Amends TCA Section 66-29-142.
The Uniform Unclaimed Property Act requires the treasurer to liquidate a security no sooner than 32 months, but no later than 36 months, after receiving the security and giving the apparent owner notice that the treasurer holds the security. This bill authorizes the treasurer to sell or otherwise liquidate a security no sooner than eight months, but no later than 12 months, after receiving the security and giving the apparent owner notice that the treasurer holds the security, if the treasurer determines a security to have a market value of less than $500 in the aggregate (a de minimus value). This amendment specifies that the treasurer may sell a security immediately after the treasurer takes custody of the security if the records of the holder do not reflect the identity of the person entitled to the security.
The Uniform Unclaimed Property Act requires the treasurer to liquidate a security no sooner than 32 months, but no later than 36 months, after receiving the security and giving the apparent owner notice that the treasurer holds the security. This bill authorizes the treasurer to sell or otherwise liquidate a security no sooner than eight months, but no later than 12 months, after receiving the security and giving the apparent owner notice that the treasurer holds the security, if the treasurer determines a security to have a market value of less than $500 in the aggregate (a de minimus value). This amendment specifies that the treasurer may sell a security immediately after the treasurer takes custody of the security if the records of the holder do not reflect the identity of the person entitled to the security.
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