§ 66-29-113 — Indication of apparent owner's interest in property

Tennessee § 66-29-113

• Jurisdiction: Tennessee
• Title: 66

Text

(a) Property is not presumed abandoned if the apparent owner indicates an interest in the property during the applicable periods under this part. (b) Under this part, an indication of an apparent owner's interest in property includes: (1) A record communicated by the apparent owner to the holder or agent of the holder concerning the property or the account in which the property is held; (2) An oral communication by the apparent owner to the holder or agent of the holder concerning the property or the account in which the property is held if the holder or its agent contemporaneously makes and preserves a record of the fact of the apparent owner's communication; (3) Presentment of a check or other instrument of payment of a dividend, interest payment, or other distribution, or evidence of receipt of a distribution made by electronic or similar means, with respect to: (A) An account; (B) An underlying security; or (C) An interest in a business association; (4) Activity directed by an apparent owner in the account in which the property is held, including accessing the account or information concerning the account, or instruction by the apparent owner to increase, decrease, or otherwise change the amount or type of property held in the account; (5) Making a deposit into or withdrawal from an account at a financial organization, including an automatic deposit or withdrawal previously authorized by the apparent owner, other than an automatic reinvestment of dividends or interest; (6) Except as otherwise provided in subsection (e), payment of a premium on an insurance policy; (7) Any other action by the apparent owner which reasonably demonstrates to the holder that the apparent owner is aware that the property exists; and (8) The apparent owner has another property with the holder to which § 66-29-105(a)(5) applies, for which the name and address on file with the holder for the apparent owner is the same, and for which the apparent owner has: (A) Communicated in writing with the holder; or (B) Otherwise indicated an interest under this section and if the holder communicates in writing with the apparent owner with regard to the property that would otherwise be abandoned at the address to which communications regarding the other property regularly are sent. (c) An action by an agent or other representative of an apparent owner, other than the holder acting as the apparent owner's agent, is presumed to be an action on behalf of the apparent owner. (d) A communication with an apparent owner by a person other than the holder or the holder's representative is not an indication of interest in the property by the apparent owner unless a record of the communication evidences the apparent owner's knowledge of a right to the property. (e) The application of an automatic premium loan provision or other nonforfeiture provision contained in an insurance policy is not an indication of interest in the policy and does not prevent the policy from maturing or terminating if the insured has died or the insured or the beneficiary of the policy otherwise has become entitled to the proceeds before depletion of the cash surrender value of the policy by application of the provision.

Legislative History

Amended by 2017 Tenn. Acts, ch. 457,s 1, eff. 7/1/2017. Acts 1978, ch. 561, § 13; T.C.A., § 64-2913; Acts 1984, ch. 544, § 10; 1991, ch. 194, § 2; 1993, ch. 195, §§ 11, 12; 2001, ch. 157, §§ 1 - 3; 2001, ch. 231, §§ 2, 3.