2010 Tennessee Code
Title 66 - Property
Chapter 29 - Abandoned or Unclaimed Property
Part 1 - Uniform Disposition of Unclaimed (Personal) Property Act
66-29-121 - Disposition of funds.

66-29-121. Disposition of funds.

(a)  Except as provided in subsection (c), all funds received under this part, including the proceeds from the sale of abandoned property under § 66-29-119, shall be available to the state treasurer to permit the prompt payment of claims duly allowed by the state treasurer as hereinafter provided and to meet all costs of administering the program, including, but not limited to, any costs in connection with the acquisition or sale of abandoned property and any cost of mailing and publication in connection with any abandoned property. Of the funds not required for these purposes, in fiscal year 1998-1999, an amount not to exceed two million dollars ($2,000,000) shall be credited to the health access incentive account created by § 66-29-151 and the remaining amount shall be deposited by the state treasurer in the general funds of the state. In fiscal years 1999-2000, 2000-2001, 2001-2002, and 2002-2003, an amount not to exceed two million five hundred thousand dollars ($2,500,000), three million dollars ($3,000,000), three million five hundred thousand dollars ($3,500,000) and four million dollars ($4,000,000), respectively, shall be credited to the health access incentive account, subject to appropriation. During each of these fiscal years, any amounts not credited to the health access incentive account shall be deposited by the state treasurer in the general funds of the state. Nothing in this section or § 66-29-151 shall be implemented or construed to reduce the amount of funds to be credited at the end of each fiscal year to the health access incentive account below the two million dollar ($2,000,000) cap established in Acts 1995, ch. 445. Before making the deposits, the treasurer shall record the name and last known address of each person appearing from the holders' reports to be entitled to the abandoned property and the name and last known address of each insured person or annuitant, and with respect to each policy or contract listed in the report of a life insurance corporation, its number, the name of the corporation, and the amount due. The record shall be available for public inspection at all reasonable business hours.

(b)  In any fiscal year in which the state treasurer determines, with the concurrence of the commissioner of finance and administration, that claims and administrative costs during such fiscal year exceed funds received under this part during such fiscal year, a sum sufficient shall be appropriated from the general funds of the state to the state treasurer for the payment of such claims and costs.

(c)  For funds received under this part for the report year ending December 31, 1985, and thereafter, the treasurer shall determine each June 30 the amount of such funds remitted by or on behalf of each local government of the state and its agencies which have remained unclaimed for a minimum of eighteen (18) months following their delivery to the treasurer. If the aggregate unclaimed balance exceeds one hundred dollars ($100), the treasurer upon request of the local government shall pay an amount equal to the aggregate unclaimed balance, less a proportionate share of the cost of administering the program as determined by the treasurer, to the local government, together with a report of the accounts represented by the funds. These funds shall be placed in the local government's general fund, except the local government shall maintain to the extent necessary a sufficient amount of the total unclaimed property accounts to ensure prompt payment.

[Acts 1978, ch. 561, § 21; T.C.A., § 64-2921; Acts 1985, ch. 401, § 2; 1989, ch. 424, § 2; 1995, ch. 445, §§ 2, 3; 1998, ch. 1010, § 2.]