Arkansas Code Title 18, Subtitle 3, Chapter 28, Subchapter 2 - Unclaimed Property Act

• § 18-28-201 - Definitions.
  In this subchapter: (1) "Administrator" means the Auditor of State. (2) "Apparent owner" means a person whose name appears on the records of a...
• § 18-28-202 - Presumptions of Abandonment.
  (a) Property is presumed abandoned if it is unclaimed by the apparent owner during the time stated below for the particular property: (1) Traveler's...
• § 18-28-203 - Contents of Safe Deposit Box or Other Safekeeping Depository.
  Tangible property held in a safe deposit box or other safekeeping depository in this state in the ordinary course of the holder's business and...
• § 18-28-204 - Rules for Taking Custody.
  Except as otherwise provided in this subchapter or by other statute of this state, property that is presumed abandoned, whether located in this or...
• § 18-28-205 - Dormancy Charge.
  A holder may deduct from property presumed abandoned a charge imposed by reason of the owner's failure to claim the property within a specified...
• § 18-28-206 - Burden of Proof As to Property Evidenced by Record of Check or Draft.
  A record of the issuance of a check, draft, or similar instrument is prima facie evidence of an obligation. In claiming property from a...
• § 18-28-207 - Report of Abandoned Property.
  (a) A holder of property presumed abandoned shall make a report to the administrator concerning the property.(b) The report must be verified and must...
• § 18-28-208 - Payment or Delivery of Abandoned Property.
  (a) Except for property held in a safe deposit box or other safekeeping depository, upon filing the report required by § 18-28-207, the holder...
• § 18-28-209 - Notice and Publication of Lists of Abandoned Property.
  The administrator shall publish a notice not later than November 30 of the year next following the year in which abandoned property has been...
• § 18-28-210 - Custody by State -- Recovery by Holder -- Defense of Holder.
  (a) In this section, payment or delivery is made in "good faith" if: (1) payment or delivery was made in a reasonable attempt to...
• § 18-28-211 - Crediting of Dividends, Interest, and Increments to Owner's Account.
  If property other than money is delivered to the administrator under this subchapter, the owner is entitled to receive from the administrator any income...
• § 18-28-212 - Public Sale of Abandoned Property.
  (a) (1) Except as otherwise provided in this section, the administrator, within three (3) years after the receipt of abandoned property, shall sell it...
• § 18-28-213 - Deposit of Funds.
  (a) All funds received under this subchapter, including the proceeds from the sale of abandoned property, shall be deposited by the administrator into a...
• § 18-28-214 - Claim of Another State to Recover Property.
  (a) After property has been paid or delivered to the administrator under this subchapter, another state may recover the property if: (1) the property...
• § 18-28-215 - Filing Claim With Administrator -- Handling of Claims by Administrator.
  (a) A person, excluding another state, claiming property paid or delivered to the administrator may file a claim on a form prescribed by the...
• § 18-28-216 - Action to Establish Claim.
  A person aggrieved by a decision of the administrator or whose claim has not been acted upon within ninety (90) days after its filing...
• § 18-28-217 - Election to Take Payment or Delivery.
  (a) The administrator may decline to receive property reported under this subchapter which the administrator considers to have a value less than the expenses...
• § 18-28-218 - Destruction or Disposition of Property Having No Substantial Commercial Value -- Immunity From Liability.
  If the administrator determines after investigation that property delivered under this subchapter has no substantial commercial value, the administrator may destroy or otherwise dispose...
• § 18-28-219 - Periods of Limitation.
  (a) The expiration, before or after July 30, 1999, of a period of limitation on the owner's right to receive or recover property, whether...
• § 18-28-220 - Requests for Reports and Examination of Records.
  (a) The administrator may require a person who has not filed a report, or a person who the administrator believes has filed an inaccurate,...
• § 18-28-221 - Retention of Records.
  (a) Except as otherwise provided in subsection (b), a holder required to file a report under § 18-28-207 shall maintain the records containing the...
• § 18-28-222 - Enforcement.
  The administrator may maintain an action in this or another state to enforce this subchapter. The court may award reasonable attorney's fees to the...
• § 18-28-223 - Interstate Agreements and Cooperation -- Joint and Reciprocal Actions With Other States.
  (a) The administrator may enter into an agreement with another state to exchange information relating to abandoned property or its possible existence. The agreement...
• § 18-28-224 - Interest and Penalties.
  (a) A holder who fails to report, pay, or deliver property within the time prescribed by this subchapter shall pay to the administrator interest...
• § 18-28-225 - Agreement to Locate Property.
  (a) An agreement by an owner, the primary purpose of which is to locate, deliver, recover, or assist in the recovery of property that...
• § 18-28-226 - Foreign Transactions.
  This subchapter does not apply to property held, due, and owing in a foreign country and arising out of a foreign transaction.
• § 18-28-227 - Transitional Provisions.
  (a) An initial report filed under this subchapter for property that was not required to be reported before July 30, 1999, but which is...
• § 18-28-228 - Rules.
  The administrator may adopt pursuant to the Arkansas Administrative Procedure Act, § 25-15-201 et. seq., rules necessary to carry out this subchapter.
• § 18-28-229 - Uniformity of Application and Construction.
  This subchapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this...
• § 18-28-230 - Periods of Limitation Not a Bar.
  Any statute of limitations that would vest the ownership of property subject to this subchapter in a holder of said property before expiration of...
• § 18-28-231 - Escheatment -- United States Savings Bond.
  (a) Notwithstanding any law to the contrary, including § 18-28-202(a)(10) and (14) and § 18-28-219(b), a United States savings bond held or owing in...

Last modified: November 15, 2016