Arizona Laws 10-1440. Deposit with department of revenue
Assets of a dissolved corporation that should be transferred to a creditor, claimant or shareholder of the corporation who either cannot be found or who is not competent to receive them and does not have a legal representative who is legally competent to receive them shall be reduced to cash and deposited with the unclaimed property division of the department of revenue for safekeeping. When the creditor, claimant, shareholder or legal representative who is legally competent to receive the distributive portion furnishes satisfactory proof of entitlement to the amount deposited, the unclaimed property division of the department of revenue shall pay the creditor, claimant, shareholder or legal representative that amount.
Terms Used In Arizona Laws 10-1440
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Dissolved: means the status of a corporation on either:
(a) Effectiveness of articles of dissolution pursuant to section 10-1403, subsection B or section 10-1421, subsection B. See Arizona Laws 10-140
- Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
- Property: includes both real and personal property. See Arizona Laws 1-215
- Shareholder: means the person in whose name shares are registered in the records of a corporation or the beneficial owner of shares to the extent of the rights granted by a nominee certificate on file with a corporation. See Arizona Laws 10-140