§ 66-29-138 — Treasurer's options as to custody

(a) The treasurer may decline to take custody of property reported under § 66-29-123 if the treasurer determines that: (1) The property has a value less than the estimated expenses of notice and sale of the property; or (2) Taking custody of the property would be unlawful. (b) A holder may pay or deliver property to the treasurer before the property is presumed abandoned under this part if the holder: (1) Sends the apparent owner of the property any notice required by § 66-29-128 and provides the treasurer evidence of the holder's compliance with this subdivision (b)(1); (2) Includes with the payment or delivery a report regarding the property in accordance with § 66-29-124 ; and (3) First obtains the treasurer's consent in a record to accept payment or delivery. (c) The holder must request the treasurer's consent under subdivision (b)(3) in a record. If the treasurer fails to respond to the request not later than thirty (30) calendar days after receipt of the request, the treasurer is deemed to consent to the payment or delivery of the property and the payment or delivery is considered to have been made in good faith. (d) Upon payment or delivery of the property under subsection (b), the property is presumed abandoned.

Legislative History

Amended by 2017 Tenn. Acts, ch. 457,s 1, eff. 7/1/2017. Acts 2003, ch. 248, § 1.