Arizona Laws 44-314. Federal deposit insurance corporation trust fund; temporary custody; interest
A. The federal deposit insurance corporation trust fund is established consisting of monies the department receives from the federal deposit insurance corporation under the unclaimed deposits amendments act of 1993 (P.L. 103-44; 107 Stat. 220; 12 United States Code § 1822(e)). The department shall administer the fund. Monies in the fund are continuously appropriated.
Terms Used In Arizona Laws 44-314
- 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.
- Department: means the department of revenue. See Arizona Laws 44-301
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
- Owner: means a person who has a legal or equitable interest in property that is subject to this chapter or the person's legal representative. See Arizona Laws 44-301
- State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico or any territory or insular possession that is subject to the jurisdiction of the United States. See Arizona Laws 44-301
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
B. If the monies deposited in the federal deposit insurance corporation trust fund are not claimed by the owner within ten years after being surrendered to the department, the department shall return the monies to the federal deposit insurance corporation.
C. This state retains all interest earned on the monies in the federal deposit insurance corporation trust fund. The interest earned on the monies in the federal deposit insurance corporation trust fund shall be credited as follows:
1. Sixty-five per cent in the state general fund.
2. Thirty-five per cent in the housing trust fund established by section 41-3955.