Mississippi Code 1972 (2023)
Title 89 - REAL AND PERSONAL PROPERTY (§§ 89-1-1 — 89)
Chapter 12 - UNIFORM DISPOSITION OF UNCLAIMED PROPERTY ACT (§§ 89-12-1 — 89-12-59)
Section 89-12-39 - Claim for abandoned property paid or delivered to treasurer; determination; interest

• (1) Any person claiming an interest in any property delivered to the state under the provisions of this chapter may file a claim on the form prescribed by the Treasurer.

• (2) The Treasurer shall consider any claim filed under the provisions of subsection (1) of this section, and may hold a hearing and receive evidence concerning it. If a hearing is held, the Treasurer shall prepare a finding and a decision in writing on each claim filed, stating the substance of any evidence heard by the Treasurer and the reasons for the Treasurer's decision. The decision shall be a public record.

• (3) If the validity of a claim shall be determined in favor of the claimant, the Treasurer shall collaborate with the Department of Human Services to determine if the claimant owes a child support arrearage. If the claimant owes an arrearage, the Treasurer shall transfer to the Department of Human Services any portion of the claim, including any interest as described in subsection (4) of this section, necessary to satisfy, fully or partially, the person's child support arrearage.

• (4) If the validity of a claim shall be determined in favor of the claimant and the claimant does not owe a child support arrearage or there is a remaining amount of the claim after satisfaction of the arrearage under subsection (3) of this section, the Treasurer shall pay over to the claimant only that amount which the Treasurer actually received, without deduction for costs of notices or for service charges, together with interest at the rate of one-twelfth of one percent (¹/₁₂ of 1%) per month from the time when it was received by the Treasurer to the time when it was paid by him or her to the claimant. However, if the property claimed was interest bearing to the owner on the date of surrender by the holder, then the Treasurer shall instead add interest at a rate not to exceed five-twelfths of one percent (⁵/₁₂ of 1%) per month or the lesser current market rate. The interest on interest-bearing property shall begin to accumulate on the date that the property is delivered to the Treasurer and shall cease on the earlier of the expiration of fifteen (15) years following delivery or the date on which payment is made to the owner. No interest on the interest-bearing property shall be payable for any period prior to July 1, 1982. Any holder who pays to the owner property which has been delivered to the state and which, if claimed from the Treasurer, would be subject to the provisions of this section as interest-bearing property, shall add interest as provided in this section. The added interest shall be repaid to the holder by the Treasurer in the same manner as the principal.

Laws, 1982, ch. 497, § 20; Laws, 1993, ch. 460, § 3, eff. 7/1/1993.

Amended by Laws, 2022, ch. 486, SB 2319,§ 2, eff. 7/1/2022.