2010 Tennessee Code
Title 66 - Property
Chapter 29 - Abandoned or Unclaimed Property
Part 1 - Uniform Disposition of Unclaimed (Personal) Property Act
66-29-106 - Undistributed assets and obligations of business associations and utilities.

66-29-106. Undistributed assets and obligations of business associations and utilities.

(a)  The following funds held or owing by any business association or by any utility are presumed abandoned:

     (1)  Any deposit made by a subscriber with a utility to secure payment, any sum overpaid, or any sum paid in advance for utility services to be furnished, less any lawful deductions, that has remained unclaimed by the person appearing on the records of the utility entitled thereto for more than two (2) years after the termination of the services for which the deposit, overpayment, or advance payment was made;

     (2)  Any sum that a utility or a business association has been ordered to refund by a court or administrative agency, together with any interest thereon, less any lawful deductions, which has remained unclaimed by the owner for more than two (2) years after it became payable in accordance with the final determination or order providing for the refund, whether or not the final determination or order requires any person entitled to a refund to make a claim for it; and

     (3)  Property described in subdivisions (1) and (2), without regard to any activity or inactivity within specified abandonment periods, whose owner is known to the holder to have died and left no one to take the property by will and no one to take the property by intestate succession.

(b)  Any utility which possesses a deposit or other sum which is subject to be presumed abandoned pursuant to the provisions of subsection (a) shall make a reasonable attempt to notify the subscriber who is entitled to such deposit or sum of such possession within one hundred twenty (120) days of the commencement of the two-year period pursuant to subsection (a).

[Acts 1978, ch. 561, § 5; T.C.A., §§ 64-2905, 66-29-105; Acts 1985, ch. 401, § 4; 1986, ch. 539, § 13; 1993, ch. 195, §§ 3-5.]