer account upon sale, and any unsold contents. Any credit of such proceeds to a customer account is not deemed to be account activity under § 66-29-113 ; and (2) For any person, other than a bank, savings and loan association, or savings bank, any funds or personal property removed from a safe deposit box, a safekeeping repository or agency, or a collateral deposit box as the result of the expiration or termination of a lease or rental period due to nonpayment of rental charges or for any other reason, and that have been unclaimed

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(a) The following property related to safe deposit boxes is presumed abandoned: (1) Any surplus amount resulting from the sale or disposal of safe deposit contents by banking institutions under § 45-2-907 , if the proceeds cannot be credited to an existing customer account upon sale, and any unsold contents. Any credit of such proceeds to a customer account is not deemed to be account activity under § 66-29-113 ; and (2) For any person, other than a bank, savings and loan association, or savings bank, any funds or personal property removed from a safe deposit box, a safekeeping repository or agency, or a collateral deposit box as the result of the expiration or termination of a lease or rental period due to nonpayment of rental charges or for any other reason, and that have been unclaimed by the owner for more than two (2) years from the date on which the lease or rental period expired or terminated, including any surplus amount arising from the sale thereof, pursuant to law, that has been unclaimed by the owner for one (1) year. (b) Notwithstanding any other provision of law to the contrary, any military medal that is removed from a safe deposit box, a safekeeping repository or agency, or a collateral deposit box as a result of the expiration or termination of a lease or rental period due to nonpayment of rental charges or for any other reason, must not be sold or otherwise disposed of, and must be retained by the holder for the lessee of the box. If the military medal remains unclaimed by the lessee for more than one (1) year from the date the box is opened, the holder shall report such property to the state treasurer by November 1 of the subsequent calendar year. The report must comply with § 66-29-123 . The holder shall deliver, with the report, the military medal to the state treasurer for safekeeping in accordance with § 66-29-145 .

Legislative History

Amended by 2017 Tenn. Acts, ch. 457,s 1, eff. 7/1/2017. Acts 1978, ch. 561, § 8; T.C.A., §§ 64-2908, 66-29-108; Acts 1984, ch. 544, § 5; 1986, ch. 539, § 15; 1993, ch. 195, § 6.