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2020 Code of Alabama
Title 35 - Property.
Chapter 12 - Lost or Unclaimed Property.
Article 2 - Uniform Disposition of Unclaimed Property Act.
Article 2A - Uniform Disposition of Unclaimed Property Act of 2004.
Section 35-12-86 - Election to Take Payment or Delivery.
Universal Citation:
AL Code § 35-12-86 (2020)
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Section 35-12-86
Election to take payment or delivery.
(a) The Treasurer may decline to receive property reported under this article which the Treasurer considers to have a value less than the expenses of notice and sale.
(b) A holder, with the written consent of the Treasurer and upon conditions and terms prescribed by the Treasurer, may report and deliver property before the property is presumed abandoned. A holder exempt from reporting, upon conditions and terms prescribed by the Treasurer, may voluntarily report. Property delivered under this section is deemed abandoned upon receipt by the Treasurer and shall be handled in the same manner as other abandoned property under this article.
(Act 2004-440, p. 755, §1; Act 2013-91, p. 192, §1.)
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