Arizona Laws 44-325. Interstate agreements and cooperation; joint and reciprocal actions with other states
A. The department may enter into an agreement with another state to exchange information relating to abandoned property or the possible existence of abandoned property. The agreement may allow the other state or another person acting on behalf of a state to examine records as authorized in section 44-322. The department by rule may require the reporting of information that is necessary to comply with an agreement made pursuant to this section, and the department may prescribe the form.
Terms Used In Arizona Laws 44-325
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Department: means the department of revenue. See Arizona Laws 44-301
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
- Holder: means a person who is obligated to hold for the account of or deliver or pay to the owner property that is subject to this chapter. See Arizona Laws 44-301
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- 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
- Person: means an individual, business association, financial organization, estate, trust, government, governmental subdivision, agency or instrumentality or any other legal or commercial entity. See Arizona Laws 44-301
- Property: means tangible property pursuant to section 44-303 or a fixed and certain interest in intangible property that is held, issued or owed in the course of a holder's business or by a government, governmental subdivision, agency or instrumentality and all income or increments from that property. 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
B. The department may join with another state to seek enforcement of this chapter against any person who is or may be holding property that is reportable pursuant to this chapter.
C. At the request of another state, the attorney general of this state may maintain an action on behalf of the other state to enforce in this state the unclaimed property laws of the other state against a holder of property that is subject to escheat or a claim of abandonment by the other state, if the other state agrees to pay all costs incurred by the attorney general in maintaining the action.
D. The department may request that the attorney general of another state or another attorney begin an action in the other state on behalf of the department. The department shall pay all costs, including attorney fees, in maintaining an action pursuant to this subsection. The department may pay the costs and attorney fees from monies received pursuant to this chapter. The department may agree to pay costs and attorney fees that are based in whole or in part on a percentage of the value of any property that the department recovers in the action. The department shall not deduct any costs or attorney fees paid pursuant to this section from the amount that is subject to the claim by the owner pursuant to this chapter.