Georgia Code, Title 44, Chapter 12, Article 5 - Disposition of Unclaimed Property

• § 44-12-190 - Short Title
  This article shall be known and may be cited as the "Disposition of Unclaimed Property Act."
• § 44-12-191 - Construction of Article
  This article shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact it.
• § 44-12-192 - Definitions
  As used in this article, the term: (1) "Apparent owner" means the person whose name appears on the records of the holder as the...
• § 44-12-193 - When Property Held, Issued, or Owing in Ordinary Course of Holder's Business Presumed Abandoned
  Except as provided in Article 17B of Title 10, all tangible and intangible property, including any income or increment thereon, less any lawful charges,...
• § 44-12-194 - Conditions Under Which Intangible Property Subject to Custody of State As Unclaimed Property
  Unless otherwise provided in this article or by any other provision of law, intangible property is subject to the custody of this state as...
• § 44-12-195 - When Sums Payable on Traveler's Checks or Money Orders Deemed Abandoned; Conditions Under Which Same May Be Subjected to Custody of State As Unclaimed Property
  (a) Except as otherwise provided in this Code section, any sum payable on a traveler's check that has been outstanding for more than 15...
• § 44-12-196 - When Instruments on Which Banking or Financial Organization Directly Liable Presumed Abandoned; Service Charges
  Any sum payable on a check, draft, or similar instrument, except money orders, traveler's checks, and other similar instruments subject to Code Section 44-12-195,...
• § 44-12-197 - When Certain Deposits or Other Interests in Banking or Financial Organization Presumed Abandoned
  (a) Any demand, savings, or matured time deposit with a banking or financial organization, including deposits that are automatically renewable, and any funds paid...
• § 44-12-198 - When Fund Under Life or Endowment Insurance Policy or Annuity Contract Presumed Abandoned
  (a) Funds held or owing under any life or endowment insurance policy or annuity contract which has matured or terminated are presumed abandoned if...
• § 44-12-199 - When Funds Held or Owing by Utility Presumed Abandoned
  The following funds held or owing by any utility are presumed abandoned: (1) Any deposit made by a subscriber with a utility to secure...
• § 44-12-200 - When Unclaimed Court Ordered Refund From Business Association Presumed Abandoned
  Except to the extent otherwise ordered by a court or administrative agency of competent jurisdiction, any sum that a business association has been ordered...
• § 44-12-201 - When Undistributed Dividends and Distributions of Business Associations Presumed Abandoned; When Intangible Interest in Business Associations Presumed Abandoned
  (a) Pursuant to Code Section 44-12-193, any dividend, profit, distribution, interest, payment on principal, or other sum held or owing by a business association...
• § 44-12-202 - When Unclaimed Property Distributed in Course of Dissolution or Liquidation of a Person Presumed Abandoned
  All property distributable in the course of a voluntary or involuntary dissolution or liquidation of a person that remains unclaimed by the person entitled...
• § 44-12-203 - When Intangible Property Held in Fiduciary Capacity for Benefit of Another, and Income Derived Therefrom, Presumed Abandoned
  (a) Intangible property and any income or increment derived therefrom held in a fiduciary capacity for the benefit of another person is presumed abandoned...
• § 44-12-204 - When Intangible Property Held for Owner by State or Federal Entity Presumed Abandoned
  All intangible property held for the owner by any state or federal court, government, governmental subdivision or agency, public corporation, or public authority which...
• § 44-12-205 - When Gift Certificate or Credit Memo Presumed Abandoned
  (a) A gift certificate or a credit memo issued in the ordinary course of an issuer's business which remains unclaimed by the owner for...
• § 44-12-206 - When Unpaid Wages Presumed Abandoned
  Unpaid wages, including wages represented by unpresented payroll checks owing in the ordinary course of the holder's business, that have remained unclaimed by the...
• § 44-12-207 - When Employee Benefit Trust Distributions and Income Thereon Presumed Abandoned; Exceptions
  (a) All employee benefit trust distributions and any income or other increment thereon are abandoned to this state under the provisions of this article...
• § 44-12-208 - When Funds Held or Owing by Insurer or Hospital, Medical, or Dental Service Corporation Presumed Abandoned; When Sums Payable on Negotiable Instrument for Payment of Claim Under Insurance Contract Presumed Abandoned
  (a) Any funds held or owing by a fire, casualty, or any other insurer or surety as defined in Title 33 or a hospital,...
• § 44-12-209 - Rent Due on Safe-Deposit Boxes; Notice of Opening of Box and Sealing of Contents When Contents Deemed Abandoned; Delivery to Commissioner
  (a) If the rental due on a safe-deposit box has not been paid for one year, the lessor shall send a notice by registered...
• § 44-12-210 - Commencement of Abandonment for Certain Property Described in Code Section 44-12-197
  The abandonment period of any property described in Code Section 44-12-197 that is automatically renewable shall commence upon the expiration of its initial time...
• § 44-12-211 - When Bequeathed Property Presumed Abandoned; When Person Presumed Dead Without Heirs or Distributees and Property Presumed Abandoned
  (a) Property which has been bequeathed to any person shall be presumed abandoned if not claimed by that person or his heirs, legatees, or...
• § 44-12-212 - When Property Described in Code Section 44-12-193 Not Subject to This Article
  If specific property which is subject to the provisions of Code Section 44-12-193 is held for or owed or distributable to an owner whose...
• § 44-12-213 - Cooperation With Other States to Audit or Otherwise Determine Unclaimed Property Subject to Claim; Rules and Procedure
  (a) The commissioner may enter into agreements with other states to exchange information needed to enable this or another state to audit or otherwise...
• § 44-12-214 - Report and Remittance of Persons Holding Property Presumed Abandoned Under This Article
  (a) Except as provided in Article 17B of Title 10, every person holding funds or other property, tangible or intangible, presumed abandoned under this...
• § 44-12-215 - Publication of "Georgia Unclaimed Property List"; Contents of Notice
  (a) The commissioner shall electronically publish notice of the reports filed under Code Section 44-12-214 on the Department of Revenue's website.(b) The published notice...
• § 44-12-216 - Assumption of Custody by State; Legal Proceedings Instituted by Other State; Reimbursements for Costs to Safe-Deposit Box Holders
  (a) Upon payment or delivery of abandoned property to the commissioner, the state shall assume custody and shall be responsible for the safekeeping of...
• § 44-12-217 - Sale or Destruction of Property
  (a) All abandoned property, other than money delivered to the commissioner under this article, shall, within three years after the delivery, be sold by...
• § 44-12-218 - Disposition of Funds Received Under Article
  All funds received under this article, including the proceeds from the sale of abandoned property under Code Section 44-12-217, shall be deposited by the...
• § 44-12-219 - When Commissioner May Decline to Receive Certain Property
  The commissioner, after receiving reports of property deemed abandoned pursuant to this article, may decline to receive any property reported which he deems to...
• § 44-12-220 - Claims for Property Paid or Delivered to Commissioner; Procedure; Destruction of Records After Seven Years
  (a) A person, excluding another state, claiming an interest in any property paid or delivered to the commissioner may file with him a claim...
• § 44-12-221 - Appeal of Commissioner's Decision
  Any person aggrieved by a decision of the commissioner or whose claim the commissioner has failed to act upon within 90 days after the...
• § 44-12-222 - Determination of Claim; Hearing
  (a) The commissioner shall consider any claim filed under this article and may hold a hearing and receive evidence concerning it. If a hearing...
• § 44-12-223 - Effect of Periods of Limitation
  The expiration of any period of time specified by statute or court order, during which an action or proceeding may be commenced or enforced...
• § 44-12-224 - Agreement and Fees for Recovery or Assistance in Recovery of Property Reported and Delivered to Commissioner
  (a) All agreements to pay compensation to recover or assist in the recovery of property reported and delivered to the commissioner under this article...
• § 44-12-225 - Confidentiality of Information or Records Required by This Article
  Any information or records required to be furnished to the commissioner shall be confidential except as otherwise necessary in the proper administration of this
• § 44-12-226 - Expiration of Limitation Specified by Contract, Statute, or Court Order Not to Affect Duties Required by This Article
  The expiration, before or after July 1, 1990, of any period of time specified by contract, statute, or court order during which a claim...
• § 44-12-227 - Penalties
  (a) A person, firm, or corporation who willfully fails to render any report or perform other duties required under this article shall pay a...
• § 44-12-228 - Maintenance and Retention of Records
  (a) Every financial institution, banking organization, and business association and all other holders required to file a report under Code Section 44-12-214 shall retain...
• § 44-12-229 - Commissioner May Compel Filing of Report and May Examine Records; Failure to Maintain Records
  (a) The commissioner may require any person who has not filed a report to file a verified report stating whether or not the person...
• § 44-12-230 - Employment of Independent Consultant
  The commissioner may employ the services of such independent consultants, and other persons possessing specialized skills or knowledge as he shall deem necessary or...
• § 44-12-231 - Enforcement of Article; Properties Not Paid Over on a Timely Basis
  (a) The commissioner may bring an action in a court of competent jurisdiction to enforce this article. Notwithstanding the provisions of Code Section 44-12-214,...
• § 44-12-232 - Article Does Not Relieve Holder of Duty that Arose Before July 1, 1990
  (a) This article does not relieve the holder of a duty that arose before July 1, 1990, to report, pay, or deliver property. A...
• § 44-12-233 - Receipt of Securities Under This Article
  Whenever the commissioner shall receive securities under this article in the name of the owner, he shall forthwith take appropriate action to transfer the...
• § 44-12-234 - Property in Foreign Country or Arising Out of Foreign Transaction
  This article does not apply to any property held, due, and owing in a foreign country and arising out of a foreign transaction.
• § 44-12-235 - Rules and Regulations
  The commissioner may make necessary rules and regulations to carry out the provisions of this article.
• § 44-12-236 - Alternative Method of Disposition With Respect to Certain Dividends or Capital Credits Which are Presumed Abandoned; Definitions; Procedures
  (a) As used in the Code section, the term: (1) "Approved uses" means: (A) Donated to an Internal Revenue Code Section 501(c)(3) organization serving...
• § 44-12-237 - Unclaimed United States Savings Bond
  (a) Notwithstanding the provisions of subsection (a) of Code Section 44-12-216, United States savings bonds which are unclaimed property and subject to the provisions...
• § 44-12-238 - Claim for United States Savings Bonds Escheated to State
  Any person making a claim for the United States savings bonds escheated to the state under Code Section 44-12-237, or for the proceeds from...

Last modified: October 14, 2016